For the Quarter Ending September 2025
North America
• In United States, the Vitamin K Price Index rose quarter-over-quarter in Q3 2025, driven by increased production costs.
• Vitamin K production costs increased, influenced by a 2.6% year-over-year PPI rise in August 2025.
• Natural gas prices strengthened throughout Q3 2025, contributing to higher energy feedstock costs.
• Robust consumer spending, up 5.42% year-over-year in September 2025, supported Vitamin K demand for human nutrition.
• Sluggish industrial activity, with 0.1% year-over-year industrial production growth in September 2025, tempered demand.
• General inflation, indicated by a 3.0% year-over-year CPI increase in September 2025, raised raw material costs.
• The 4.3% unemployment rate and declining consumer confidence in September 2025 impacted discretionary spending.
• U.S. crude oil inventories remained near five-year lows in Q3 2025; natural gas inventories were expected to fall.
Why did the price of Vitamin K change in September 2025 in North America?
• Increased production costs were driven by a 2.6% year-over-year PPI rise in August 2025 and strengthening natural gas prices.
• Robust retail sales, up 5.42% year-over-year in September 2025, supported demand for human nutrition applications.
• Sluggish industrial production, growing 0.1% year-over-year in September 2025, tempered demand from industrial sectors.
APAC
• In China, the Vitamin K Price Index fell quarter-over-quarter in Q3 2025, influenced by declining producer prices.
• Vitamin K production costs faced upward pressure from elevated natural gas and rising coal tar feedstock costs in Q3 2025.
• Human nutrition Vitamin K demand dampened by -0.3% CPI and 89.6 consumer confidence in September 2025.
• Pharmaceutical demand for Vitamin K strengthened in Q3 2025, driven by surging sector growth.
• Animal feed demand for Vitamin K expanded in Q3 2025, despite the Manufacturing Index contracting in September 2025.
• China's industrial production grew 6.5% year-over-year in September 2025, providing some support for Vitamin K demand.
• Strong pharmaceutical raw material exports from China in Q3 2025 indicated robust international demand for Vitamin K.
• The Vitamin K price forecast suggests continued downward pressure from weak domestic consumer spending and high energy costs.
Why did the price of Vitamin K change in September 2025 in APAC?
• Producer prices declined 2.3% year-over-year in September 2025, reducing overall pricing power for Vitamin K.
• Elevated natural gas and rising coal tar feedstock costs increased Vitamin K production burdens in Q3 2025.
• Weak consumer confidence (89.6 index) and -0.3% CPI in September 2025 dampened consumer-facing Vitamin K demand.
Europe
• In Germany, the Vitamin K Price Index fell quarter-over-quarter in Q3 2025, influenced by contracting manufacturing and lower producer prices.
• Vitamin K production costs saw mixed trends in Q3 2025; petrochemical feedstock weakened, but raw material costs were elevated.
• Industrial production declined by 1.0% in September 2025, indicating reduced demand for industrial chemical inputs like Vitamin K.
• The Manufacturing Index was contracting in Q3 2025, reflecting a slowdown in manufacturing activity and weaker demand.
• Retail sales rose 0.2% in September 2025, offering some support for human nutrition applications of Vitamin K.
• Pharmaceutical sector output firmed and proved resilient in Q3 2025, providing stability for Vitamin K demand.
• Ample European chemical inventories and low capacity utilization in Q3 2025 suggested downward pressure on prices.
• Producer prices of industrial products decreased by 1.7% in September 2025, mainly due to lower energy costs.
Why did the price of Vitamin K change in September 2025 in Europe?
• Lower producer prices, down 1.7% in September 2025, reduced Vitamin K manufacturing costs.
• Contracting Manufacturing Index in Q3 2025 and declining industrial production weakened overall demand.
• Ample inventories and declining German chemical export demand exerted downward pressure on prices.
