For the Quarter Ending March 2024
North America
In the first quarter of 2024, the North American region witnessed a notable decrease in Biotin prices, driven by various factors shaping the market dynamics. Weak demand from both domestic and international markets, particularly in key sectors like pharmaceuticals, cosmetics, and the nutraceutical industry, has exerted considerable downward pressure on prices.
In the USA, the primary market for Biotin in the region, price fluctuations have been particularly pronounced, with a consistent negative trend leading to significant declines. A key contributing factor to this decline is the prevailing pessimism in the business environment, which has cast uncertainty over the future of the economy. This uncertainty has translated into reduced demand from end-user industries, thereby driving Biotin prices downward. Moreover, efforts to mitigate rising prices have compounded the situation. As the Federal Reserve implements higher interest rates to counter inflationary pressures, consumers have felt the strain on their finances, resulting in decreased purchasing power and further suppressing demand for Biotin in the USA market. Additionally, manufacturers and suppliers in the market have maintained elevated levels of Biotin stocks, surpassing the diminished demand and exacerbating the downward price trend.
As the quarter draws to a close, the price for Biotin in the USA market stands at USD 211,500 per metric ton of Biotin 98% Pure FOB Illinois. Overall, the first quarter of 2024 has been characterized by a negative pricing environment for Biotin in North America, marked by significant price declines.
Asia Pacific
In the first quarter of 2024, the pricing dynamics of Biotin in the APAC region, particularly in China, exhibited a nuanced trend influenced by various factors. The quarter began with a noticeable increase in demand from downstream sectors and a surge in export orders, resulting in a modest uptick in prices. Market sentiment remained positive, buoyed by steady demand from both domestic and international markets. As February progressed, prices continued to climb, primarily driven by limited inventories. The festivities surrounding the Spring Festival led to the temporary closure or reduced operation of numerous factories, disrupting production activities and creating a supply shortage in the market. However, towards the end of the quarter, prices began to decline due to insufficient domestic demand and a lack of inquiries from overseas markets. Positive developments such as decreased input costs for manufacturers also contributed to reduced production expenses, further influencing the pricing dynamics of Biotin. The Biotin 98% Pure FOB Qingdao price in China for the first quarter of 2024 was recorded at USD 149,500/MT, reflecting the fluctuations and nuanced trends observed throughout the period.
Europe
During the first quarter of 2024, the pricing dynamics of Biotin in Europe unfolded amidst a complex landscape influenced by a multitude of factors. Initially, prices experienced a slight increase driven by geopolitical tensions, logistical challenges, and limited inventories. Stable demand from various end-sectors also played a role in shaping market dynamics. Concurrently, prolonged disruptions in the Red Sea complicated trade routes between Asia and Europe, leading to increased freight costs that impacted Biotin pricing, particularly in Germany. However, as the quarter progressed, prices underwent a moderate decline in February and March. This downturn can be attributed to the market grappling with persistently weak performance in new industrial orders. Insufficient domestic demand, coupled with a relatively high backlog, contributed to the downward trajectory of Biotin prices in the European region. Additionally, this decrease in demand, combined with the central bank's decision to maintain existing interest rates, further complicated the market environment by placing additional strain on consumers' purchasing power. In response to these challenges, market suppliers and traders endeavored to manage excess inventories amidst sluggish domestic demand, navigating through the complexities of the evolving market landscape. At the end of the quarter, the price of Biotin 98% Pure CFR Hamburg in Germany stood at USD 167,800/MT, reflecting the dynamic and multifaceted nature of the pricing environment throughout the period.
For the Quarter Ending December 2023
North America
The North American Biotin market witnessed a decline in prices during Q4 2023, settling at USD 278600/MT FOB Illinois in the USA. The market was influenced by several factors, including subdued demand from end-user healthcare and pharmaceutical industries and the destocking of inventories by market participants. The demand for Biotin showed a lackluster performance due to enduring effects of inflation and heightened interest rates, which in turn, diminished the purchasing power of end-consumers.
The overall market dynamics remained on the lower side throughout the quarter. Though the continuous availability of Biotin in the US market was sustained due to lower domestic and overseas demand, the market situation remained bearish. The US economy suffered as a result of increasing interest rates, the invasion of Ukraine, and deepening geopolitical schisms, leading to additional uncertainty due to Israel's conflict with Hamas terrorists.
Despite the decline in prices during Q4 2023, prices are expected to surge in the beginning of FY24. The price percentage change from the current to the previous quarter was -7%, while the price percentage comparison of the first and second half of the quarter showed no change.
APAC
Biotin prices in the APAC region during Q4 2023 were impacted by various factors. The market witnessed a decline in demand due to sluggish economic growth in key nations, financial fragilities, and geopolitical tensions. The abundance of supply in the market coupled with a decrease in new orders and purchases from downstream industries further pushed prices downwards. China, which experienced a second consecutive contraction in its manufacturing activity in November, witnessed a decline in demand from end-user healthcare and pharmaceutical industries, leading to a moderate supply of Biotin in the market. The trend, seasonality, and correlation price percentage in China during Q4 2023 were negative, with a -35% change in prices from the same quarter last year and an -18% change from the previous quarter. The price percentage comparison of the first and second half of the quarter in China was -5%. The latest/quarter-ending price of Biotin 98% Pure FOB Qingdao in China for Q4 2023 was USD 150000/MT. Overall, the decline in demand, surplus supply, and economic slowdown were the primary reasons for the downward trend in Biotin prices during Q4 2023 in the APAC region.
Europe
The Biotin market in Europe experienced a challenging fourth quarter of 2023, with several factors impacting prices. Firstly, persistent high inflation, driven by rising food and energy costs, placed a strain on consumers' purchasing power, leading to reduced demand for Biotin. Additionally, the European Central Bank's series of interest rate hikes further curtailed market demand and contributed to lower Biotin prices. Germany, the largest economy in Europe, was particularly affected, with business activity declining and industrial output slowing down. The country also saw a decrease in annual inflation, aligning with the ECB's target of 2%. Furthermore, the Euro appreciated against the USD, resulting in more affordable imports and ensuring an ample supply of Biotin in the German market. Overall, the Biotin market in Europe witnessed a bearish trend, with weak demand and adequate supply. Market participants focused on destocking and clearing out inventories. As for Germany, the prices of Biotin decreased by -14% from the previous quarter, reflecting the overall downward trend in the European market. The latest price of Biotin 98% Pure CFR Hamburg in Germany for the current quarter is USD 168500/MT.
For the Quarter Ending September 2023
North America
The cost of Biotin exhibited a steady rise during the third quarter in the United States, reflecting an upward trajectory. In September, prices rose by 6.43 percent over the previous month. Despite a consistently tight labor market and declining inflation, consumer confidence in the United States touched a two-year high in July. In July, the Consumer Price Index rose 3.2% year on year, up from 3% in June. Prices rose by 9.1% and 10.6% in August, respectively, resulting in increased corporate expenditures and transportation costs. Additionally, growing warehousing costs, a shortage of storage space, and inventory replenishment all contributed to this upward trend. In September, prices grew dramatically as a result of rising inflation, slowing trading activity, and sustained demand from end-user sectors. The Consumer Price Index climbed 3.7% in September, slightly more than the 3.6% predicted. Energy prices increased 1.5%, with gasoline prices up 2.1% and fuel oil prices increasing 8.5%. Market participants were principally focused on replenishing their inventories, which continued to propel the market in an upward trajectory.
Asia Pacific
The cost of Biotin in China witnessed a notable decline of 9.94 percent in September when compared to the prices observed in July. The Chinese economy was met with additional hurdles and challenges, slowing economic growth. The official manufacturing PMI (Purchasing Managers' Index) was 49.3 in July, according to the National Bureau of Statistics (NBS). However, this score remained lower than 50, suggesting shrinkage rather than expansion. Lower overseas orders and sales have hindered business and industrial activities. Inflation and increasing interest rates in the US, Europe, and important export markets continue to weigh on Chinese demand, with the new export order sub-index decreasing for the sixth month in a row in August. In September, China's manufacturing purchasing managers' index (PMI) was 50.2, returning to the growth zone. According to this data, manufacturing market demand has gradually improved, and corporate operations have expanded at a quicker rate. However, Chinese exporters have faced political challenges as well as a concerted worldwide campaign to lessen dependency on China, resulting in a reduction in demand from abroad markets.
Europe
The prices of Biotin in Germany have displayed a consistent downward trajectory since the commencement of the third quarter, with a 5.00% decline recorded in September. In July, Germany's purchasing managers' index (PMI) was 41, showing a persistent fall in new orders from both local and global markets, despite abundant stocks available among market participants. Furthermore, consumer confidence remained low in August as a result of the continuous rise in interest rates, increasing inflation, the protracted oil crisis, and the complexity of global events. The continuous rise in inflation, mostly owing to the exorbitant pricing of energy supplies and oil, weakened consumer buying power and caused Biotin prices to fall. Germany's industrial sector, which contributes for around one-fifth of the country's economy, continued in a slump in September, owing to weak demand and fast declining output, causing Biotin prices to fall. In September, the European Central Bank agreed to hike interest rates for the eleventh time in a row in order to combat persistent inflation, which has kept market demand low and the downward trend going.
For the Quarter Ending June 2023
North America
In the United States, the prices of Biotin demonstrated a mixed trend in the second quarter. The prices increased by 4.59% in April due to heavy orders from end-user industries and a lack of supply of Biotin in the US market. The manufacturing PMI (Purchasing managers index) settled at 47.1 in April, reflecting the contraction of the manufacturing sector in the USA. The decline in business activity led to limited supply among manufacturers and suppliers. However, demand was strong from the consumer end, which resulted in increased prices of Biotin in April. Moreover, inflation also increased slightly, which further contributed to the downward trend of Biotin prices. Apart from that, prices decreased in May and June by 4.52% and 2.42%, respectively. The manufacturing PMI declined to 46.3 in June from 48.4 in May, indicating a decline in purchasing activity and follow-up for new orders, which decreased the prices of Biotin. The consumer price index (CPI), a measure of inflation, just increased by 0.2% in June compared to 0.1% in May, suggesting inflation has slowed in both May and June due to high-interest rates, resulting in lower demand for Biotin in the US market.
Asia Pacific
In China, Biotin prices increased slightly in April by 0.11% due to steady demand from end-user nutraceutical and pharmaceutical industries coupled with limited supply among market providers. The official manufacturing purchasing managers' index (PMI), which was 51.9 in March, fell to 49.2 in April. This indicates that manufacturing activity decreased, with a rating below the 50-point threshold that differentiates monthly activity expansion from contraction. Apart from that, the PMI values were settled at 49 in June, compared to 48.8 in May, suggesting a decrease in factory activity due to weaker demand from end-consumers with declining purchases, export sales, and new orders. Additionally, the Chinese Yuan fell against the US Dollar in June, indicating a slowdown in China's post-pandemic recovery due to weaker consumer confidence. Meanwhile, Russia's invasion of Ukraine continued to create obstacles for exporters, affecting supply chains. This led to increased supply in the Chinese domestic market, further putting downward pressure on prices. Market providers were focused on destocking in order to maintain profit margins.
Europe
In Germany, the prices of Biotin increased by 1.96% in April due to limited stock among market suppliers and consistent demand from end sectors. Germany's imports dropped by 1.7% in April, which decreased the supply of Biotin in the German market. But the demand remained strong from the nutraceutical and pharmaceutical industries that, supported the upward trend of prices. However, the prices decreased significantly in May and June by 10.05% and 4.48%, respectively, because of weak purchasing power and overflowing inventory in the market. In addition, the Manufacturing PMI (Purchasing Managers Index) fell to 41 in June, from 43.2 in May and 44.5 in April, indicating a slowing down of the German economy, with decreased purchasing activity and inquiries for new orders. The German economy is being hit by rising inflation and higher interest rates imposed by the European Central Bank, leading to higher food and energy prices. This has increased the cost of living and reduced demand in the domestic market, further supporting the downtrend in biotin prices.
For the Quarter Ending March 2023
North America
The first quarter of 2023 saw fluctuation in the North American market for Biotin Price declines in the first month of the quarter because of ease in port congestion in the US, severely restricting trade activity from importing nations. Due to a variety of factors, such as the US's skyrocketing inflation, the geopolitical crisis in Russia and Ukraine, and the wildly fluctuating nature of oil prices, domestic traders and producers continued to be concerned about the high cost of chemicals used in the food and beverage industry throughout the quarter, including Biotin. Prices decreased in the last month of the quarter as a result of the steady offtakes and the availability of sufficient inventories in the downstream sectors of the US region. Towards the end of the quarter, the prices for Biotin were assessed at around USD 272980/MT for CFR New York in March.
Asia Pacific
Biotin prices in the Asia Pacific region declined in the first quarter of 2023 for a variety of reasons. The first half of the quarter saw a decline in Biotin prices in the Chinese market before levels off in the second. China supplies the majority of the world's Biotin; therefore, tolerance standards and limits were lowered and deleted, considerably facilitating production and logistics opened. Because of this, shipping the product to important international ports and across the country was eased. Offtakes from the downstream food and beverage sectors were consistent throughout the quarter, despite the fact that suppliers and consumers in the Chinese and Indian markets both retained sizable stocks. Toward the end of the quarter, the prices were assessed around USD 220000/MT for FOB Shanghai in March.
Europe
The Biotin market in Europe fluctuated during the first quarter of 2023. Due to a change in market behavior, Biotin prices in Germany increased rapidly through the end of January. The most expensive import into Germany came from China, where the value of the yuan increased by approximately 2.13% in just January alone. This is what caused the price increase. As German retailers received high import prices from Asia in February, biotin prices in Germany continued to rise. Furthermore, orders from end-user industries surged, keeping demand strong and causing continual stock consumption. German retailers acquired low import prices from Asia in March, continuing the downward trend in biotin prices. In addition, despite declining orders from end-user Towards the end of the quarter, the prices for Biotin were assessed at around USD 245980/MT for CFR Hamburg in March.
For the Quarter Ending December 2022
North America
The North American market for Biotin commenced the Q4 of 2022 on a declining note, with FOB Illinois prices settled at USD 375450/MT in October due to sluggish demand from the downstream pharmaceutical sector in the United States. Production rates remained optimum despite low consumption rates in the domestic market. However, these prices continued to drop in November and fell even further to USD 313060/MT in December in the US domestic market. The US supply chain gradually became better in H2 of 2022 as the country finally started to recover, and the port on the east coast significantly reduced ship backlogs. The US supply chains were adaptable because of reduced shipping demand brought on by slower consumer spending and a fall in manufacturing activity in December. In America, despite challenges from dwindling government assistance, reductions in net worth, rising interest rates, and depreciation of actual earnings and wealth through price rises, all of which have influenced the country's overall market condition.
Asia- Pacific
During the fourth quarter of 2022, the Biotin market exhibited sluggish market sentiments across the Asia Pacific region, with prices declining from USD 265450/MT in October to USD 230650/MT in December. The Golden week closure of industrial facilities in China from October 1 and 7 resulted in a slow rate of contraction in the manufacturing sector this month. The market for Biotin was weak after returning from the Golden Week Holiday. After that, the ongoing lockdown measures in some parts of China due to rising COVID-19 cases led to production, operations, and logistics uncertainties. Both poor purchasing activities amid bleak demand for Biotin from downstream pharmaceutical industries resulted in a downward trend as buyers were in a solid wait-and-see attitude. In terms of supply, the manufacturers of Biotin in the Chinese domestic market had enough inventories as they received minimal orders from domestic and international buyers.
Europe
In the German market, the prices of Biotin scaled down from USD 268461/MT to USD 241210/MT from October to December. The decline in the German market during the fourth quarter of 2022 was due to sufficient inventory among domestic merchants. Also, the demand from downstream pharmaceutical and healthcare industries decreased significantly throughout the quarter as buyers were cautious before making any purchases. As a result, the traders reduced the prices to increase the purchase of their goods. However, Covid 19 issues, the situation in Russia, and the state of war in Ukraine all continued to have a detrimental effect on output.
For the Quarter Ending September 2022
North America
Prices for Biotin in the US domestic market fell sharply during the third quarter of 2022, from USD 395250/MT to USD 368750/MT from July to September. The US Biotin market saw a decline in demand from downstream pharmaceutical and nutraceuticals industries following the slow offtakes in downstream sectors. In the US market, the growing recession fear has increased the interest rate resulting in weakened consumer spending. Additionally, the market sources informed that the accelerated supply of Biotin has been enough to fulfill the orders. These factors had a substantial influence on the downward pricing trend of Biotin, which decreased by more than 17% on a quarterly basis.
Asia- Pacific
The price trend for Biotin in the Asia Pacific showed a downward trajectory throughout the third quarter of 2022. The prices of Biotin in China significantly decreased by around 7.7% in August and declined further by 2.4% in September. In the Chinese domestic market, there was enough stock of Biotin with the local suppliers, and the price was lower than the production cost. Only purchases for immediate consumption were observed from significant suppliers; otherwise, demand from downstream industries remained weak during the entire quarter. Thus, the FOB Shanghai prices for Biotin in China were assessed at USD 279700/MT in September.
Europe
German Biotin price trend showcased a downward trajectory during the third quarter of 2022, with values for CFR Hamburg estimated at USD 317600/MT in July and later settled to USD 283930/MT in September. However, the quarter's downward price trend was backed mainly by the lowest price quotation from the significant importing country, China which seems quite beneficial for German buyers. Moreover, inventories of Biotin were sufficient to cater to the overall demand, resulting in lower Biotin prices in the domestic market. Also, demand from end-user pharmaceutical and neutraceutical industries remained sluggish as the customer was buying as a necessity. Furthermore, Germany's logistical problems worsened the economic slump as transportation bottlenecks persisted this quarter.
For the Quarter Ending June 2022
North America
Between April and June of 2022, the price of Biotin in the domestic market of North America decreased significantly, falling from $470825 per MT to $445550 per MT. The demand from the pharmaceutical and nutraceutical industries remained strong during the quarter following the continuous offtakes in downstream industries. Several US importers shifted some imports from Asia to the east coast only to discover that congestion there was far worse than on the Pacific coast due to the prolonged port congestion and supply outages at west coast gateways. Though there were no labor contract negotiations in the ports along the eastern shore, there were still issues with space and labor compared to those on the west coast. Due to the fact that long-term inflation expectations remained anchored, the political situation between Russia and Ukraine did not improve, and the extreme unpredictability of oil prices, domestic merchants were concerned about the high raw material prices throughout the quarter.
Asia
In the second quarter of 2022, the domestic Biotin market in the Asia Pacific region showcased a decreasing trend due to the frequent lockdowns in the major production centers. In the domestic Chinese market, FOB Qingdao values plunged precipitously between April and June, from $402800/mt to $315500/mt. The implementation of lockdowns during the final week of April led to various responses on the nation's nutraceutical markets, which is one of the main factors supporting this pricing trend. Demand-wise, offtakes from the end-user industries remained consistent over the quarter. The ludicrous Zero-COVID policy caused many cargo ships to become stuck in China's ports, raising inflation and freight costs. Due to the high COVID tariffs, several factories were prepared to offer the product at low quotations toward the end of the quarter to eliminate inventories before they deteriorate. Ex-location (Mumbai) pricing in the domestic Indian market also dropped during the quarter, going from INR 37950500/mt to INR 37150248/mt.
Europe
Following the constancy in the offtakes from the end-user sectors, the Biotin market in the European region displayed favorable sentiments during the second quarter of 2022. The costs did, however, later start to drop in June. The Russia-Ukraine conflict significantly raised freight costs and affected the European supply chain, which impeded trade activity from the importing countries. Throughout the quarter, demand from end-user industries such as the pharmaceutical and nutraceutical sectors remained stable. The domestic traders have an adequate supply of goods to satisfy all domestic demands.
For the Quarter Ending March 2022
North America
After a decrease in prices of Biotin in Q4 2021, the price trend of Biotin in the first quarter of 2022 demonstrated an upward trajectory across the North American region. Biotin prices gradually increased from the second week of January from USD452965/MT to USD464690/MT in March 2022. Demand from the downstream nutraceutical and pharmaceutical industries remained high throughout the quarter. Increased maritime freight rates, as well as high raw material costs in Asia, have aided the country's price trend. The protracted port bottleneck and disrupted supply caused by China's zero-covid policy, on the other hand, had a severe impact on Biotin market across the country. The spike in US oil output that began in Q4 2021 has maintained the pressure on downstream markets high. Due to supply concerns and an unanticipated dip in stockpiles, crude oil prices have continued to increase after a 14 percent surge in January, further supporting the country's Biotin pricing trend.
Asia Pacific
Asian market of Biotin witnessed an upward momentum in the 1st quarter of 2022 on the back of the consistent offtakes from the downstream sectors. In China, the prices of Biotin rose from USD439180/MT to USD443550/MT FOB Qingdao from the month of January to March. Several feed grade producers in China halted their operations in late December in one of the country's largest manufacturing hubs for nutraceutical products due to mounting covid instances, bolstering the country's Biotin prices. Another reason driving the price increase in the spot market was price competition among Biotin manufacturers. Because China has mainly implemented a zero-tolerance coronavirus policy, the closure of major ports and factories in the run-up to the Lunar New Year and the Winter Olympics wreaked havoc on Biotin's supply chain in February, which later got stabilized in the market. Biotin talks for Ex-Mumbai and CFR JNPT in the Indian market were valued at USD533608.25/MT and USD494257.56/MT in the month ending March, respectively, as the supply of the product from Asia improved in the local market following the festive vacations. During the Omicron outbreak, however, a devastating container scarcity and increasing freight prices put purchasers' business trust in shambles.
Europe
The European market of Biotin showcased positive sentiments during the quarter 1 of 2022 as the demand and consumption of the product remained consistent in Nutra and pharma industries. Nutraceuticals including Biotin have largely become a requirement for consumers, especially in developed markets such as the European region, as life expectancy has increased, and lifestyle-related disorders have also grown. The supply chain disruptions continued to bother the Biotin market during the first quarter of 2022.
For the Quarter Ending December 2021
North America
The prices of Biotin slightly declined from USD 468370/MT to USD 465700/MT FOB Illinois in the 4th quarter of 2021 in the US, North America. In the domestic US market, the cost of production improved in Q4; however, the raw material prices remained stagnant. In terms of demand, offtakes from the downstream nutraceutical industry kept the supply fundamentals in check. Market participants have quoted that market dynamics have stabilized in the last few weeks of November due to the volatility in energy feedstocks coupled with the strengthening shipping industry that has contributed toward price fluctuations during the quarter. The market sentiments are anticipated to improve in the forthcoming period.
Asia
During the fourth quarter of 2021, the pricing trend of Biotin showcased an upward trajectory in Asia. In China, Biotin prices escalated from USD 438588/MT to USD 470286/MT FOB Qingdao from October to December. Due to the new guidelines proposed by the Chinese authorities under “dual control on power consumption” to contain carbon emissions and restrict power consumption, several upstream facilities curtailed the operational loads, which surged the offers for fuel and raw material and significantly impacted the prices of Biotin in the domestic market. The positive market situation in China is majorly attributed to the persistent measures taken by the Chinese authorities to curb the power rationing by commissioning new coal mines. Consistent hike in the raw material prices provided adequate cost support to the Biotin. However, due to the resurgence of the COVID cases in December, the prices started to decline as the producers and traders were destocking their running inventories. In India, the prices of Biotin started to decline in December and were lastly settled at 33671790 per MT/ Pharma Grade Ex-Mumbai. In terms of demand, offtakes remained strong from the health and nutrition sectors, with an increment of around 3% in October.
Europe
The market sentiments improved in the European market during the 4th quarter of 2021 on the back of the increased demand from the feed grade industries. However, the supply outlook of Biotin remained disrupted throughout the quarter due to the energy crises across Europe. The demand for upstream fumaric acid as it is widely utilized in the commercial production of Biotin witnessed moderate growth due to growing health-consciousness in the region, which supported the market outlook in Q4.
