Rising Demand and Lower Stocks Drive Vitamin B1 Prices Up in September Global Market
Rising Demand and Lower Stocks Drive Vitamin B1 Prices Up in September Global Market

Rising Demand and Lower Stocks Drive Vitamin B1 Prices Up in September Global Market

  • 27-Sep-2023 3:50 PM
  • Journalist: Kim Chul Son

Vitamin B1 prices showed a rising trend in September in the global market due to lower stocks in the warehouses of market participants combined with continuous demand from end-user industries. Vitamin B1, often known as thiamine, is employed in the pharmaceutical industry to treat various illnesses, thus maintaining a consistent demand for thiamine. Furthermore, Vitamin B1 is used in the healthcare supplement industry, where increased demand for nutritional supplements from health-conscious customers propels the market.

China's manufacturing activity remained in the contraction territory, contributing to the world's second-largest economy's bleak outlook. In September, China's yuan fell further against the US dollar, demonstrating how the world's second-largest economy's industrial sector is battling to regain pace. Furthermore, Chinese industrial activity slowed due to the VIV Nanjing Expo in China. The bulk of enterprises likewise ceased producing and accepting overseas orders, leaving the market with a supply constraint. Market merchants hiked Vitamin B1 prices even higher as demand remained high in domestic and foreign markets.

China is the leading exporter in both Germany and the United States. German business sentiment was slightly higher than expected in September, even though it decreased marginally compared to August, driven by increased sales and new orders, which maintained Vitamin B1 prices on the upper side. Nonetheless, Germany continues to bear the brunt of a worldwide economic downturn caused by increased interest rates and decreased global commerce. In September, the ECB (European Central Bank) hiked interest rates to a record high of 4% to combat inflation. These factors contributed to a rise in business expenditures, which led to an increase in Vitamin B1 prices.

The price of Vitamin B1 is following a similar pattern in the US market. North America, particularly the United States, is well-known for its healthcare and medical facilities. The widespread use of Vitamin B1 in the pharmaceutical sector to treat various ailments is driving up regional demand, keeping prices high. Furthermore, according to the most current statistics, inflation in the United States has lately risen owing to a rise in fuel prices, which has also increased Vitamin B1 prices. Imports of Chinese products into the USA market also fell, resulting in a reduced supply in the USA, reinforcing the increasing trend of Vitamin B1 prices.

The ChemAnalyst research predicts that the price of Vitamin B1 will rise in the next few months due to a limited supply in the global market and a persistent demand from end-consumers. In October, all of China would be on vacation due to the golden week, leading to business closures and perhaps preventing the manufacturing and shipping of produced goods. This would restrict the availability of Vitamin B1 in the global market and boost market growth. Additionally, inflation is forecast to ease over the next few months, which might increase consumer demand and keep Vitamin B1 prices on the higher side.

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