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.
