For the Quarter Ending June 2025
North America
• The Vitamin B1 Price Index for U.S. importers increased sharply in April and May due to preemptive procurement from China before anticipated tariff reinstatement.
• In April, restocking surged as importers reacted to expected trade barriers; however, Vitamin B1 was later exempted from tariffs, softening some pressure on the product price forecast.
• U.S. buyers frontloaded orders in May, leading to congested supply chains and a surge in shipping rates by over 27%, raising product spot prices.
• The temporary 90-day tariff suspension (until August 14) intensified inbound volumes from China, tightening domestic availability of freight capacity.
• U.S. supplement, fortified food, and animal nutrition sectors increased orders in May to hedge against expected cost escalation, supporting a bullish product demand outlook.
• June saw easing in import prices as deflation in China passed through to international markets, reversing May’s highs.
• Importers in June became cautious; existing inventory levels were sufficient, and many adopted a wait-and-watch approach, cooling product demand outlook.
• Logistic costs fell sharply in June, lowering landed prices and weakening product price forecast sentiment.
• U.S. buyers negotiated aggressively on prices amid weakening input costs and ample stock.
• For July 2025, the Price Index may increase slightly, driven by opportunistic replenishment by select players after June’s dip.
APAC
• The Vitamin B1 Price Index in China rose from USD 30,000/MT in April to USD 30,500/MT in May, then declined in June, indicating a volatile quarter.
• April’s Price Index increase was supported by solid product demand outlook from the domestic food and nutritional supplement sectors and strategic restocking from global buyers ahead of potential tariffs.
• Despite macroeconomic contraction, April's tight supply and tariff uncertainty sustained high product spot price levels.
• May witnessed further upward momentum in the Price Index amid a 90-day tariff suspension, surging container costs, and peak-season restocking by U.S. importers.
• Product production cost trend rose in May as container spot rates on key routes surged 27%, leading to increased export pricing leverage.
• June experienced a clear downturn in the Price Index, driven by global buyer withdrawal, deflationary input prices, and surplus inventory, softening product price forecast sentiment.
• Chinese Vitamin B1 producers maintained stable output in June, but signs of overcapacity pressured the product spot price.
• Weak procurement from pharmaceuticals and fortified food sectors in June dampened the product demand outlook.
• Falling freight rates and China’s declining PPI (-3.6% YoY) further eroded exporter pricing power.
• For July 2025, a marginal increase in Price Index is likely, driven by short-term buying revival after June’s dip, although inventory pressure may cap gains.
Europe
• The Vitamin B1 Price Index for European importers rose significantly during April and May, aligned with rising Chinese FOB prices and strategic pre-summer restocking.
• April demand was robust across Europe as manufacturers in food and pharma sectors replenished inventories in anticipation of Q3 slowdowns, lifting product spot prices.
• Despite exemption from U.S. tariffs, Europe’s imports competed with U.S. demand, tightening global availability and raising the product production cost trend for European buyers.
• May saw intensified purchasing by European distributors amid rising freight costs and limited vessel space from China.
• Exporters favored the U.S. market in May due to higher margins, leading to constrained European supply and further pushing up the Price Index.
• Downstream sectors such as nutraceuticals and animal feed showed strong offtake, supporting the product demand outlook during early Q2.
• By June, however, buyer activity slowed due to frontloaded purchases and adequate inventory levels, weakening import volumes.
• A sharp fall in global container rates and lower FOB offers from China in June reduced European import costs and softened product price forecast expectations.
• Price competition among Chinese exporters intensified in June, with European importers leveraging falling logistics and input costs.
• In July 2025, the Price Index could rise modestly, as some buyers resume procurement to rebuild stocks after June’s market correction.
For the Quarter Ending March 2025
North America
In Q1 2025, Vitamin B1-In prices in the U.S. saw notable fluctuations, mirroring broader market instability. January experienced a dip in prices, driven by weakening consumer confidence and overall economic uncertainty. The cold winter months, including significant snowstorms and freezing temperatures, disrupted logistics, slowing down transportation and procurement. Additionally, stockpiling before anticipated tariff impositions and the Chinese Lunar New Year caused a temporary oversupply, leading to the price decrease.
In February, prices rebounded, rising in response to the 10% tariff placed on Chinese imports. Buyers scrambled to secure supplies in anticipation of additional tariff increases, causing supply chain strains and driving up costs. While logistics improved post-Lunar New Year, the rush to secure inventory continued, further pushing prices higher.
By March, prices maintained their upward trajectory as increased buying activity followed President Trump’s March 4 tariff actions on key trading partners. This, coupled with fears of further price hikes, led market participants to frontload procurement, exacerbating the price increase. The slight easing of consumer inflation helped stabilize sentiment, ensuring that the upward trend in prices persisted.
Overall, Vitamin B1-In prices in the U.S. during Q1 2025 were marked by significant volatility, with fluctuating demand, tariff uncertainties, and logistical disruptions all contributing to the market dynamics.
Asia Pacific
In Q1 2025, Vitamin B1 prices in China showed significant volatility due to supply and demand dynamics. In January, prices declined primarily due to weak demand from key sectors like animal feed, food fortification, and dietary supplements. An oversupply and the appreciation of the Chinese yuan against the U.S. dollar worsened export conditions, prompting delays in purchases. The Lunar New Year also resulted in reduced market activity, with many buyers having stocked up in advance. In February, prices saw a moderate increase, fueled by supply constraints and steady demand, despite disruptions caused by the Lunar New Year holidays. Manufacturing slowdowns and pre-holiday inventory depletion led to shortages, while U.S. tariffs drove manufacturers to focus on international markets, reducing domestic supply. March saw a notable price increase as demand surged, particularly from foreign buyers fearing trade disruptions and from the domestic market amid restocking efforts. While manufacturing resumed, output growth couldn't match the heightened demand, further tightening supply. Robust demand from healthcare and nutraceutical sectors added pressure, driving prices higher and exacerbating the supply-demand imbalance.
Europe
In Q1 2025, Vitamin B1 prices in Europe experienced notable volatility, shaped by a mix of supply disruptions, rising production costs, and shifts in demand. In January, prices initially saw a decline due to weaker market sentiment, exacerbated by geopolitical concerns and economic slowdowns in key European markets. The ongoing energy crisis also impacted production costs, leading to a cautious outlook for Vitamin B1.
As the quarter progressed into February, a recovery trend began, driven by improved demand from the food and beverage sectors, where Vitamin B1 is essential for fortification. Despite continued logistical challenges, such as transportation delays and high freight costs, manufacturers found themselves securing larger quantities of Vitamin B1 in anticipation of rising prices. By March, a more substantial price increase was observed as raw material shortages and continued supply chain bottlenecks intensified. Producers were under pressure to raise prices to cover higher operational costs, and steady demand for Vitamin B1 in pharmaceuticals and animal feed sectors supported market stability.
Overall, Vitamin B1 prices in Europe saw a moderate rise by the end of Q1 2025. Supply chain challenges and increased demand for fortified products ensured a generally bullish outlook for the upcoming months.
For the Quarter Ending December 2024
North America
In Q4 2024, Vitamin B1 prices in the USA experienced a consistent upward trend, influenced by a mix of market forces and external developments. In October, a surge in demand from key sectors, supported by increased consumer confidence following Federal Reserve rate cuts, led to greater competition for limited supply. Concurrently, supply chain disruptions, particularly labor strikes at East and Gulf Coast ports, intensified logistical challenges, causing buyers to prioritize shipments through the West Coast in an effort to secure stock.
November saw continued price increases, with consumer confidence reaching its highest level in 16 months. Anticipation of potential supply disruptions during the holiday season prompted proactive purchasing, further pushing prices higher. Concerns about an upcoming mid-January labor strike and the possibility of rising tariffs also spurred early buying activity.
By December, the market remained under pressure, as sustained demand and stockpiling due to fears of an International Longshoremen’s Association (ILA) strike and substantial tariff hikes on Chinese imports drove prices up. Additionally, the easing of interest rates provided further upward momentum. Throughout the quarter, the combination of market uncertainty, strategic buying, and ongoing supply chain issues played a key role in the steady increase in Vitamin B1 prices.
APAC
In Q4 2024, Vitamin B1 prices in China experienced a notable upward trend, driven by several interrelated factors. October saw an increase in prices, fueled by a rebound in China’s manufacturing sector, spurred by government stimulus measures and improving demand both domestically and internationally. The depreciation of the yuan further boosted export competitiveness, enhancing foreign demand. In November, the continued expansion of factory activity, driven by rising new orders, including from international markets, led to higher prices. Additionally, increased input costs and a weaker yuan placed further pressure on prices. December saw a significant rise, supported by strong demand from sectors like nutraceuticals, pharmaceuticals, and animal feed, along with stockpiling before the Lunar New Year holiday. This was compounded by heightened export activity as foreign buyers sought to secure supplies ahead of factory closures. Overall, the combination of robust domestic and export demand, economic factors, and supply chain adjustments contributed to the consistent price increases across Q4. By the end of Q4, Vitamin B1 was priced at USD 29000 per metric ton in China.
Europe
In Q4 2024, Vitamin B1 prices in Germany experienced a noticeable upward trend, driven by a variety of factors. October saw a rise in prices, fueled by a combination of improving business sentiment and the European Central Bank's decision to lower interest rates. This sparked optimism and bolstered consumer confidence, leading to increased demand. At the same time, businesses began building up inventories in anticipation of slower sales during the upcoming holiday season, adding further pressure on prices. In November, prices continued to climb due to a surge in demand, particularly from the nutraceuticals and healthcare sectors. Suppliers, anticipating the busy holiday period, kept stocking inventories, which intensified the upward price movement. Compounding this was the weaker euro, which made imports more expensive, as well as rising freight costs from higher shipping rates, both of which contributed to increasing overall prices. By December, the trend persisted, with steady demand from key industries. Moreover, congestion at European ports and the continued effects of the weak euro added logistical challenges, further strained supply chain and pushed prices higher. As the quarter drew to a close, it was clear that supply-side constraints, along with strong and sustained demand, played a crucial role in driving Vitamin B1 prices upwards throughout Q4.
For the Quarter Ending September 2024
North America
In Q3 2024, Vitamin B1 prices in North America witnessed a substantial increase, with the United States leading this upward trend in price fluctuations. Several interrelated factors contributed to this notable rise in prices, reflecting the complex dynamics of the market.
A significant factor behind this increase was heightened consumer confidence, which played a pivotal role in stimulating strong demand for Vitamin B1. As consumer sentiment improved, businesses responded by ramping up their orders to meet the anticipated surge in consumption. This renewed optimism in the economy fostered a competitive market environment, where demand outstripped supply. Adding to this demand was the early stockpiling for the upcoming Christmas season. Retailers and manufacturers, aware of potential supply disruptions, began to secure their inventories ahead of time. The ongoing crisis in the Red Sea complicated the situation further, as it raised concerns over shipping delays and availability of goods. Furthermore, the looming threat of a potential strike at East and Gulf Coast ports created a sense of urgency among importers.
Logistical challenges, including port congestion and limited shipping capacities, compounded these pressures. Uncertainties regarding shipping timelines and the reliability of supply routes led to increased costs for manufacturers and distributors. As logistical hurdles persisted, the strain on the supply chain intensified, resulting in elevated prices.
APAC
In Q3 2024, the APAC region experienced a notable increase in Vitamin B1 prices, driven by a combination of interrelated factors. The market saw a surge in demand, primarily due to a gradual recovery in new orders and strong export activities. This heightened demand was further supported by strategic stockpiling efforts as companies braced for extended lead times and logistical challenges. Supply constraints continued to impact the market, exacerbated by disruptions from severe weather events and logistical inefficiencies. As a major producer, China faced significant challenges, leading to marked price fluctuations. Additionally, the market dynamics were influenced by rising input costs, including increases in crude oil prices and raw material expenses, prompting manufacturers to reassess their pricing strategies. Overall, the trends indicated a positive market sentiment, with prices consistently rising. Seasonal fluctuations and correlations in price changes reinforced this upward trajectory, culminating in a closing price of USD 26,500 per metric ton for Vitamin B1 (Thiamine) Mononitrate on a FOB Shanghai basis in China at the end of the quarter.
Europe
Throughout Q3 2024, the European Vitamin B1 market demonstrated a marked upward trend, with Germany emerging as the country experiencing the most significant price fluctuations. Several critical factors contributed to this market dynamic. Firstly, strong demand from end-users, especially in the pharmaceutical sector, provided a solid foundation for rising prices. The reduction of inflation rates across Europe helped alleviate financial pressures on consumers, indirectly fostering higher prices for nutraceutical products like Vitamin B1. As inflation stabilized, consumers’ purchasing power improved, enhancing demand resilience even amid rising prices. Furthermore, ongoing disruptions in global shipping routes, particularly due to the crisis in the Red Sea, compelled retailers and distributors to accelerate their inventory replenishment efforts. With the crucial Christmas trading period on the horizon, companies aimed to prevent potential supply chain bottlenecks by securing their inventory early, maintaining elevated demand levels. This surge in inventory stockpiling further strained supply, contributing to price increases throughout the region. Germany, in particular, experienced a sharp upward trend in the market during this period.
FAQs
1. Why did Vitamin B1 prices rise in April and May across North America?
The Price Index surged during April and May due to aggressive frontloading by U.S. importers who anticipated the return of high tariffs on Chinese-origin Vitamin B1. Despite the product later being exempted, preemptive orders caused supply chain congestion and a 27% spike in freight rates. This combination of panic buying and higher logistics costs sharply pushed up spot prices during the first two months of Q2.
2. How did trade policy affect the Vitamin B1 demand outlook in Q2?
The temporary 90-day suspension of U.S. tariffs (valid through August 14) created a brief window of opportunity, prompting bulk orders in May. This sudden demand was not entirely consumption-driven but rooted in strategic hedging by sectors like supplements, fortified foods, and animal nutrition. The resulting volume surge tightened freight availability and accelerated pricing momentum—strengthening the short-term demand outlook.
3. What changed in June that reversed the bullish price trend?
In June, deflation in China and a decline in freight costs led to softer import prices in the U.S. Many importers had already overstocked in April–May and thus adopted a wait-and-watch approach. This cautious procurement behavior, combined with lower landed costs and falling global input prices, caused a notable cooling in both demand sentiment and the Price Index.
4. What role did logistics and buyer strategy play in shaping prices?
Shipping dynamics had a strong influence throughout the quarter. In April and May, higher freight costs due to capacity constraints drove up prices. By June, falling logistics expenses helped moderate landed costs. Additionally, U.S. buyers shifted to price-sensitive negotiations, leveraging high inventory levels and declining upstream costs to secure more favorable pricing terms.
