For the Quarter Ending June 2024
North America
Concerning the overall second quarter of 2024, the Naproxen market in North America experienced a significant uptick in prices, driven by a confluence of factors that underscored the rising cost dynamics. The quarter has been marked by several pivotal elements, including escalating raw material costs, particularly acetic anhydride, and increased energy prices.
Additionally, supply chain challenges such as soaring freight rates, container shortages, and extended lead times due to routing issues have compounded the pricing pressures. Focusing on the USA, the market saw the most substantial price changes within the region. The overall trend showcased a consistent increase in Naproxen prices, influenced by robust demand from the pharmaceutical sector and insufficient inventory levels. Seasonality played a role, with heightened procurement activities anticipated ahead of potential tariff changes due to the upcoming presidential election.
The latest quarter-ending price of Naproxen in the USA stands at USD 36620/MT, reflecting a positive sentiment in the pricing environment despite the challenges. This continuous increase underscores the complex interplay of supply constraints, rising input costs, and sustained demand, painting a bullish outlook for Naproxen pricing in the region.
APAC
During Q2 2024, the Naproxen market in the APAC region experienced a pronounced upward pricing trajectory, driven by several critical factors. Focusing on China, the country witnessed the most substantial price changes during this quarter. The overall trend demonstrated a robust demand from both domestic and international markets, propelling prices consistently higher. Seasonal demand surges from the pharmaceutical sector, coupled with a stronger Chinese yuan against the US dollar, bolstered the export competitiveness of Chinese suppliers, thereby benefitting them in terms of exports and profit margins. Consequently, the favorable exchange rate facilitated a continuous price rise. Supportingly, persistent heightened regional and international demand, coupled with constrained supply, significantly influenced market prices. Additionally, disruptions in global supply chains and geopolitical tensions further strained the market, leading to a scarcity of materials and pushing prices upward. Comparatively, the first half of the quarter saw a moderate price increase, while the second half experienced an intensified surge, culminating in a quarter-ending price of USD 36100/MT for Naproxen. This consistent escalation in prices reflects a highly positive pricing environment for the quarter, underpinned by robust demand, supply chain constraints, and rising production costs. Consequently, the market sentiment throughout Q2 2024 remained buoyant, characterized by a persistent upward trend in Naproxen prices within the APAC region, particularly in China.
Europe
With respect to Q2 2024, the Naproxen market in Europe experienced pronounced price increases, driven by a confluence of factors. Heightened regional demand, particularly from the healthcare sector, coupled with supply chain disruptions, notably from the prolonged Red Sea dispute and Houthis' protest campaign, significantly strained logistics and container availability. Elevated freight and fuel costs compounded the pressure on prices. Additionally, inflationary trends and increasing input costs from producing markets contributed to the upward pricing trajectory. Focusing on Germany, the country witnessed the most substantial price movements. The quarter saw sustained robust demand from downstream industries, creating a notable supply-demand imbalance. Adding up to this, the German market's sensitivity to the devaluation of the US dollar against the euro added to import cost pressures. Moreover, the implementation of a General Rate Increase (GRI) by shipping carriers further exacerbated cost inflations. Compared to the previous quarter, prices declined by 2%, reflecting an initial market correction due to stockpiling and subdued demand. However, a strong rebound in the second half of the quarter, driven by consistent local purchasing and positive business sentiments, resulted in a 1% price surge. This culminated in a closing price of USD 37,400/MT for Naproxen. Overall, the pricing environment remained bullish, underscored by persistent inflationary pressures and robust demand dynamics, marking a positive trend.
For the Quarter Ending March 2024
North America
The pricing environment for Naproxen in the North American region during Q1 2024 witnessed a decline trajectory with a steady rise in the beginning, primarily observed in the USA. However, prices later declined due to several factors. In January, prices increased due to higher demand post-holidays, sufficient inventories, and improved trade momentum in exporting regions. This prompted US market players to place bulk orders to clear old inventories and start the new quarter afresh.
However, as February 2024 commenced, the prices started to drop considerably largely driven by the strategic actions of the USA as a major importer of this essential commodity, the USA naturally felt the ripples of prevailing trends in key exporting nations. Notably, the primary catalyst behind this downward spiral was the substantial reduction in prices observed across crucial Chinese provinces, which hold a pivotal sway over the Naproxen market. The strategic decision by Chinese suppliers to offer Naproxen at notably reduced rates enabled US market players to maintain competitiveness by adjusting their pricing strategies accordingly.
Moreover, the temporary cessation of exports from the region in the initial half of February spurred US entities to capitalize on the opportunity, leading to substantial bulk orders being placed at advantageous rates. This influx of Naproxen into the regional market, coupled with diminished international demand prior to the holiday season, prompted further price adjustments by Chinese provinces in a bid to attract bulk orders. As a result, US market players kept Naproxen prices subdued to stay competitive amid oversupply. Additionally, the decline in Acetic anhydride prices further supported Naproxen price decreases. Overall, the Naproxen pricing environment in the USA during Q1 2024 saw limited demand and ample supply. Market participants strategically sold products at discounted rates to deplete stockpiles. Consequently, the Naproxen API price at the end of March was USD 35450/MT CFR Los Angeles.
APAC
In Q1 2024, Naproxen prices in the APAC region declined due to reduced demand, oversupply, and lower raw material costs. Although prices initially rose, driven by a modest rebound in regional and overseas quotations, overall stockpiled inventories among merchants balanced the market, resulting in a 0.97 percent decrease compared to the previous quarter. Among apac, China, in particular, saw significant price changes in the Naproxen market. Prices experienced a consistent decline throughout the quarter, reflecting the challenging market conditions. The oversupply of Naproxen and reduced demand contributed to the downward trajectory. Additionally, the decrease in Acetic anhydride prices added further pressure on Naproxen prices in China. In terms of seasonality, the market experienced a decline in prices from the middle of the first quarter and remained low throughout the end of March 2024. This was further attributed to the the observance of the Spring Festival in China led to widespread closures across industries, impacting Naproxen demand. Labor shortages in Naproxen-producing factories reduced output. This, combined with decreased demand, resulted in a surplus even after the post-holidays. As a result, to clear inventories Chinese market players offered discounts to their existing stock.
Furthermore, In March, freight costs eased, bolstering international markets to procure goods at lower prices. The continuous appreciation of the US dollar against exporting nations' currencies added resilience for traders. Despite these positive developments, overall market activity remained subdued as traders resisted placing new quotations, opting instead for quarter-end destocking practices to clear excess stockpiles.As a result, with overall pricing environment for Naproxen in Q1 2024 in the APAC region in the negative direction, the prices in China were recorded at USD 35000/MT (USP, FDA) EXW Shanghai.
Europe
In the first quarter of 2024, the Naproxen market in Europe, particularly in Germany, witnessed a decline in prices after an initial modest increase. Overall, the market followed a pessimistic trajectory, with prices decreasing by approximately 1.38 percent. This downward trend was influenced by various factors, including decreasing prices in exporting regions, which had a ripple effect on the overall pricing structure. The pricing strategies adopted in the Asia-Pacific region significantly impacted the European market, prompting traders to realign their approaches to meet industry standards. Additionally, challenges in supply and demand dynamics, such as rerouted shipping lines to avoid the Red Sea, resulting in order cancellations and delays, leading to market uncertainty. Consequently, traders hesitated to initiate new orders, contributing to inventory accumulation in exporting nations and further price depreciation in both importing and exporting jurisdictions.
Additionally, the surplus of products in the German market and a reduction in local inquiries exerted pressure on market dynamics. Despite these challenges, traders strategically adjusted their pricing strategies and prioritized depleting inventories to avoid excessive accumulation and mitigate storage expenses. However, resilient trade activity, coupled with decreased freight costs, offered buyers further opportunities to procure goods from exporting nations at reduced prices. Nevertheless, obstacles emerged, including declining local inquiries complicating destocking efforts, and export challenges leading to the cancellation of previously placed orders. Overall, the Naproxen pricing environment in Q1 2024 was unfavorable, with prices declining in Germany. Global factors such as disruptions in the supply chain and economic uncertainties influenced the market, resulting in subdued demand and downward price trends. The quarter-ending price for Naproxen in Germany was USD 36750/MT(USP, FDA) CFR Hamburg.
For the Quarter Ending December 2023
North America
The fourth quarter of 2023 proved to be a challenging period for the Naproxen market in North America particularly in terms of the USA. Several factors influenced the market and prices during this time. Firstly, there was a consistent rise in demand from the downstream sector, particularly in the pharmaceutical industry, which led to increased consumption of Naproxen.
Additionally, the cost of raw materials used to produce Naproxen, such as Acetic Anhydride, also increased, adding to the overall price increase. The market was affected by the severity of the winter season and the continuous high demand from pharmaceutical companies manufacturing over-the-counter pain relievers and prescription medications. Supply chain disruptions and rising energy prices further contributed to the upward trend in Naproxen prices. Additionally, global increases in shipping costs and ongoing supply chain challenges, including shipping bottlenecks and port congestion, impacted the importing prices for Naproxen. These factors, combined with the appreciation of the Chinese Yuan against the US dollar, made imports more expensive.
However, Naproxen prices drop at the end of the fourth quarter i.e., in December but at a steady rate. As a result of sustained elevated market prices of Naproxen since the conclusion of Q3, as the year drew to a close in December, suppliers opted to bring their prices back to a standard range. Their primary focus was on depleting existing inventories in preparation for the onset of the new year in January 2024. Notably, the USA, functioning as an importer, aligned its approach with the observed trend in exporting nations. Overall, the USA experienced significant changes in prices, driven by demand from the pharmaceutical industry, supply chain disruptions, and fluctuations in raw material costs.
APAC
In the APAC region, Naproxen prices in Q4 2023 experienced an upward trend as the prices continued to follow an optimistic trend as of October but dropped slightly as December concludes. The market saw a consistent rise in FOB prices for Naproxen, indicating a positive trading landscape supported by the constant arrival of overseas and regional inquiries. The pharmaceutical sector witnessed a stable trajectory with a consistent downstream inquiry for Naproxen, driven by its effectiveness and growing preference among patients for non-opioid pain relief options. While, on the upstream side, the prices of feedstock Acetic anhydride fluctuated and ultimately contributed to a narrowed spread chart as downstream Naproxen demand continued to remain on the upper side throughout November. However, as December concludes, the trading landscape exhibited a notably pessimistic trajectory, driven primarily by a discernible reduction in orders from both regional and overseas markets. Adding to the complexities of the situation, there appeared to be a significant surge in the production of Naproxen in the preceding months, leading to an oversupply in the market. As a consequence of the reduced prices and heightened market competition, Naproxen producers found themselves compelled to intensify their focus on cost-reduction strategies and product differentiation. These measures have become imperative for safeguarding their market share in the face of intensified competition, reflecting a concerted effort to adapt to the challenging economic landscape unfolding in the final days of December 2023.
Europe
The fourth quarter of 2023 witnessed an optimistic price trajectory of Naproxen in the European region. This was influenced by the overall economic slowdown and recession fears in the Eurozone's largest economy. Germany, being a key player in the European Naproxen market, experienced significant changes in pricing during this quarter. A steady increase in Naproxen prices is due to a combination of factors. The main drivers behind this surge included heightened demand from end-users and large orders placed by market players from exporting nations. As a result, Pharmacies or wholesalers engaging in persistent bulk purchases of Naproxen further contributed to temporary shortages and continuous price escalations. Additionally, the relative strengthening of the Euro against certain currencies might have made imports more expensive for some countries, influencing the pricing dynamics of Naproxen in their respective domestic markets within the region throughout November. However, As the year 2023 concludes, the CFR prices of Naproxen in the German market finally decreased but at a steady rate. Merchants however possessed a sufficient amount of stocks for this month as they already anticipated this price decrease in the past month. In conclusion, Overall, the Naproxen market in Europe, particularly in Germany witnessed an optimistic market trend with steady purchasing activity balancing the overall supply-demand outlook, supply chain disruptions, and logistics issues.
For the Quarter Ending September 2023
North America
The Naproxen prices in the North American region, mainly in the United States, plummeted for the entire Q3, but the prices witnessed a very minor increment during the first and second half. As we enter the first half of the third quarter, i.e., in July 2023, a stable increment in the prices for Naproxen following a consistent upward price trend of the previous month was witnessed. This was on the back of a stable incline in demand for end products from downstream pharmaceutical retailers and healthcare industries. Additionally witnessing a persistent increment in the price values propelled the merchants to raise their quotations within the region, supporting the optimistic market trajectory. However, as we move towards the middle of the third quarter of 2023, the prices dropped abruptly, resulting in a higher stockpiling of inventories among the domestic merchants. This sudden decline in the price values was attributed to Increased competition from generic manufacturers as Naproxen is an off-patent drug, which means that any company can manufacture and sell it. In recent years, a wave of new generic drug manufacturers has entered the market, leading to increased competition and lower prices. Changes in manufacturing costs, i.e., the cost of manufacturing naproxen, may have decreased due to changes in the price of raw materials or improvements in manufacturing processes. Further supporting this, August's new orders showed a decline for the tenth consecutive month. The slowdown in supplier deliveries points to a potential reduction in some of the supply chain disruptions that have negatively affected the manufacturing industry which have resulted in the weakened price trajectory during the entire month. While moving towards September, the prices started to rebound at a steady rate, witnessing a balanced supply-demand activity within the region.
Asia Pacific
Similar to the previous month's trend, the prices of Naproxen across the APAC region, primarily in China, witnessed a persistent price rise throughout the first half of the third quarter. Even though The market was uneasy due to the US and European Federal Reserve's cautious stance on prospective interest rate hikes, the National Bureau of Statistics, the official Purchasing Managers' Index (PMI), which gauges activity in the manufacturing sector primarily at larger businesses and state-owned firms, registered 49.3 in July which was slightly higher than the previous month's reading of 49. Further, a consistent rise in the purchasing activity from the importing nations resulted in higher quotations, resulting in a persistent rise in the production momentum. Nevertheless, as mid-Q3, or August, drew near, the prices of Naproxen dropped determinedly, showing a pessimistic market outlook. This was reinforced by the fact of a significant decline in trade momentum owing to the sudden drop in purchasing activity and the drop in international quotations. While moving forward to September, the prices rebounded at a very moderate level within the expected timeframe, which was, however, balanced by overall available inventories among the merchants. Besides this, in terms of the supply side, the accessibility was enough among the upstream market, with higher export orders presented among the traders at their ports.
Europe
Following the market trend of the United States, the prices of Naproxen across the European market, primarily within the German market, plummeted throughout the third quarter of 2023. The consumption of Naproxen during early Q3, i.e., in July, sustained on the upper side across the local market, and the inquiries continued to grow. This kept market activity for Naproxen on the balanced side. While moving towards the middle of Q3, the prices dropped considerably across the German market. This was majorly due to a decrease in consumption from the end-user sector, primarily from the Healthcare and Pharmaceuticals. The European economy appeared to be still grappling with issues such as persistently high inflation, rising interest rates, and declining demand as a result of the global economic slowdown, based on the notable decline in business confidence. Even though Germany's headline inflation rate for August was considerably lower than it was for July, analysts predict that the decline will pick up speed in the coming months. The German logistics market was also negatively impacted by a sharp decline in the demand for warehouse and logistics space, which kept the overall market sentiments on the downward side. Also, because of the current state of the economy and the way supply chain disruptions are affecting every sector of the European economy, imports have decreased for the second month in a row. Moreover, the depreciation of the Euro against the US dollar deterred retailers from building up their stock levels. As a result of which, the prices of Naproxen continued to witness a pessimistic market outlook until the end of September 2023.
For the Quarter Ending June 2023
North America
Across the North American region, the prices of Naproxen showed a stable price trajectory throughout the second quarter of 2023. Throughout the second quarter, prices of Naproxen continued to mimic the market trend as that of the previous quarter and surged on an average of 0.21 percent across the US market. At the beginning of the second quarter, the prices dropped steadily owing to a decrease in inquiries from the domestic pharmaceutical and healthcare sector; however, the merchants were left with enough inventories that balance the overall demand for this month. Following May, the prices rebounded as demand from the healthcare sector improved to some extent. This price trend continued until the end of June 2023 in the US, with the price settlement on USD 42050/MT CFR Los Angeles. Moreover, compared to May, the Chinese Yuan depreciated against USD for the month of June. This significantly has positively supported the market trend for Naproxen across the North American region as imports from China became cheaper to foreign buyers.
Asia Pacific
The price of Naproxen, an Active Pharmaceutical Ingredient, during the second quarter, demonstrated an ascending market sentiment as the prices dropped significantly throughout April while depicting a positive demand outlook from the middle of q2 until the end of June. One of the primary reasons behind the drop in prices of Naproxen for April Includes Consumer inflation which has fallen considerably, resulting in weakened purchasing activity. Moreover, China’s retail and producer inflation has remained weak as the consumer and industrial sectors struggle to recover from their pandemic hit, putting downward pressure on the prices of Pharmaceutical API across the nation. Moreover, the prices improved moderately in the middle of the second quarter. A slight increase in domestic inquiries balanced with sufficient inventories among the merchants kept the market in a positive direction for this month. In June as well, the prices continued to surge across the APAC region. Also, the Official Purchasing Managers Index (PMI) for the manufacturing sector was 49.0, up slightly from the previous month. However, the increase in orders was more modest. On the other hand, as purchasing activities continued to be active, export sales were almost rising consistently at the end of Q2-2023. With this, the prices of Naproxen were assembled at USD 41500/MT EXW Shanghai.
Europe
The prices of Naproxen across the German market mimicked a similar market trajectory as that of the APAC region during the second quarter of 2023. In April, Weaker downstream demand, followed by a build-up of inventories among market participants, supported this ongoing decline in prices. Furthermore, the price of ocean freight has fallen, with rates between China and Europe recently returning to pre-pandemic levels and congestion having significantly lessened, both impacting the status of the business and supporting April’s market trend. Moving towards the middle of the second quarter the prices started to increase moderately at the same rate by which it declined in April. The ample availability of Naproxen stocks with the suppliers balanced the resurged demand. Moreover, the German economy was showing signs of slowing down, but there were also some positive signs as the second quarter terminated. The German Consumer Price Index (CPI) rose by 0.1% in June 2023 from May, supporting the higher consumer demand from the downstream sector. With this, the prices for Naproxen across the German market were settled at USD 41650/MT CFR Hamburg.
For the Quarter Ending March 2023
North America
The prices of Naproxen started in the first quarter of 2023 on a bullish note and ended at a sturdy rate. This price trend was attributed to increased domestic orders from end-user pharmaceutical sectors. Also, during January 2023, traders encountered the costliest import from China as Yuan gained against the US dollar, appreciating nearly 3% in January alone. Moreover, until the mid of the first quarter, consumer sentiments remained on the upper side, and ease in trade disruption altogether supported the positive market trend for Naproxen API in North America. Towards the termination of this quarter, the prices of Naproxen increased consistently and were recorded at USD 41800/MT in the United States.
APAC
Throughout the APAC region, particularly in China, the prices of Naproxen remain on the upper side trend during the first quarter of 2023. A significant increase in domestic and international inquiries and lessened stockpiles among the market participants. Moreover, the government of China additionally stated that the February rise in PMI showed continued improvement in the climate for production and industry, noting that the total volume of activity "inclined significantly" as the customer interest raised during this month along with the newer orders from the international market. With this, the prices of Naproxen went in the upward direction until the end of the first quarter with a settlement at USD 40988/MT in China.
Europe
In the first quarter of 2023, the prices of Naproxen API commenced on the positive side during the month of January and continued to maintain a similar trend until mid of Q1-2023 but ended on a bearish note. Until February, the prices went in the upward direction due to certain factors, including a rise in local demand, limited inventories, ease of trade activity, and a decline in freight charges. Additionally, German consumer prices rose more than expected, which progressively boosted the overall market trend of Naproxen in the European region. However, towards the termination of the first quarter, the prices of Naproxen went down drastically and were settled at USD 41250/MT in Germany.
For the Quarter Ending December 2022
North America
The prices of Naproxen in the North American region plummeted at the end of the fourth quarter of 2022. As with the start of the first half of q4, the prices remained on the upper side owing to increased end-user demand. Inflation thus decreased substantially compared to September, even though it remained well above the upper boundary, which in turn affected the market sentiments of Naproxen. Following mid-q4 ease in freight charges and trading activities somewhat supported the positive price trend for Naproxen in the United States. Towards the end of the year 2022, i.e., in December, the prices declined significantly with stockpiling of inventories among the market participants. With this, the prices for Naproxen were recorded at USD 40855/MT CFR Los Angeles.
Asia Pacific
In APAC region, particularly China, witnessed mixed pricing trends for Naproxen throughout the fourth quarter of 2022. The prices of Naproxen during October declined considerably as the inquiries from the downstream sector decreased. Chinese manufacturing activity, one of the important factors for the country's economy, declined steadily in the fourth quarter as rising COVID-19 cases caused more supply disruptions and trading momentum across the domestic and international markets. However, during November, the prices surged slightly as the demand inclined somewhat balanced with the supplies. Following December, the prices went down again considerably and were recorded at USD 39450/MT FOB Shanghai.
Europe
Prices for Naproxen fluctuated throughout Europe in the fourth quarter of 2022. At the start of October, inquiries decreased consistently after witnessing a weak trend in the previous month. During November, prices inclined gradually on the positive side. Supply chain disruption decreased rapidly along with the shipping cost, which supported the positive price trend of Naproxen in Germany. However, In December, inflation in Europe decreased for the second consecutive month as rising energy prices started to level out at the end of the year 2022. demand inclined from the prior month's Thanksgiving holidays, however, kept the prices on the upper side. With this, the price of Naproxen reached USD 42970/MT CFR Hamburg in Germany
For The Quarter Ending September 2022
North America
In the North American region, the prices of Naproxen showcased a decremented trend throughout the third Quarter of 2022. The prices went down significantly due to weaker demand witnessed in the domestic market of the United States. Furthermore, weak trading momentum and halted production activities positively supported the market sentiments of Naproxen in North America. The domestic market participants were propelled to reduce their prices to destock their inventories and maintain their profit margins owing to dwindled offtakes throughout Q3. With all this, the prices recorded for Naproxen API in North America were assessed at USD 65700/MT CFR Los Angeles at the end of September.
Asia Pacific
During the third Quarter of 2022, the prices for Naproxen API in the Asia Pacific market exhibited an ascending trajectory. At the onset of H1 OF Q3, the market opened with unfavorable sentiments but enhanced in August, with prices settling at USD 61320 /MT in China. The market supply side faced severe uncertainty in the first half of the Quarter, backed by the manufacturing unit's high-temperature maintenance, resulting in supply reduction so as the price reduction. However, later towards the mid-q3, an upward trend was witnessed, which continued till the end of the third Quarter, i.e., September. The overall prices assembled at USD 61580 /MT FOB Shanghai in China.
Europe
The prices of Naproxen in the European region mimic similar market sentiments as in North America during the Q3 of 2022; supply and demand basics witnessed were on the weaker side, resulting in the downstream accumulation with the domestic merchants. Additionally, fluctuations in trade frequency during the whole Quarter also affected the market value of Naproxen. Also, the slow offtake from downstream pharmaceuticals was one of the primary factors behind this Quarter's price trend of Naproxen in Germany. Thus, at the end of Q3, the prices of Naproxen were assessed at USD 67320 /MT CFR Hamburg.
For the Quarter Ending June 2022
North America
In Q2 2022, the market of Naproxen remained stable with tepid market sentiments and moderately operating downstream pharmaceutical industry. Imports of Naproxen from India remain steadily according to the requirement of the region's manufacturing units. Compared with the previous quarter, the prices slipped with the gradual stockpiling of products in the regional market. The demand for new orders was limited, and a lower price trend was set to clear the existing stocks. A seasonal slowdown in demand remained the key factor for such a price trajectory. Major Naproxen producers in India had revised the price and traded the product at a lower level.
Asia Pacific
The Asian market for Naproxen stayed stable and unpretentiously moved by supply overhang attributable to substantial capacity increments. Exports from India to the United Kingdom (UK), USA, and Singapore remain lukewarm with the sturdy trading environment for the overseas suppliers. Suppliers and distributors held back the purchases under the expectation of further cost breakdown and rushed to meet their stock prerequisites according to the consumption pattern. Manufacturers across Northern Asia ran their production units at essentially full capacities, yet the stockpile of Naproxen stayed reasonable with extensive offtakes from some end-use sectors. Market sentiments for Naproxen remain muted under oscillation in raw material and slow offtakes from the downstream pharmaceutical industry.
Europe
Naproxen market dynamics in the European region displayed a steady cost direction with stagnant market demand from the downstream pharmaceutical industry. Far beyond, deterred raw material costs, consistent demand, high production rates, and regular manufacturing costs kept the Naproxen market costs stable. Imports from India to the United Kingdom and other European regions remain tepid and operate according to the end user industry's requirement. Both regional and abroad overseas sectors experienced flexible market sentiments. The availability was in excess, which provoked keeping up with the harmony between the market's demand and supply. Towards the end of Q2 2022, the Naproxen costs were recorded to follow a steady cost direction and on the lower end compared with the previous quarter.