For the Quarter Ending March 2025
North America
The U.S. Vitamin E market showed a steady upward price trend throughout the first quarter of 2025, with prices reaching $25,900 per MT FOB Illinois by the end of March. The market started the year with a firm tone, with prices increasing due to strong demand and limited supply. By January 31, prices had reached $24,850 per MT, driven by favorable market conditions during China’s Lunar New Year closure. This resulted in a surge in demand from the domestic nutraceuticals and animal feed sectors, while import flows remained constrained.
In February, the upward movement continued by the end of the month. The market remained tight due to ongoing logistical challenges, including higher freight rates and the implementation of new tariffs. Despite these challenges, demand from the pharmaceutical and nutraceutical sectors remained strong, further pushing prices upward. Domestic manufacturers reported increased production costs, which added to the overall upward pressure on prices.
By March, prices continued to rise. This increase was driven by stable demand and limited supply, coupled with rising production costs due to higher raw material prices. The market remained resilient, supported by continued interest from both domestic and export buyers, ensuring that the bullish trend persisted throughout the quarter.
Asia Pacific
In Asia, the Vitamin E market saw a steady price increase through early 2025, particularly in China, with consistent upward movement in the Vitamin E 50% CWS segment. January started with the industry facing the typical Lunar New Year slowdown, which saw manufacturing facilities across China temporarily halt production. Despite this, prices remained stable at $24,000 per MT FOB Qingdao as of January 31, 2025, supported by continued strong international demand and higher manufacturing costs. The post-holiday recovery began to take shape by mid-February, with prices gradually appreciating by February 21, 2025, reflecting the resumption of full production capacity and continued export interest, especially from Western markets.
As March progressed, price increases continued. The rise was driven by ongoing strong demand, particularly from the pharmaceutical, nutraceutical, and animal feed sectors, both domestically and abroad. Tightened supply, partly due to slower-than-expected recovery in domestic production and the ongoing effects of global freight disruptions, further supported the upward trend. Additionally, the Chinese government's efforts to stabilize the economy and maintain export competitiveness—through adjustments to tariffs and strategic pricing—helped secure strong market sentiment.
Overall, the Chinese Vitamin E market remained bullish, with both supply constraints and robust international demand shaping pricing dynamics. This upward trend was expected to continue into the second quarter of 2025, with manufacturers maintaining their export prices in response to heightened buyer activity and logistical challenges.
Europe
In Q1 2025, the German Vitamin E 50% CWS market saw steady upward price movements, with significant influences from production costs, logistics, and sustained demand. In January, prices began the year at $23,500 per MT CFR Hamburg, reflecting a +1.3% increase from December 2024. The rise was primarily due to higher production costs in major sourcing regions, particularly China, and post-holiday demand from the pharmaceutical and nutraceutical sectors. Despite the Chinese Lunar New Year festivities, German importers were well-prepared with sufficient inventory, maintaining stable pricing through the period.
In February, the upward trend continued, fueled by ongoing supply chain pressures and strong sector demand. By month-end, prices further increased, reflecting the sustained market strength.
March saw a slight further increase, driven by higher production and energy costs from China and continued demand from key sectors. Despite these increases, German importers maintained procurement activity, indicating confidence in the market. Overall, the market remains firm, with strong demand and elevated production costs shaping price expectations for the coming months.
For the Quarter Ending December 2024
North America
During the quarter 4 of 2024, Vitamin E prices in North America displayed a complex market landscape marked by strategic supply chain interventions. The market experienced notable volatility following the German plant explosion, which triggered global supply recalibrations of Vitamin E. Values in the United States skyrocketed to $23,650 per MT FOB New Jersey in October alone demonstrating a surge by 8% from the month prior, reflecting intricate market dynamics.
Port infrastructure and logistics networks underwent significant stress, with market participants implementing adaptive strategies, which got better in the latter half of the quarter. Domestic suppliers navigated challenging inventory management scenarios, responding to disruptions caused by the unexpected German manufacturing incident. Both Export and import pricing mechanisms demonstrated remarkable resilience amid global uncertainties.
The market followed nuanced seasonal trends, with sustained pharmaceutical and nutraceutical demand creating a complex supply environment. Supply chain stabilization efforts and strategic inventory positioning characterized the quarter's market interactions.
APAC
In Q4 2024, Vitamin E prices in the Asia Pacific region demonstrated extraordinary market complexity, experiencing substantial supply chain transformations triggered by global manufacturing disruptions. The market dynamics began with the Chinese Golden Week holiday, which initially paused activities but subsequently unleashed strategic procurement approaches.
Manufacturers capitalized on limited inventories, improving freight rates and responding to escalating Western market demands throughout the quarter. The region witnessed sophisticated supply chain strategies, with companies implementing nuanced inventory management techniques. International buyers displayed proactive behaviors, compelling suppliers to strategically ramp up production in response to the German plant explosion's ripple effects.
In December 2024, the Chinese Vitamin E market experienced strategic transformation. Chinese manufacturers as well as suppliers systematically expanded inventories before the Christmas holiday season. Manufacturers developed resilient procurement strategies, strategically positioning themselves to respond to complex market dynamics and diversified international demand patterns.
Europe
In Quarter 4 2024, Vitamin E prices in Germany experienced unprecedented market volatility in October following a significant plant explosion that dramatically reshaped supply chain dynamics. The incident propelled market conditions into extreme uncertainty, driving prices and creating substantial supply shortages across European markets.
The unexpected manufacturing disruption in the first half compelled German buyers to implement aggressive procurement strategies for the desperate pursuit of alternative supply sources with international exporters fundamentally altering existing market structures. Merchants faced complex challenges, maintaining profit margins while navigating severely constrained supply environments. The plant explosion became a critical inflection point, generating widespread market recalibrations.
December bough market stability, characterized by European importers reassessing their inventory before the Christmas holiday season market shutdown, which led to suppliers maintaining highly competitive pricing strategies. The market environment demonstrated remarkable adaptability, balancing complex procurement challenges with strategic market opportunities emerging from the manufacturing crisis.
For the Quarter Ending September 2024
North America
The third quarter of 2024 for the North American Vitamin E market exhibited a notable bullish trend, characterized by significant price volatility following global market perturbations post the August incident. A substantial year-over-year price appreciation of 21% was observed compared to Q3 2023, indicating robust market dynamics. Quantitative analysis reveals Vitamin E 50% CWS Grade prices escalated from USD 17,600/MT FOB Illinois in July to USD 22,000/MT in September. Multiple market variables contributed to this price trajectory, encompassing supply-side constraints, elevated global demand coefficients, geopolitical market perturbations, and logistics sector inefficiencies.
The BASF facility incident in Germany (August 2024) precipitated significant disruptions in the global Vitamin E supply matrix, with substantial repercussions manifesting in the U.S. market. Given BASF's position as a primary global producer, the operational disruption resulted in immediate capacity constraints, triggering acute supply shortages. This supply-demand equilibrium destabilization rapidly translated into heightened price volatility across global markets, including the U.S.
The U.S. market experienced notable challenges as manufacturers addressed acute supply constraints. Critical industrial sectors, including nutritional supplements, cosmetics manufacturing, and pharmaceutical production, encountered elevated production cost metrics and potential raw material procurement challenges. Market participants initiated alternative supplier sourcing protocols, frequently at premium price points. This market event highlighted supply chain vulnerability metrics within the U.S. industrial sector, catalyzing comprehensive reevaluation of operational protocols and emphasizing the necessity for enhanced supply chain resilience optimization strategies.
APAC
The APAC region's Vitamin E market demonstrated substantial price appreciation during Q3 2024, influenced by multiple market variables. Supply matrix constraints, primarily attributed to the industrial disruption at BASF's facility, resulted in inventory optimization challenges and heightened demand coefficients. These supply-side perturbations, combined with robust demand dynamics across industrial sectors including cosmetics, nutraceuticals, and pharmaceutical manufacturing, contributed to significant price escalation trajectories.
The Chinese market exhibited particularly notable price volatility metrics, representative of the region's bullish market conditions. Early September data indicates unprecedented market turbulence, with price appreciation approximating 25%, correlating directly with global supply chain perturbations following the BASF facility incident. The market dynamics were further exacerbated by seasonal disruptions, specifically Typhoon Bebinca's impact on Shanghai's logistics infrastructure in late September, creating compound supply-side constraints.
Quantitative analysis reveals Vitamin E 50% CWS prices demonstrated significant escalation from USD 13,000/MT to USD 19,000/MT FOB Qingdao from July to September. This price trajectory was primarily driven by: Global market volatility coefficients, enhanced international demand metrics and critical inventory constraints. The cumulative effect of port operational disruptions and industrial sector deceleration has amplified the supply chain perturbations, impacting both Vitamin E and associated commodity markets within China's trading dynamics. This confluence of factors has created unprecedented market conditions, characterized by extreme price volatility and supply uncertainty.
Europe
The European Vitamin E market exhibited substantial price appreciation during Q3 2024, driven by multiple market variables. Demand escalation across industrial sectors, including pharmaceuticals, cosmetics, and nutraceutical manufacturing, emerged as a primary price determinant. Supply matrix disruptions, particularly within key production hubs, contributed to supply-demand equilibrium destabilization, resulting in upward price trajectories. Additionally, logistics sector inefficiencies introduced supplementary cost variables, amplifying the overall price appreciation dynamics.
The German market experienced particularly acute challenges following the BASF facility incident in August 2024, which precipitated significant disruptions in the global Vitamin E supply. Given BASF's position as a primary global producer, the operational disruption resulted in immediate capacity constraints, triggering acute supply shortages. This supply-side constraint rapidly translated into heightened price volatility across industrial sectors within Germany and global markets. The event's impact was particularly pronounced in the European context. The market disruption highlighted the interconnected nature of global supply chains and their susceptibility to localized industrial perturbations, resulting in widespread price volatility and supply uncertainty across European markets.
Market participants initiated alternative supplier sourcing protocols, necessitating procurement at premium price points. This supply chain perturbation highlighted systemic vulnerabilities within the global supply matrix and their consequent impact on German market dynamics. Prices in September were settled around $21000 per MT CFR Hamburg.
For the Quarter Ending June 2024
North America
The second quarter of 2024 proved exceptionally favourable for the Vitamin E market in North America, marked by a stable pricing trend. This quarter witnessed a convergence of factors that significantly supported market prices, primarily driven by a supply shortage that struggled to fluctuating demand levels.
Limited inventory held by domestic suppliers, coupled with increased procurement from international markets, played a crucial role in elevating prices. Furthermore, improvements in the supply chain, particularly streamlined logistics and reduced lead times for imports, contributed to the market's positive momentum.
The USA experienced price stability within the region. Market trends revealed a stagnancy in Vitamin E prices, influenced by insufficient stock and higher-than-anticipated demand from key sectors such as pharmaceuticals and nutraceuticals. Seasonality also benefited the market, with increased purchasing activities typical during this period. The correlation in price changes was evident as market participants adjusted their pricing strategies in response to low inventory levels and improved supply chain efficiency.
As the quarter concluded, the price of Vitamin E 50% CWS FOB Illinois reached a peak of USD 17,290 per metric ton. Overall, the pricing environment throughout Q2 2024 was predominantly positive, characterized by limited supply, logistical improvements, and robust demand, all contributing to a persistent increase in market prices.
Asia Pacific
The second quarter of 2024 has seen a consistent decline in Vitamin E prices across the APAC region, driven by several notable factors. Primarily, the oversupply of Vitamin E, coupled with subdued demand from both domestic and international markets, exerted significant downward pressure on prices. Market participants continued to grapple with elevated production costs, mainly stemming from high energy prices, which, despite increasing overheads, did not translate into higher consumer prices due to the weak market demand. The persistence of this supply-demand imbalance has been a critical determinant in the overall price depreciation witnessed during this quarter.
Focusing on China, the country has experienced the most pronounced price changes in the APAC region. The overall trend for Vitamin E prices in China has been distinctly negative, reflecting a -15% decline from the same quarter last year. Seasonality factors, particularly the post-Lunar New Year period, also contributed to the sluggish demand, exacerbating the price decline. The quarter closed with Vitamin E 50% CWS prices settling at USD 12400/MT FOB Qingdao in China. This price point encapsulates the overall negative pricing environment marked by an excess supply and tepid consumer demand, leaving market sentiment decidedly pessimistic for the period.
Europe
The Vitamin E market in Europe also experienced a notable downtrend in Q2 2024, primarily driven by several critical factors. The quarter was characterized by a confluence of declining demand from key sectors such as nutraceuticals and pharmaceuticals, coupled with improved supply chain conditions. The availability of Vitamin E stockpiles, especially from major Asian exporters, led to competitive pricing pressures. Additionally, the easing of global trade disruptions and reduced freight costs contributed to the downward price adjustments. Economic factors, including a slight recovery in inflation and improved consumer confidence, partially offset the downward momentum but were not sufficient to reverse the overall trend.
In Germany, the epicentre of the price volatility, the Vitamin E market saw a significant shift. The market exhibited a clear downtrend, with prices reducing by 6% compared to the same quarter last year, reflecting a substantial correction. Despite a modest 2% uptick from the previous quarter in 2024, the overall sentiment remained negative. Seasonal factors, such as reduced consumption during warmer months and ample inventory levels, exacerbated the price decrease. Conclusively, the quarter ended with Vitamin E 50% CWS CFR Hamburg prices at USD 15080/MT. The pricing environment in Q2 2024 reflected a predominantly negative sentiment, driven by an overabundance of supply and stabilizing trade conditions, overshadowing any minor demand recovery.
