For the Quarter Ending March 2024
North America
During the first quarter of 2024, the pricing dynamics of liquid carbon dioxide in the North American region, particularly in the USA, showed a upward trend. The increased demand from carbonated beverage manufacturers provided opportunities for producers to maintain profit margins, despite the ample supply keeping prices on the positive note.
However, the rise in the Consumer Price Index (CPI) and production costs put pressure on consumers' budgets. The consistent demand for fizzy drinks indicated a stable or potentially down turning future for CO2, presenting challenges for producers. Plant shutdowns were not reported during this period.
Looking at the broader context, the pricing trend in the first quarter of 2024 can be seen in correlation with the overall market situation and the demand from downstream sectors. While a year-over-year comparison and a comparison with the previous quarter were not provided, it can be inferred that prices remained relatively stable or experienced slight fluctuations. The final quarter's price for Liquid Carbon Dioxide DEL Illinois in the USA was mentioned as USD 690/MT.
APAC
In the first quarter of 2024, the pricing dynamics of Liquid Carbon Dioxide in the APAC region exhibited a mixed trend, with notable fluctuations observed in the Japanese market. Beyond the conventional factors, several key influences shaped the pricing dynamics. The decline in natural gas prices and subdued demand outlook from end-use manufacturing units, such as carbonated drink producers, impacted the prices negatively in the first half of the quarter.
Additionally, the Asian LNG spot market experienced a significant drop in prices due to high inventories and subdued demand in both Asian and European markets. The Japanese market, in particular, experienced pronounced price fluctuations. While the overall trend was bearish, with prices declining, there were factors contributing to short-term price increases in the second half of the quarter.
These factors included firm demand from downstream sectors, disruptions in the supply chain due to the Red Sea conflict, and increased shipping charges. However, it is worth noting that the pricing dynamics in the first quarter of 2024 exhibited a bearish trend compared to the provided final price of USD 250/MT for Liquid Carbon Dioxide FOB Tokyo in Japan. Overall, the analysis highlights the complex interplay of various factors and events, such as plant shutdowns and supply chain disruptions, in shaping the pricing dynamics of Liquid Carbon Dioxide in the APAC region during Q1 2024.
Europe
In Q1 2024, the pricing dynamics of Liquid Carbon Dioxide in the Europe region were influenced by various factors beyond the conventional top three. While the market situation in Belgium experienced pronounced price fluctuations, it is important to analyse the overall trend, seasonality, and correlation in pricing rather than focusing on month-by-month comparisons. The year-over-year price change from the same quarter last year and the change from the last quarter of 2023 were significant contributors to the pricing dynamics. North European container hub ports appeared to have managed the arrival of a fleet of ships from Asia, which had been redirected around the African coast, causing delays. According to Hapag-Lloyd's terminal operations report for North Europe, hub ports such as Rotterdam, Hamburg, and Southampton saw a substantial rise in yard utilization levels last week, reaching between 85% and 90%. This surge contrasted with previous weeks, when utilization levels were only around 55%, suggesting the arrival of the delayed vessels. However, specific details regarding plant shutdowns were not provided in the given information. Overall, the pricing for Liquid Carbon Dioxide FD Antwerp in Belgium concluded at USD 220/MT for the final quarter.
For the Quarter Ending December 2023
North America
The Liquid Carbon Dioxide market in North America experienced a mixed trend in the fourth quarter of 2023 (Oct-Dec). The prices of Liquid Carbon Dioxide continued to rise due to elevated natural gas prices in the first half of the quarter. The increased demand from the carbonated drinks and food packaging sectors significantly impacted the overall price dynamics.
Despite the moderate production cost in the domestic market, the demand outlook remained moderate. However, the market faced challenges due to limited inventories to cater to the domestic demand. There were no reported plant shutdowns during this period. However, consumer sentiment remained under pressure, and there were expectations of a decline in demand.
Towards the quarter the rising rate had a notable impact on the production cost, placing a burden on consumers. Although external factors indicated a market softening, the consistent demand for carbonated beverages suggests a promising future for carbon dioxide, resembling the effervescence of a freshly opened soda. This outlook provides stability and even the potential for an upward trend, presenting opportunities for producers who are optimistic about ongoing demand. The quarter ended with a price of USD 670/MT for Liquid Carbon Dioxide DEL Illinois in the USA.
APAC
In the fourth quarter of 2023, the liquid carbon dioxide market in the APAC region exhibited a southwards performance. A significant factor influencing the market was the moderate state of the supply chain, characterized by a slowdown in export volumes due to subdued demand both domestically and internationally. Concurrently, the demand for liquid carbon dioxide from the packaging industry and other downstream sectors remained at a moderate level throughout the quarter. A noteworthy development during this period was the reduction in natural gas prices, contributing to a decline in liquid carbon dioxide prices towards the quarter's end. This, combined with a less optimistic demand outlook from end-use manufacturing units involved in the production of carbonated drinks and beverages, played a role in the overall downward price trend. In a detailed analysis of specific countries, Japan observed a decrease in liquid carbon dioxide prices during the quarter. Prices in Japan declined by 6% compared to the previous quarter, settling at USD 250 per metric ton, Free on Board (FOB) Tokyo. In summary, the liquid carbon dioxide market in the APAC region encountered challenges during the fourth quarter of 2023, characterized by subdued demand and declining prices.
Europe
In the fourth quarter of 2023, the European market for liquid carbon dioxide experienced several significant factors that impacted prices. Firstly, the overall operational rate in the region declined, leading to a reduction in production costs. This decrease in replenishing storage facilities reduced the risk of capacity constraints during the winter heating season. Another contributing factor was the ongoing destocking trend in the Eurozone, which led to a substantial decline in manufacturing activity. Recent data from exchanges has shown that hedge funds and other financial entities had a net short position in Dutch TTF Natural Gas Futures, which functions as Europe's gas trading benchmark. This shift was influenced by factors such as abundant inventories, eased concerns regarding supply shortages, reduced demand, and a growing belief that Europe could successfully navigate the winter without encountering substantial supply disruptions. In terms of pricing trends, the current quarter's price of liquid carbon dioxide FD Antwerp in Belgium is USD 215/MT.
For the Quarter Ending September 2023
North America
Liquid Carbon Dioxide prices in the North American market continued to move northwards on account of inclined demand for carbonated drinks and diet cokes. This incline was mainly due to inclined demand both domestically and internationally, which led to an increase in new orders. Increased inventories and increased demand from the Asian market have driven up the prices of both crude oil and naphtha in the domestic market, which, in turn, has had an impact on the overall pricing of liquid carbon dioxide in the US market. In terms of pricing, the average input costs have risen, with a slightly higher rate of increase. These higher costs continue to be transferred to customers, resulting in the fastest rise in output prices seen in the past four months. On another note, a labor agreement has been reached at US West Coast ports, and the East Coast ports are making efforts to attract incoming cargo to their terminals. According to the National Retail Federation and Hackett Associates' monthly shipping report, the logistics situation is gradually becoming more stable in the latter part of 2023. The market for cold coffee beverages is highly dynamic and full of excitement within the coffee industry, characterized by continuous innovation influenced by various consumer trends.
Asia Pacific
Liquid Carbon Dioxide prices in the Asian market inclined continuously throughout the third quarter owing to the accelerated demand outlook from carbonated beverages and the food packaging industries. Additionally, a major player in the beverage industry, such as Coca-Cola, reported heightened sales of the product in the domestic market, thanks to consistent demand for diet Coke and other beverages. Manufacturers of liquid carbon dioxide are actively seeking to capitalize on its growing popularity as a significant opportunity for increased profits, amidst the moderate production cost. The operational rate continued to be strong, and the gap between product demand and supply narrowed. Despite the People's Bank of China taking various measures to reduce borrowing costs, corporate borrowing declined significantly, reaching on softer side due to a surge in loan rejections and an increase in average loan interest rates. China has significantly increased its production to meet this rising demand, particularly as retailers rush to complete work ahead of the upcoming festive season, leading to an increase in inquiries.
Europe
Liquid Carbon Dioxide Prices in the European Market Increased in the third quarter of 2023 as the better demand outlook from manufacturing facilities that use liquid carbon dioxide led to higher prices in the German market. Domestic inventories were insufficient to meet the country's needs, with a growing desire for carbonated beverages due to raised temperatures and the influence of sporting events shaping the market dynamics. Additionally, the broader trends in the German liquid carbon dioxide market were significantly affected by economic uncertainties arising from increasing commodity prices. Meanwhile, Poland's PERN, the pipeline operator, had temporarily halted the transportation of oil through a section of the Druzhba pipeline that supplies crude to Germany due to the detection of a leak. The demand outlook from carbonated drinks and food packaging industries impacted the overall price range of liquid carbon dioxide in the European market.
For the Quarter Ending June 2023
North America
Liquid Carbon Dioxide prices in the North American market remained on higher edge on the account of inclined demand for carbonated drinks and diet cokes. The natural gas prices remained on the higher edge towards the end of quarter consequently raising the production cost in the domestic market. The demand for diet cokes and the carbonated drinks stayed on higher edge in the regional market as the hotter temperature encouraged the shopper to put in higher requests. On the other hand, result and business expanded as activities extended their ability to meet existing excesses of work under superior stockpile conditions. As far as valuing, input costs have diminished. The providers saw a superior chance for acquiring better net revenues. US regulators held onto pained First Republic Bank (FRB) and speedily sold its deposits and the vast majority of everything resources for the country's greatest bank, JPMorgan Pursue, in a bid to stem further disturbance in the financial area. Packaged refreshments and bundled food things exhibited better interest viewpoint alongside moderate functional pace of the item. Further developed production network in the country alongside declined input costs relatively represented the general market elements of liquid carbon dioxide.
Asia Pacific
Inclined trend in the prices of Liquid Carbon Dioxide were observed in the Asia Pacific market throughout the second quarter of 2023. Natural gas (upstream) prices remained on the during the three months, resulting in inclined production costs. Japan's economy is ready to bounce back in Q2 2023 in light of accessible information from high-recurrence and elective markers as of mid-June. The nowcast for the ongoing quarter at this point Projecting Financial matters shows a projected development pace of 0.9% quarter-on-quarter (q/q). On the off chance that this gauge appears, it would be a speed increase from the 0.7% q/q development in the principal quarter of 2023. The declining pattern in work postings raises worries about a possible expansion in the joblessness rate. Furthermore, the demand for diet and carbonated drinks in the regional market remained on the positive note as increased temperatures and raised demand from sugar free cokes governed the overall market dynamics of liquid carbon dioxide in the Asian market.
Europe
In the primary quarter of 2023, Liquid Carbon Dioxide costs pursued the inclining direction in the European market on the record of tight stock. The modern exercises in the nation have made do in the second quarter of 2023 prompting slanted request standpoint and better buying exercises. As the temperature became hotter, the interest for carbonated drinks and pressed food leaned in the territorial market. Productional units worked on the humble level and the interest standpoint moved with the costs. Towards the quarter end, the end use fabricating units had adequate measure of item in the midst of the slanting interest standpoint. The rate increment in second quarter mirrors the Overseeing Committee's refreshed evaluation of the expansion standpoint, the elements of hidden expansion, and the strength of financial strategy transmission. As per the June macroeconomic projections, Euro system staff anticipate that title expansion should average 5.4% in 2023, 3.0% in 2024 and 2.2% in 2025. Marks of hidden cost pressures major areas of strength for stay, some give conditional indications of relaxing.
For the Quarter Ending March 2023
North America
Liquid Carbon Dioxide prices inclined throughout the first quarter of 2023 on account of inclined demand outlook for the product from the end users (food and packaging) sector. As a result of the supply deficit among carbonated beverage manufacturing units, US suppliers have continued to face supply shortages. The demand for the product was relatively higher in the country because manufacturers raised their prices in response to a supply deficit. Food and beverages, as well as packaged food items, contributed to price increases. Operational activities remained slow in the country as the facets such as the threat of economic recession and the US bank crisis impacted the overall market dynamics of Liquid Carbon Dioxide in the US market.
Asia Pacific
Mixed sentiments in the prices of Liquid Carbon Dioxide were observed in the Asia Pacific market throughout the first quarter of 2023. Natural gas (upstream) prices continued to fall during the three months, resulting in decreased product production costs. Furthermore, prices fell because of the market disturbance caused by the festive holiday break and economic uncertainties. Domestic production of the commodity remained delayed as the major manufacturers attempted to re-establish normal operations and clear backlogs. As the drop in new orders subsided, output fell the least. While international demand remained weak, purchasing levels fell throughout the quarter.
Europe
In the first quarter of 2023, Liquid Carbon Dioxide prices followed the inclining trend in the European market on account of tight supply. The industrial activities in the country have improvised in the mid-quarter of 2023, leading to an inclined demand outlook and better purchasing activities. As the temperature became warm, the demand for carbonated drinks and packed food inclined in the regional market. Productional units operated on a modest level, and the demand outlook moved with the prices. Towards the quarter end, the end-use manufacturing units had an ample amount of product amidst the inclining demand outlook.
For the Quarter Ending December 2022
North America
In the last quarter of 2022, the liquid carbon dioxide market witnessed a stagnant trend on account of fluctuating natural gas prices in the international market. In the first half of the quarter, the market prices declined, along with weak natural gas prices, proportionally impacting the production cost. Furthermore, as the temperature starts declining, the demand for soft drinks slows down, impacting the final prices. The carbon dioxide prices rebounded in the second half of the quarter as the natural gas prices regained strength. Moreover, the festive holidays on Christmas and New Year slowed the demand from the downstream sector. The demand for liquid carbon dioxide from food, beverages, and packed meat products varied throughout the quarter. In December, storm Elliot hampered the supply chains of the product in the country, proportionally influencing the final market prices of liquid carbon dioxide in the North American market.
Asia Pacific
Throughout the fourth quarter of 2022, the liquid carbon dioxide market followed the northward trajectory in the Asian market. The upstream (natural gas) prices inclined at the quarter ended in the international market, impacting the production cost of carbon dioxide. The Chinese market remained quiet throughout the quarter as the COVID cases kept rising, impacting the industrial activities and demand outlook. The logistics were snug; hence, the demand from the international market met unnecessary delays. Furthermore, the restrictions imposed by the government in the country and the shortage of staff in the industrial sector influenced the market price. The demand from downstream, soft drinks, and animal husbandry sectors was low, yet supply shortage and cost pressure on the manufacturers impacted the final prices of liquid carbon dioxide.
Europe
During the fourth quarter of 2022, the Liquid Carbon Dioxide market inclined in the European market on the back of ever-changing natural gas prices. The European market witnessed a slight improvement in purchasing activities as the inflation rate eased, yet the manufacturers captured not many inquiries. The transit time increased in the mid-quarter and continued towards the end of Q4 of 2022. Backlogs were cleared in December, formed in the last two months, and the input cost was still sharp in the regional market. The demand for the product from the fire extinguisher and food preservatives sectors remained modest, proportionally impacting the final prices of liquid carbon dioxide in the European market.
For the Quarter Ending September 2022
North America
During the third quarter of 2022, Liquid Carbon Dioxide prices in North America experienced a surge. According to market participants, liquid carbon dioxide prices have been steadily rising since the beginning of the year, owing primarily to relatively warm weather in the United States. The need for increased shelf-life and storage of commodities increased demand from downstream industries such as beverages, food, and animal husbandry. The rising trend of Liquid Carbon Dioxide in the American market was aided by solid demand from beverage manufacturers. Furthermore, demand for chemical water treatment and fire extinguisher products remained strong. Towards the quarter end, the prices of liquid Carbon Dioxide in the USA were USD 380 per MT, DEL Illinois.
Asia Pacific
The price of liquid carbon dioxide has been rising in Asia-Pacific region nations throughout the third quarter of 2022. Feedstock, Natural gas prices remained at a higher pace, proportionally impacting the production cost of liquid carbon dioxide in the Asia Pacific market. The growing demand for downstream beverages was the main factor pushing the price of carbon dioxide. The downstream animal husbandry industry's need for the dry ice to extend meat's shelf life contributed to the rising price trend of liquid carbon dioxide in Asian markets. Towards the quarter's end, the market prices of liquid carbon dioxide in Japan were USD 246 per MT, FOB Tokyo.
Europe
During the third quarter of 2022, Liquid Carbon Dioxide prices witnessed a swirling price trend in the European market. According to market participants, the wholesale price of electricity rose significantly in many countries in the first half of 2022, particularly in Europe, due to the shrinking of the fossil fuel markets. As a result of gas prices rising to more than five times the value of the reference period, power prices in many European markets reached 60% higher in the same quarter of 2021. Furthermore, carbon prices in Europe have risen due to gas-to-coal switching caused by high gas prices, which increased demand for emissions allowances and boosted CO2 prices. Additionally, packed food items demonstrate the product's demand in the domestic market.
For the Quarter Ending June 2022
North America
The Liquid Carbon Dioxide price in the American market during the end of the second quarter of 2022 was recorded at around USD 365/MT Liquid Carbon Dioxide Del Illinois. The demand for downstream dry ice rose drastically in the domestic market, leading to an increase in Liquid Carbon's price. The hotter weather condition in the US increased the demand from beverages and meat industries to cool and maintain the shelf-life of the commodities. The production rates of significant beverage companies improved, leading to increased usage and demand for Liquid Carbon Dioxide in the domestic market. High costs of upstream monoethanolamine abetted the uprising trend of Liquid Carbon Dioxide price during Q2 2022.
APAC
In most Asian countries, the price of Liquid Carbon Dioxide in their respective market has been increasing steadily throughout the second quarter of 2022. The major factor driving the price of carbon dioxide was the rising demand for downstream beverages as many major cities across Asia recorded one of the warmest quarters in several years. The demand for the dry ice to maintain the shelf-life of meat in the downstream animal husbandry sector assisted the rising price trend of Liquid Carbon Dioxide in the Asian markets. In China suspension of petrochemical industries owing to the lockdown restrictions reduced carbon dioxide production and supported the price hike during Q2 2022. In the Indian market, the price of Liquid Carbon Dioxide was around INR 8550/MT at the end of Q2 2022.
Europe
In the European market, the price trend of Liquid Carbon Dioxide witnesses a steady hike throughout the second quarter of 2022. Due to high operating costs, various fertilizer manufacturers suspended operations in Europe. The high energy prices and several suspended fertilizer manufacturing units increased the production cost of Carbon Dioxide Since Carbon Dioxide is a major by-product in fertilizer industries. The rising demand for Carbon Dioxide from the downstream meat industry for slaughtering pigs and poultry, especially in countries like the United Kingdom and Spain, contributed to the uprising price trend in the European markets. The demand for the dry ice to store meat and beverage commodities assisted the rising prices during Q2 2022. The price of Liquid Carbon Dioxide was recorded at around USD 390/MT at the end of Q2 in European markets.
For the Quarter Ending December 2021
North America
The North American market witnessed an upsurge in the prices of Liquid Carbon Dioxide in the fourth quarter of 2021, owing to high downstream demand from oil refineries and beverage industries. The liquid carbon dioxide which is formed by pressurizing gaseous carbon dioxide is infused into oil wells for enhancing oil recovery, hence creating a high demand for the same. Furthermore, demand from the beverage industry has also increased to obtain product stability and to have enhanced flavours. Moreover, demand fundamentals for the product from beverage sector also maintain overall stability throughout the quarter.
Asia
The Chinese market has witnessed a slight variation in the prices of Liquid Carbon Dioxide. The inclination of price trend was on the higher side due to continuous high demand for dry ice and the use of Liquid Carbon Dioxide as a refrigerant in the vaccination drive. In contrast, the prices of Liquid Carbon Dioxide fell in the Indian market owing to low demand from the beverage industry because of winters. However, there were not many fluctuations in the price value of the Liquid Carbon Dioxide because of the usage of liquid CO2 in vaccination drives as a refrigerant. The evaluated price of food-grade Liquid Carbon Dioxide for Q4 2021 was to be at USD 89.24/MT Ex-Mumbai.
Europe
The prices for Liquid Carbon Dioxide for the fourth quarter of 2021 have surged in the European market. The possible reason for the same could be a boost in downstream demand from the beverage industry to enhance the production of carbonated drinks and to use Liquid Carbon Dioxide as a refrigerant for enhancing the shelf-life of juices and drinks. Furthermore, the demand for Liquid Carbon Dioxide has also increased noticeably in the medical department. Altogether, the rise in demand for downstream activities has contributed towards the overall price hike of Liquid Carbon Dioxide in Europe.
For the Quarter Ending September 2021
North America
The domestic Liquid Carbon Dioxide market witnessed an upward trajectory in the North American region during the third quarter of 2021. US-based Air Products & Chemicals, Inc. announced in September that it will raise prices for all its merchant customers in North America, effective October 1 or as contracts permit. The industrial gases company said it will increase liquid Carbon Dioxide pricing, monthly service charges, and surcharge based on supply/demand and cost situations. These changes will include up to 20% for liquid nitrogen and liquid oxygen and up to 15% for liquid Carbon Dioxide.
Asia
An overall rise in the pricing trend of liquid Carbon dioxide was observed in the Asia Pacific region during Q3 2021. The demand remained firm in the Chinese domestic market from the dry ice segment. With the recent decision of the government to increase the no. of vaccinations in the country, India was running the world’s largest vaccination drive, which enhanced the requirement of liquid CO2 in the country for refrigeration. Liquid Carbon Dioxide Food Grade Ex-Mumbai price escalated from USD 103/MT to USD 112/MT during this quarter. In addition, producers revealed that they were getting more demand for refrigeration than to make beverages in Q3. However, the arrival of the summer season in India also surged the demand from the downstream beverage sector to produce carbonated drinks.
Europe
In the European region, a strong rebound in industrial activities was observed in the 3rd quarter, both from large Industries and merchant buyers. Electronics also recorded bullish growth at the end of the half-year. The healthcare business line remained at a high level, with teams strongly committed to the fight against the coronavirus pandemic. Price increases were observed amidst difficulty in sourcing, production, and delivery costs. Downstream demand was growing in all regions, although some countries remain vulnerable to the pandemic situation.
For the Quarter Ending June 2021
North America
The domestic dry Ice segment of USA remained the centre for most of the demand in this quarter again. The dry ice segment was primarily driven by demand for refrigeration of vaccines, as the vaccination drive picked up a tremendous pace in April. US vaccination drive was deemed as one of the fastest in the meantime, which increased the overall demand for Liquid Carbon Dioxide in the country. However, manufacturers already anticipated the present demand and ramped up their production level to restrain from any shortage. Therefore, under the firm availability prices remained steady throughout the quarter.
Asia
Demand for Liquid Carbon Dioxide remained firm in APAC region during this quarter, bolstered by strong offtakes from refrigeration sector. In China, prices fluctuated throughout the quarter, where overall rise was observed in the prices, as the demand from dry ice segment remained very high. most of the Asian countries ramped up their vaccination rate to curb infection. India witnessed huge demand for vaccines, while supply remained tight under second wave of pandemic in the country. Therefore, after witnessing overall rise in price of Carbon Dioxide, the average price hovered around USD 182.5/MT and USD 194.3/MT in China and India respectively during the month of May.
Europe
During this quarter, major European economies also increased their inoculation rate to curb further wave of pandemic. In the meantime, Europe started lifting restrictions, and enhancing vaccination rate, which eventually increased the demand for Liquid Carbon Dioxide from the dry ice segment. However, prices remained sturdy and marginal fluctuation was observed in the price of Liquid Carbon Dioxide during this quarter across the region. In addition, vaccination drive again gathered pace during the month of June, after a significant fall in pandemic cases.
For the Quarter Ending March 2021
North America
Global demand for Liquid Carbon Dioxide was majorly driven by the dry ice sector, as it was widely required for the vaccination drive running across the region. Since Q4 2021, demand for Liquid Carbon Dioxide from dry ice market rose drastically and was already 10 times high with respect to the same quarter in the previous year. Some of the major manufacturers remained confident about their production rate and sufficient stock availability to satisfy the demand coming from domestic and international market. In line with the consistent demand, prices showed nearly double digits improvement across USA and Canada.
Asia
The Asian market showed a steady growth in demand for Liquid Carbon Dioxide from dry ice sector during Q1 2021. India prepared itself for the vaccination drive during January, thus later in February demand rose sharply and hence the prices of Liquid Carbon Dioxide skyrocketed. In the Chinese market abundant availability amidst high demand supported the prices to reach USD 202 per MT till March, while in Indian market it reached USD 170.7 per MT, with an increment by 21% since January. Rapid vaccination drive is expected to extend till the forthcoming quarter hence the prices of Liquid Carbon Dioxide are likely to witness further increment.
Europe
After the second wave of Covid 19, Europe started the rapid vaccination drive to reduce the chances of another wave in future. While allegedly vaccination drive wasn’t very active and rapid, and lack of coordination between departments were also observed in some European countries. Although these problems settled down soon and demand for Liquid Carbon Dioxide from dry ice sector for vaccination increased rapidly. However, the demand was consistently high since last quarter, thus the prices gain a significant value during this timeframe.
For the Quarter Ending December 2020
North America
US Liquid Carbon Dioxide market remained concerned over supplies of the material from Asia and Europe amidst expected increment in demand for dry ice for the storage of Covid-19 vaccines. However, several companies seemed optimistic that altogether there is enough dry ice supply available to cater to the perceived demand. Reliant and Airgas, two of the renowned Carbon Dioxide manufacturers in the US seemed well prepared to cope with the upcoming surge in demand as the cases continue to escalate. Since most of the demand for Carbon dioxide is captured through Ammonia and Ethanol production plants, weak demand for fuel Ethanol accompanied by crimpled prices of Ammonia have forced turnaround in some of the US’ CO2 production unit since November.
Asia
Soaring demand for dry ice to store the upcoming coronavirus vaccines kept consumption of Liquid Carbon Dioxide higher in the quarter ending December. Shortage of container due to logistic disruptions caused by the coronavirus outbreak added to the supply crises across the globe. China reported a steep increment in orders from the US and Europe for dry ice and its related equipment for February and March 2021. As per the industry experts, with the launch of new vaccines, the demand for Liquid Carbon Dioxide is expected to reach record highs in the year 2021. Showcasing the positive inclination of demand, price of food grade Liquid Carbon Dioxide was averaged around USD 125 per MT in India for the quarter ending December 2020.
Europe
As nearly 90 percent of the demand for Liquid Carbon Dioxide in UK is primarily catered via imports from Europe, stocks of the product are likely to diminish rapidly as Pfizer is heard of bulk sourcing the product to produce dry ice at its German plant. Although the region is preparing for the mass production of Liquid Carbon Dioxide, bulk consumption of the product at Pfizer’s Belgium or Germany plant is likely to leave UK markets short of the imports.
