Sorbic Acid Prices Continue to Go South in the US Domestic Market
- 31-Oct-2022 3:00 PM
- Journalist: Nicholas Seifield
Los Angeles: Since the third quarter of 2022, the price trajectory for Sorbic Acid has been dropping, and for the month of October, the values have been consistent with this pattern. The lenient demand side and ample inventories witnessed by the domestic merchants within the market has supported this price trend in the US. Yet, higher interest and inflation rates threatened the market sentiments, affecting the price tendency of both Pharmaceutical APIs and exicipients including Sorbic Acid across the nation.
This month's weak buying activities were witnessed by the local merchants owing to weaker interest from the customers resulting in the price decrement of Sorbic Acid. On the other side, the domestic suppliers had ample Sorbic Acid inventories to cater to the overall demand side. The local suppliers also decreased their rates in order to increase the inquiries from the end-users and to clear their existing stockpiles. Overall, in October also, the prices of Sorbic Acid followed the previous month's trend and showcased a declined fashion of -1.54%.
According to the recent USA economic condition analysis by the National Association for Business Economics (NABE), the United States is previously in a recession or could tip into one soon. This is primarily due to slowing sales, shrinking profit margins and costs, and notable wages supported by the ailing market sentiments in the US. Furthermore, the rising concern of these economic conditions with prolonged port congestion continued to affect the overall market dynamics of the United States.
According to chemanalyst: "The price of Sorbic acid is expected to gain momentum in the upcoming month. Downstream requirements for Sorbic acid might incline from the pharmaceutical and food sector, likely reducing the inventory level. Ease in port congestion is further expected to support the market of the Untied States in the positive direction".