For the Quarter Ending March 2024
North America
The Vitamin C market in North America experienced a significant price surge during the third quarter of 2024. Prices rose from $3980/mt in January to $4320/mt CFR Los Angeles by March. This surge was driven by factors such as limited product availability, rising freight costs, port congestion, and halted quotations from Asia. To address these challenges, U.S. authorities worked closely with industry partners to improve real-time tracking of freight movements, particularly for nutraceutical shipments from China.
Chiefly, the first quarter of 2024 presented a complex landscape for the North American Vitamin C market, characterized by supply chain disruptions and ongoing shipping challenges. These issues led to a product shortage and subsequent price increases. However, local suppliers capitalized on this situation by raising prices. The temporary suspension of shipments during the Chinese Lunar New Year holidays in mid-February, along with disruptions in the Red Sea region in 2023, contributed to market instability. Despite expectations of a post-holiday demand surge, the anticipated growth in the U.S. market fell short of analysts' projections. Nevertheless, demand from the food & beverage (F&B), nutraceutical, and pharmaceutical industries remained strong throughout the quarter.
The collapse of the Francis Scott Key Bridge and the subsequent shutdown of the Port of Baltimore on March 26, as evaluated by experts at ChemAnalyst, are anticipated to cause substantial and far-reaching effects throughout the nation. These disruptions are expected to particularly impact the ports of Los Angeles and Long Beach. As a result, these ports might see heightened activity and enhanced bottlenecks, leading to potential price hikes in the near future.
APAC
During the first quarter of 2024, the Vitamin C market in the Asia-Pacific region, especially in China, saw remarkable growth. Prices in China skyrocketed from $2780 per metric ton in January to $3440 per metric ton FOB-Shanghai by March, representing a roughly 24% increase over the period. This significant upward trend in March marked a substantial recovery from the challenges faced in the fourth quarter of 2023, which included subdued demand from end-users, limited new inquiries, and surplus inventory.
From the onset of the quarter, there was a discernible strengthening in demand that persisted through March, signaling a revitalization in market sentiment. Many Vitamin C suppliers opted to suspend quotations to catalyze positive market momentum, given that prices had languished at lower levels for an extended duration. This strategic move to bolster market dynamics had a cascading impact on global markets, which was further magnified by supply chain disruptions and escalating international demand. Concurrently, this upward price trend empowered participants in the Chinese market to capitalize robust profit margins throughout the quarter.
Even during the Lunar Chinese New Year holidays, the domestic Vitamin C market exhibited resilience, underpinned by vigorous manufacturing activities in the lead-up to the holiday and the availability of fresh inventory. Notwithstanding challenges such as waning consumer confidence, deflationary pressures, youth unemployment, diminished exports, and a contraction in foreign investment, China's manufacturing sector showcased resilience especially for a number of supplements and nutraceutical products including Vitamin C.
Europe
During the first quarter of 2024, the Vitamin C market in Europe encountered significant obstacles, primarily attributed to trade route disruptions and cautious consumer expenditure. The supply-demand imbalance induced price volatility, particularly in Germany, with market exhibiting a consistent upward trend throughout the quarter. Ongoing geopolitical tensions and economic uncertainties further dampened consumer spending enthusiasm. The European Central Bank's decision to uphold elevated interest rates exacerbated the challenging economic milieu in the region. Continuous disruptions in the Red Sea region caused trade impediments, leading to shipment delays and escalated freight expenses, which influenced market pricing dynamics throughout Q1 2024. In January, Vitamin C prices in the German market surged to $3210/mt CFR Hamburg, further escalating to $3920/mt by March.
From the commencement of the quarter, increased demand from sectors like F&B, nutraceuticals and pharmaceuticals within Germany exacerbated port congestion and trade complexities, particularly from Asia, with China being a notable contributor. Faced with limited inventory amid surging demand, sellers adjusted their price quotations, capitalizing on this favorable market momentum throughout the quarter. The Chinese Lunar New Year celebrations in mid-February further augmented this upward price trajectory, as numerous Chinese suppliers revised their pricing ahead of the holiday hiatus. Concurrently, the persistent disruptions in the Red Sea region continued to impede trade routes between Asia and Europe, resulting in elevated freight expenses and influencing Vitamin C pricing in Germany. As a result, the German vitamin market experienced pronounced price fluctuations during this period. Importers in Germany grappled with escalating costs due to the heightened prices of Vitamin C in China, further exacerbated by trade disruptions impacting their supply chains.
For the Quarter Ending December 2023
North America
During Q4 2023, the North American market for Vitamin C witnessed sluggish demand, primarily due to limited inquiries and offtakes from end-users, particularly in the nutraceutical and pharmaceutical sectors. The market exhibited some instability, with demand slightly skewed while supply remained ample. Despite rising energy costs and fluctuating pricing, the Vitamin C market in the USA maintained an optimistic outlook, especially at the quarter end.
Prices for Vitamin C started the quarter positively at $3590/mt but concluded on a negative note at $3430/mt. Compared to the same quarter of the previous year, the USA market experienced a negative correlation of -41.2% in pricing trends, largely attributable to the persistently low demand from end-users and abundant supply. Analysts observed minimal upward momentum in various vitamins, with many remaining in a consolidation stage. Import volumes in Q4 2023 surpassed those of Q4 2022, suggesting that retailers may have completed destocking and were preparing for the holiday season in December.
As the quarter drew to a close, the American economy in 2023 was aptly described as "miraculous." Despite concerns of an impending recession and doubts about managing inflation without significant job losses, the US economy not only avoided recession but also demonstrated overall accelerated growth. In the final weeks of December, increased consumer spending in the U.S. positively influenced the Vitamin C industry with prices going up.
APAC
In quarter 4 2023, the Vitamin C market in the APAC region exhibited diverse trends, with some products witnessing price increases while others faced declines. Rising raw material costs and export pricing contributed to higher Vitamin C prices across the Asia Pacific region, including China and India. However, demand from the nutraceutical and pharmaceutical sectors dipped, particularly in November, creating an imbalance in equilibrium. China experienced deflation, with the Consumer Price Index showing a year-over-year decrease of -0.5%. In contrast, the nutraceutical market in India expanded due to improved economic conditions, increased production levels, and enhanced new business inflows. Despite a rise in output, China witnessed deflation in the Vitamin C Food USP Grade price, declining by -9% from the previous quarter, owing to ample supply surpassing total demand. Weak international demand resulted in significant price reductions despite increased production. The absence of new inquiries from domestic or foreign markets further underscored the decline in Vitamin C offtakes in China's end-user pharmaceutical and nutraceutical sectors. In December, the price of Vitamin C Food USP Grade FOB Qingdao in China for Q4 2023 stood at USD 2430/MT. China's economy gained attention in December, with improving PMI and rising consumer confidence. Throughout the year, China's nutraceutical industry experienced mixed sentiments, with some product markets plummeting while others rebounded. Notably, the Vitamin C market showcased positive growth, with its price trend appreciating and ending the year on a promising note.
Europe
The European market for Vitamin C in the fourth quarter of 2023 faced challenges due to several factors. First, there was a significant decrease in end-user demand from the food and beverage (F&B), pharmaceutical, and nutraceutical industries given the sufficiency of stocks. This decline in demand led to a reduction in price negotiations and limited new enquiries from market players. Additionally, the market was impacted by high supply, as domestic players had a significant amount of inventory on hand to meet demand. Another factor affecting the market was the decrease in energy prices, which contributed to the overall downward trend in prices.
In Germany, the largest market for Vitamin C in Europe, prices fell by -6% from the previous quarter. The decrease in costs can be ascribed to the diminished end-user requirement and the plentiful availability of vitamin C within the domestic market. With prices rising to USD 2750/MT CFR Hamburg in December, the German market at the end of the quarter gained momentum. One important reason for this spike in pricing is the suspension of vitamin C quotations in China, a key exporter, which has led to higher prices. As a result, German importers had to deal with increased prices for acquiring vitamin C supplements, which caused the local market to grow in tandem. This price increase in Germany is also caused by increased freight prices as a result of the Israeli-Hamas conflict and the obstruction of the Suez Canal route.
For the Quarter Ending September 2023
North America
In the United States, Vitamin C prices exhibited a significant decline in the third quarter of 2023, with CFR values plummeting from $3750/mt to $3490/mt from July to September, indicating a dismal end to the quarter. The main factors responsible for the substantial price drop in the US vitamin C market have been the exceptionally low end-user demand and the considerable availability of supply that participants had on hand to meet the entire demand. The Federal Reserve remained concerned about the US economy's development throughout the quarter, as it raised the prospect of increased inflationary pressures. According to the report, the US manufacturing sector shrank in July for the ninth consecutive month as companies reduced staff and output in response to a decline in new orders. The demand for nutraceuticals, especially Vitamin C, approaching the United States from abroad declined significantly from the second half of the quarter Q3 due to the ample supply provided by domestic suppliers. As a result of Fed assistance, states taking part in Soft Landing Summer discovered several promising economic indications later in the second half, suggesting that the US economy is escaping the recession that many had expected.
Asia Pacific
Throughout the third quarter of 2023, Vitamin C price values displayed a declining trend in China; from July to September, discussions saw a drop from $2500/mt to $2220/mt FOB Shanghai. The second-largest economy in the world grew less quickly than anticipated in the first half of 2023 as a result of rising deflation, significant youth unemployment, and weak foreign demand. The second half of the year witnessed this trend continue, and the economy started the third quarter of 2023 on a downward trajectory. The primary causes of this price reduction have been the extremely low end-user demand from the F&B, Pharma, and Nutra industries in both domestic and foreign markets, as well as the high stock availability from local suppliers. Throughout the quarter, there were few to moderate number of new queries. Despite the apparent causes, the coming of China's golden week in September had little to no impact on the country's Vitamin C market as, unlike other nutraceuticals, its prices remained on the lower side. Exporting nutraceuticals, particularly Vitamin C, had an influence on both domestic and global markets in the last weeks of the quarter due to the strengthening of the Yuan and the falling value of the US dollar.
Europe
Commencing the third quarter of 2023 with a price of $3300/mt in July, Vitamin C values in Germany's domestic market continued to decline toward the end of the third quarter, finishing at $2850/mt CFR Hamburg in September. An excess of inventory levels that satisfied the overall demand, which was also on the lower side, caused the Vitamin C providers to cut their quotations throughout the quarter. Industry analysts stated that at the start of the third quarter, problems were still present in the German manufacturing sector. Starting in the third quarter of 2023, German manufacturers and distributors of nutraceuticals reported severe drops in production, new orders, and factory pricing, indicating that the situation had gotten dire. The consistent, steep loss in new orders—the largest drop in more than three years—was another contributor to the sales slump. Consumers were holding out, which decreased stock levels over time and showed a weak demand for all goods, including nutraceuticals. The drop in demand was further affected by the geopolitical environment, tighter financial conditions, and economic uncertainty. The private sector in the eurozone was in contraction, according to PMI statistics, despite a small increase in the composite score from 46.7 in August to 47.1 in September. In this quarter, the European Central Bank increased interest rates twice.
For the Quarter Ending June 2023
North America
During the second quarter of 2023, the North American vitamin C market experienced a bearish price trend. CFR Los Angeles price discussions fell from $4550/Mt to $4020/Mt between April and June 2023, down 1.1% over the quarter. Demand for vitamin C from end-users in the food and beverage, cosmetics, and nutraceutical industries was slightly lower in the US due to sufficient stocks at suppliers. In line with energy prices, inflation in the country declined somewhat. However, industry experts say that despite the decline in energy prices, underlying inflation remains high and well above the Federal Reserve's target. Experts also believe that the fall in inflation because of the easing of pressure in the supply chain is temporary. Despite mixed views on vitamin prices, the country's nutraceuticals market has shown mixed market patterns. A persistently strong labor market continues to support economic growth through wage increases. At the same time, this will further fuel inflation, which will most likely lead to another interest rate hike by the Fed in July. However, the state of the US economy is still unknown, and market participants in the dietary supplement and food industries have continued to adopt a wait-and-see approach.
Asia Pacific
The Asia-Pacific Vitamin C market showed a deteriorating price trend in the second quarter of 2023. Vitamin C USP grade price negotiations for FOB Shanghai, China, fell from $2900 per tonne to $2580 per tonne between April and June 2023. This price decline became fairly persistent from the first half of Q2 2023, as demand for vitamin C from end-users in the F&B, nutraceuticals, and cosmetics sectors declined regionally and internationally. Due to lower demand and inquiries from both local and international consumers, Chinese vitamin C producers have been forced to sell the product at lower margins throughout the quarter. According to Stats, China's manufacturing activity contracted for a third consecutive month in June, but at a slower pace, as pressure mounts on the authorities to unleash more stimulus to support an economy that is flattening out after an initially strong post-COVID rebound in the first quarter. The June PMI also reflected a number of imbalances and weaknesses, including the continued decline in domestic and external demand, the accelerated slowdown in small business activity, and continued mounting pressures on the private sector.
Europe
The German Vitamin C market was bearish in the second quarter, with price discussions for CFR Hamburg falling slightly from USD 3750 per tonne to USD 3550 per tonne. Reduced demand from the downstream sectors amid ample supplier inventories supported this price decline. Gas prices in Europe fell in April to their lowest levels since the energy crisis began, increasing optimism for a stronger economic recovery, which undoubtedly helped trade from Asia. The European Union (EU) plans to reduce its reliance on Chinese imports by boosting its manufacturing industry as European economic conditions improve slightly. To avoid potential future shortages, they have been stockpiling goods in warehouses, leading them to lower their price margins later in the second quarter in order to reduce their inventories. Inflation in Germany rose again in June by more than 6 percent. However, the impact on the country's Vitamin C industry has yet to be felt. As with the rest of the world, market players remain skeptical about the country's economic situation and continue to adopt a wait-and-see approach.
For the Quarter Ending March 2023
North America
During the first quarter of 2023, the price trend for Vitamin C remained steady, with CFR prices in Los Angeles settling at $5540 per MT in January and $5620 per MT in March, respectively. Following the market turbulence of the previous quarter, industry players had anticipated that the pharmaceutical and nutraceuticals industries would continue to sail through choppy waters during the first quarter of 2023. Nevertheless, the market dynamics were controlled by constant end-user demand and low to moderate inquiries from downstream suppliers. The first week of January's relaxation of China's zero-covid restriction was beneficial for the first half of the quarter as the supply chain and trade remained robust, resulting in a drop in freight costs. Due to a decrease in local consumer demand and record-high warehouse supplies, domestic retailers reduced production orders by as much as 40% in the second half of the first quarter.
Asia Pacific
In the Asia Pacific region, the trillion-dollar economy, i.e., China, which had suffered greatly over the previous four years, received new life as a result of China's decision to lift strict COVID-19 restrictions in the first week of January. So, China ended up with a slightly favorable first quarter of 2023. The first quarter of 2023 saw little change in the FOB Shanghai pricing trend in the domestic Chinese market, with prices stabilizing at $3210/MT in January and $3280/MT in March. Following a week-long Lunar Holiday, the price of Vitamin C in the domestic market for nutraceuticals and pharmaceuticals experienced a roll-over sentiment for two consecutive weeks in January. The fall in market activity in China during the second half of the quarter can largely be attributed to sufficient inventories. However, the slight price rise was mostly due to the improved demand in both domestic and foreign markets.
Europe
The first quarter saw a rise in orders and shipments from both local and foreign markets, which helped Europe's pharmaceutical and nutraceutical industries get off to a good start. From $3940 per MT in January 2023 to $3975 per MT in March 2023, respectively, Vitamin C prices climbed during the first quarter of 2023. For most of this quarter, participants in the local market noticed profitable arbitrage since the forecast for supply and demand appeared promising. The unexpected reopening of China's covid and the lengthy conflict between Russia and Ukraine lowered inflation pressures, while the European market displayed optimistic indicators. This made room for a swift recovery in activity, further aided by an improvement in end-user demand from producers and suppliers.
For the Quarter Ending December 2022
North America
As a result of the protracted turbulence in the U.S. domestic market, Vitamin C prices continued to fall in the fourth quarter of 2022, with CFR Los Angeles prices decreasing from $6050/MT to $5790/MT from October to December. Due to the Golden Week vacations, which occurred during the first week of October, imports from China were halted, forcing many domestic retailers to raise their price quotes in order to meet the ongoing demand. The tiebreakers—Covid China's lockdowns, Russia's conflict in Ukraine, rising U.S. inflation, and harsh weather—continued to jeopardize brittle supply networks for most of the quarter. The U.S. supply chain gradually improved in the second half of 2022 as the economy recovered and the port of Los Angeles on the west coast significantly reduced ship backlogs. Offtakes in the end-user industries continued to be favorable throughout the quarter in terms of demand. Because of weaker shipping demand spurred on by slower consumer spending and a decline in manufacturing activity in December, the U.S. supply networks became more flexible.
Asia Pacific
As FOB Shanghai discussions decreased from $3320/MT to $2940/MT from October to December of 2022, the domestic Vitamin C market in China showed signs of declining. Due to the suspension of industrial facilities over the Golden Week in the first week of October, China's manufacturing sector experienced its slowest contraction in October and the lowest export orders. The market's chances of catching up to the modest rise seen in several industries during the first half of Q4 were hindered by the fact that Chinese traders returning from the Golden Week holiday had to deal with a variety of contradicting signals. Domestic producers and suppliers were able to meet the whole domestic demand throughout the quarter thanks to ample stockpiles on hand. As a result of widespread protest and general unrest in the country, the government decided to modify its zero-covid legislation, which once again put the country in difficult waters. Covid-19 cases started to appear in China's major manufacturing centers at that time.
Europe
In Europe, with CFR Hamburg values assembling at $3890/MT in December 2022, the Vitamin C market showed a declining trajectory in the fourth quarter of 2022. Offtakes in the end-user industries continued to be favorable from a demand standpoint, but the pharmaceutical and nutraceutical businesses were negatively impacted by the rising costs of energy and raw materials. However, the issues with COVID-19, the circumstances in Russia, and the crisis in Ukraine all continued to have a detrimental effect on output. Due to some breathing room in the second part of Q4 2022, trade flows in Germany and the wider eurozone got strong.
For the Quarter Ending September 2022
North America
The price of Vitamin C effectively decreased during the third quarter of 2022, with values in the domestic US market falling from $8250/MT to $5860/MT from July to September. Because of the sporadic lockdowns in China, from where the majority of nutraceutical items are imported, the companies that make vitamin C were forced to lower prices. As a result, demand in the US somewhat decreased in the second half. As the world's two largest economies struggled with clogged supply chains and rising oil prices, the Biden administration sought to reduce inflation by lifting some tariffs on imports from China. Due to the closure of production facilities in China, many of which were closed for maintenance throughout H2 of Q3, US imports decreased dramatically. In the latter weeks of the third quarter, this significantly impacted the downward pricing trend in the domestic pharmaceutical and nutraceutical businesses.
Asia Pacific
The third quarter of 2022 saw a decline price trend for vitamin C in the Asia Pacific market. This price trend has been influenced by various variables, including lowering raw material costs, muted consumer spending, and sluggish end-user industry demand. Only purchases for immediate consumption were observed from major suppliers during the first half of Q3, with FOB Shanghai prices settling at $3640 per MT in July. The weak downstream demand and the below-average offtakes were to blame for this. However, after the markets reopened in the latter week of July, certain facilities that produce vitamins carried out maintenance, which decreased the amount of Vitamin C that was publicly accessible. Later, downstream pharma and Nutra demand in the domestic market became incredibly low, which caused prices to decline and settle at $3441 per MT in September.
Europe
German Vitamin C price trend showcased a downward trajectory during the third quarter of 2022, with values for CFR Hamburg estimated at $3700/MT in July and later settled to $3480/MT in September. This quarter's economic slump was made worse by Germany's logistical problems as transportation bottlenecks persisted. The continued lockdowns in Chinese ports and the turmoil in Russia and Ukraine worsened the situation in Europe. Domestic retailers cut their prices in the second half of the quarter due to the weak demand from pharmaceutical and nutraceutical end users.
For the Quarter Ending June 2022
North America
The price of vitamin C rose over the first half of the second quarter of 2022 before falling during the second half, starting in May. The COVID suspension in China's commercial centers, which significantly hampered imports, exacerbated a supply bottleneck in the US. Because of the US's rising inflation, the geopolitical situation in Russia and Ukraine, and the highly unpredictable oil prices, domestic traders and purchasers were concerned about high raw material prices throughout the quarter. Following the dramatic drop in oil prices in May, import, consumer, and production spending increased somewhat. Despite the Asian blockades, Chinese marine cargo appeared to be going fine through June.
Asia Pacific
The pricing trend for vitamin C in the Asia Pacific region demonstrated a declining tendency during the second quarter of 2022. After the reopening of its factories and ports, China's domestic market saw a significant increase in the production of nutraceuticals during the first half of the quarter. The country's nutraceutical markets were affected in several ways by a spike in COVID-19 cases during the last week of April; thus, the Chinese authorities put important production facilities on lockdown, which largely affected the operations. Due to the country's "Zero Tolerance" policy and every-so-often lockdowns, several cargo ships became stranded at ports, making moving the product to other markets more challenging. Toward the end of the quarter, several firms were ready to provide the items at a discount to get rid of stocks before they degraded due to the high COVID taxes. As domestic manufacturers and consumers had enough inventory to meet demand, the nutraceutical and pharmaceutical industries saw robust quarterly intakes.
Europe
Despite a slight price decline that started at the end of June, the vitamin C market in the European region remained favorable during the second quarter of 2022. It became more difficult for exporting countries to conduct business due to the conflict between Russia and Ukraine, which increased transportation costs and hindered the flow of goods into Europe. Demand from end-user businesses was stable throughout the entire quarter. As a whole, there was enough stock at the suppliers to satisfy all domestic demand.
For the Quarter Ending March 2022
North America
The prices of Vitamin C remained strong in North America. High demand for Ascorbic Acid from the pharmaceutical and nutraceutical sector amid Covid during wintertime rose the values, especially in the 2nd half of the first quarter. On the back of stable offtakes from the downstream industries, the values remained stagnant in mid of February 2022. The prices rose during March as the shortages of supplies due to prolonged port congestion and supply chain disruptions further influenced the values of Vitamin C in the American market towards the end of Q1. The USA's prices settled at USD 8130/ MT on CFR basis in first quarter 2022.
Asia Pacific
The demand for Vitamin C products rose during Q1 in the pharmaceutical and nutraceutical sector due to the consumer's high consumption of vitamin C-based products to boost their immunity. Due to this, Vitamin C prices remained firm and increased continuously in the Chinese market throughout the first quarter of 2022. High freight charges to importing countries amid the healthy demand worldwide impacted global Vitamin C values. The IP grade Vitamin C values settled at USD 6180 per MT on FOB basis in China. However, in the Indian market, prices witnessed a downfall due to prior stockpiling activities of Ascorbic Acid. In India, Ascorbic Acid values were accessed at USD 7452.64 per tonne at CFR by the end of Q1 2022.
Europe
The prices of Vitamin C remained firm in the European region throughout the quarter, following the price trend of the USA. The high demand for Vitamin C-based products from the downstream pharmaceutical and nutraceutical sector kept the prices higher during Q1, 2022. In March, shortages of IP grade Vitamin C supplies caused by the disrupted supply chain due to war in the East- European region resulted in high crude oil values and increased production costs. High freight costs from exporting countries further escalated the values. Due to this, values rose significantly towards the end of Q1 in the European market. However, the estimated value of Vitamin C during the 1st month of Q1 got fixed around USD5825 per MT.
For the Quarter Ending December 2021
North America
During Q4 of 2021, the domestic market trend of Vitamin C showcased mixed sentiments across the North American region. Prices of Vitamin C were settled at USD 7995 per MT CFR Los Angeles in the last week of October on the back of the increased shipping cost from Asia-Pacific to North America. Bullish sentiments in the global market prompted the US market participants to keep upward pressure on the Vitamin C prices given the depleted supply dynamics and consistent volume intakes from downstream nutraceutical and pharmaceutical sectors. Prices globally have been on the rise where markets in the Asia-Pacific region dealt with high fuel prices as coal cost soared, pressuring market participants to make the necessary adjustments in order to keep their margins in quarter 4.
Asia Pacific
In the 4th quarter of 2021, the Chinese Vitamin C market witnessed a slight improvement in the week ending of October as the discussions for Vitamins C were assessed at USD 6505/MT FOB Qingdao on 31st October. The consistent fall in the quoted offers stopped in November, and the prices for Vitamin C stabilized at the spot market and got settled at USD 6165/MT FOB Qingdao in the 4th week due to the hiked corn offers as the cold weather pressurizes the availability of harvested corn crops in the market. The prices of raw materials and energy consistently soared in China, which negatively affected the Vitamin C market in quarter 4. The prices of Vitamin C fell in December as the producers were keen on destocking their running inventories ahead of the coming year-end. Furthermore, the forced closure of NHU and ZMC in the Zhejiang province induced the supply glut, and the demand exceeded the supply with a significant margin and proportionally retreated the falling pricing trajectory of Vitamin C in the domestic market. In India, the prices of Vitamin C remained stagnant in the fourth quarter under the influence of freight congestion and lack of shipping containers and were assessed at USD 543400/MT CFR JNPT in the week ending of December.
Europe
The domestic European market observed an upward momentum in the fourth quarter of 2021 following the price trend of the USA, which gradually gained numbers during the mid-week of November. As Netherlands and Germany are the major importers of Vitamins after the USA, soaring raw materials prices, peaking energy crises, and high freight costs in China compelled to trade the product at increased prices. The demand from the downstream industries, including nutraceutical and pharmaceutical, remained strong throughout the quarter.
