For the Quarter Ending June 2023
Across the North American region, the prices of Sodium Benzoate Excipient depict a similar market trajectory as that of the APAC region. Throughout the second quarter, prices of Sodium Benzoate Excipient decreased by an average of 2 percent across the North American region. The fluctuating upstream market of Benzoic Acid Excipient and a steady decrease in domestic inquiries from downstream cosmetic, food, and pharma industries supported the decreasing price trend until the end week of June. However, in June, Sodium Benzoate Excipient prices across the region were recorded at USD 1995/MT CFR New York. Considering the consumer price index for the month of June in North America, primarily in the United States, it increased by 0.1 percent in June 2023 as compared to May, with domestic suppliers of Sodium Benzoic Excipient having sufficient supply on hand to satisfy local demand for this month. Moreover, following the previous month's trend, the imports in the United States were on the upper side even in June, marking a positive market outlook.
Across the APAC region, the prices of Sodium Benzoate Excipients have continued their decreasing price trajectory since the beginning of the year 2023. Sodium Benzoate Excipient's price realization is influenced by the ongoing decline in its upstream Benzoic Acid Excipient cost, followed by a sharp increase in its inventories among the merchants. Due to the limited demand that has been successfully balanced with supplies among domestic Merchants as April draws to a close, the price of the Sodium Benzoate Excipient is declined steadily until the end of May 2023. Also, The National Bureau of Statistics reports that the manufacturing Purchasing Managers' Index (PMI) decreased from 49.2 in April to 48.8 in May, resulting in a decline in manufacturing activity. Moving towards the end of the second quarter, the demand for Sodium Benzoate continued to remain feeble, owing to which the merchants offered their product at discounted prices which further benefitted the foreign purchasers as they were able to get the product at a cheaper cost. With this, the prices for Sodium Benzoate Excipient at the end of the second quarter were settled at USD 1900/MT FOB Shanghai.
The prices of Sodium Benzoate Excipient across the German market witnessed a depreciating price trajectory throughout the second quarter. A decrease in inquiries from the downstream pharmaceutical and food industries kept the market on the downward side. Additionally, the market for Sodium Benzoate Excipient shrank with a decrease in upstream Benzoic Acid cost. Until the middle of the second quarter, the prices went down at a steady rate across the German market. While approaching the end of Q2, the prices went down by more than 3 percent. Additionally, the appreciation of the euro against the Chinese renminbi supported the downward price trend of products in their region. This makes imported goods cheaper for businesses from other countries, which benefits the consumers as they are able to purchase the end products at a lower price than usual. With this, the prices for Benzoic Acid Excipient in the German market were assessed at USD 1975/MT CFR Hamburg. Also, In June, the manufacturing PMI was 51.3, down from May's 54.8. German consumer prices increased 6.8 percent in June from a year earlier, according to Destatis, a statistics agency, compared to a 6.3 percent increase in May.
For the Quarter Ending March 2023
The first quarter of 2023 saw a decremented price trend for Sodium Benzoate Excipient because of decreased domestic demand coupled with adequate supplies among the market participants. In Early January, prices showed a weaker trend which was supported by lower end-user demand followed by sufficient stockpiles. Besides this, according to market specialists, export nation trade activities had increased to some extent in 2022, but inquiries from traders remained low. Also, as expected, there were not as many requests for medicinal excipients like sodium benzoate after the end of the New Year's celebrations, which led market participants to lower their pricing in the domestic market throughout the end of this quarter. This decrease in upstream Benzoic Acid cost additionally supported the lower market trend for Sodium Benzoate Excipient in the United States until the end week of March. The prices for Sodium Benzoate Excipient recorded during this month were assembled at USD 1370/MT in the United States.
In the APAC region, Sodium Benzoate Excipient prices continued to remain on the lower side throughout the end of the first quarter of 2023. China's export continued to struggle during January, as trade activities remained feeble during the first half of January 2023, and a significant arrival of the Lunar New Year in the country led to disrupting of the production lines and waning supplies both at the domestic and international markets. Moreover, a reduction in inquiries from end-user food and beverage industries was another factor that supported the negative price trend of Sodium Benzoate excipient on the lower side. Also, reduced freight charges and weaker consumer interest further supported the current trend in China. Besides this, market participants assert that they decided to keep rolling down their quotes to clear out their current stock since there were enough stocks among them and very few local and overseas inquiries until the end of March 2023. With this, the prices for Sodium Benzoate Excipient were assembled at USD 1280/MT in China.
In Europe, the price for Sodium Benzoate Excipient plummeted throughout the first quarter of 2023. Lower end-user sector demand, a poorer consumer confidence index, and increased stocks were some of the variables that kept the price of sodium benzoate excipient in the negative territory. However, the overall market trend for Sodium Benzoate Excipient this quarter was unaffected by the more affordable imports from the APAC area. As February draws near reduction in freight charges owing to ease in the logistical problems with more than enough cargo capacity on ships and no longer any traffic at German ports did not affect the market trend because the inquiries remained on the lower side. Overall, weak demand and poor customer interest led to increased sodium benzoate excipient stocks across market participants, which in turn supported the declining price trend in Germany. With this, the cost of Sodium Benzoate Exp. Recorded were assisted at USD 1335/MT in Germany.
For the Quarter Ending December 2022
The prices of Sodium Benzoate excipients witnessed a mixed price trend during the final quarter of 2022 in the United States. Over the first half of the fourth quarter, Sodium Benzoate excipient price gradually decline with a decrease in its end-user demand. Upstream feed Benzoic Acid cost additionally supported the dwindled price trend of Sodium Benzoate in October. Following mid-q4, the quotations from traders increased significantly owing to a rise in its necessity within the domestic market. Furthermore, Supply chain disruption, which decreased rapidly over the six months to November and is now stabilized, including shipping costs somewhat, has helped easy availability of end-user products with market players, keeping the prices of Sodium Benzoate excipient on the upper end. Towards the end of q4, the prices dropped again in December and visualized a decrement at 2720/MT CFR New York.
In the fourth quarter of 2022, Sodium Benzoate excipients in the Asia Pacific area, particularly in China, demonstrated varied price trends. At the beginning of the fourth quarter, i.e., in October, the prices of Sodium Benzoate excipient declined considerably, following the trend of the previous month as the production cost witnessed a sharp fall. Later in mid-q4, as the demand surged, slightly market participants still had sufficient inventories with them to cater to overall requirements within the local market. Further, towards the end of this fourth quarter, the prices of Sodium Benzoate Excipients started to drop gradually owing to the resurgence of COVID-19 cases, which had an as significant effect on its manufacturing capacity and availability of upstream Benzoic Acid cost. With this, the cost of Sodium Benzoate Excipient in China was discussed at USD 1970/MT FOB Shanghai.
The Sodium Benzoate excipient market in Europe followed a similar trajectory to that in Asia Pacific during the fourth quarter of 2022. Start of the fourth quarter, the prices witnessed a significant dip with declining downstream demand and weakened upstream Benzoic Acid cost. Later in mid-q4, i.e., in November, a rise in demand from the end-user pharmaceutical business and sufficient stocks among the market players kept the market sentiments of Sodium Benzoate Excipient on the upper side. After November, sodium Benzoate Excipient again dropped considerably owing to a decrease in fresher orders from traders, New Year breaks, and the temporary shutdown of the local market. With this, the cost of Sodium Benzoate Excipient witnessed a settlement of USD 3100/MT CFR Hamburg in Germany.
In the North American region, the third quarter of 2022 saw a declined market sentiment for Sodium Benzoate Excipient on account of weaker offtakes from downstream sectors such as pharmaceuticals and food. This was due to the wide availability of products in the local market. As the largest importer of Sodium Benzoate Exp. from China's domestic market is the United States, poor demand and enough stock kept the market sentiments of Sodium Benzoate Exp. On the lower side. Overall, with a month-on-month decrement, the Prices for Sodium Benzoate Exp. Settled at USD 2745 /MT CFR New York toward the end of the third quarter of 2022.
Asia Pacific region showcased varying market sentiments for Sodium Benzoate Excipient during the third quarter of 2022. In China, the values inclined stably during July, resulting in the destocking of stockpiled product inventories in both domestic and international markets. This further resulted in low freight costs as well as supply and port bottlenecks, which additionally supported the stability in the prices of Sodium Benzoate Excipient. Moreover, in the second half of q3, the prices went down considerably owing to low to moderate demand and increasing inventories with the suppliers. Towards the end of the Q3 of 2022, the Sodium Benzoate Exp. costs were assessed at USD 2170/MT FOB Shanghai in September.
European region mimics a similar pricing tendency as per Asia pacific for Sodium Benzoate Excipient throughout the third quarter of 2022. This was considerably due to a rise in demand from downstream businesses, such as the pharmaceutical sector, which resulted in its price increment in the first month of the third quarter. However, the price values started to decline in the second month of the third quarter and kept going until the end of q3. The fall in prices was primarily due to lessening customer inquiry and downstream merchants' ability to meet the necessities within the domestic market. With this in September, the Sodium Benzoate Exp. cost was assessed at USD 3175/ MT CFR Hamburg in Germany.