Levitating Demand Causes Ofloxacin Prices to Surge Globally
- 15-Feb-2023 3:10 PM
- Journalist: Nicholas Seifield
The global Ofloxacin prices acknowledged an incremented trend during the first month of Q1-2023 on the back of improved end-user demand from the downstream sector and ease in trade activities from export nations.
In the European region, primarily in Germany, the demand for Ofloxacin from the local market rebounded at the start of the year 2023. As January 2023 approached, the prices of Ofloxacin soared by around 6 percent more than that; it devalued in a month ending in 2022. Additionally, the Consumer Pricing Index (CPI) increased 1%, reversing a 0.8% decline in December, while the Purchasing Managers' Index (PMI) increased to 47.3 in January 2023 from 47.1 in December but still demonstrated a positive supply-. However, inflationary pressures have also been easing, along with energy charges, which have further improved consumer confidence. Besides that, the stocking has improved because of decremented previous inventories of Ofloxacin, which supported the market trend in Germany.
Similarly, in the United States, the cost of Ofloxacin surged by around 3 percent compared with the previous month of 2022. Ease in logistic charges from export nations and costly imports witnessed from the APAC region reinforced this price trend throughout January 2023. Traders and retailers focused on raising their shelves for Ofloxacin because of a significant upsurge in customer inquiries for this Active Pharmaceutical Ingredient (API) and insufficient stocks.
Moreover, the Chinese domestic market also focused on levitating its production volume for Ofloxacin. After the nation opted to abandon its zero-COVID policy on January 6, the halt in manufacturing activity resurged before the start of the Chinese New Year (CNY) as the orders from the global market increased significantly. Overall, January witnessed an inclination of 5.22 percent in the price of Ofloxacin.
ChemAnalyst predicted that the cost of Ofloxacin would follow an upward trend in the upcoming months across the globe. Further, the end-user demand is expected to remain strong until the end of this quarter. Additionally, buyers are more likely to bring higher supplies with them in order to satisfy the overall request for this API in their respective nations."