Sorbic Acid Prices Shrink at the End of February 2023
Sorbic Acid Prices Shrink at the End of February 2023

Sorbic Acid Prices Shrink at the End of February 2023

  • 24-Feb-2023 5:14 PM
  • Journalist: Patricia Jose Perez

The prices of Sorbic Acid, a pharmaceutical excipient, decreased towards the conclusion of the mid of the first quarter of 2023 after beginning at a favorable price trend. Sorbic Acid's price trend is supported by lower international market quotes, ample supplies, and decreased logistics costs.

According to market analysts, Sorbic Acid prices were anticipated to rise after the end of Chinese New Year, i.e., on the 5th of February 2023, which prompted market participants to stockpile their inventories. However, as February comes to an end, the price of this excipient appears to be on a downward trend due to adequate product availability and lower offers from suppliers and retailers.

Besides that, one of the primary factors supporting the downward price trend of Sorbic Acid within the USA includes Currency devaluation as RMB depreciates against USD; as a result, the traders are getting the Sorbic Acid at a lower rate from exporting nations (Majorly from China). Moreover, on the onset of the Presidents Day holidays, which occurs when winter drags on and frequently provides a joyous three-day weekend following the busy Christmas season, the inquiries from the domestic market of the USA remained on the feeble side, which further supports the market trend for Sorbic Acid in the region.

Likewise, within the Chinese market, the price of Sorbic Acid also ends in February on the lower side, contrary to projections that it would remain higher due to weaker downstream demand and higher stockpiled inventories. This prompted market participants to lower their domestic prices to destock their stocks and avoid loss aversion. Generally, based on the general trend, the price of Sorbic Acid decreased by about 4% from January 2023 to February.

According to ChemAnalyst, "the price of Sorbic Acid is likely to exhibit an upward trend in the forthcoming months, i.e., in March and April. Demand from the pharmaceutical and food sectors anticipates a steady trend as market players will have enough stocks to meet the surge in overall inquiries. Moreover, ease in trade activity across the nation is likely to support the positive trend across the US  and other nations during upcoming months."

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