Potassium Benzoate Prices Anticipate Positive Market Outlook in Q2 2023

After a representation of the descending price trajectory for Potassium Benzoate in the United States market, the Potassium Benzoate forecasts a positive market sentiment for the entire month of April 2023, and so on. The main factors driving the price trajectory are upstream Benzoic Acid costs, which are also projected to have an impact on the Potassium Benzoate market environment in April. Potassium Benzoate prices are supported by sustainable dynamics in the local market's supply and demand.

The unexpected statement by OPEC+ members to collectively reduce oil production drove up the price of Crude Oil substantially on the world market. Beginning in February 2023, Russian oil production will decline by 500,000 barrels per day for a total decline of 3.66 million barrels per day, or roughly 3.7% of global demand. The operating range of oil prices has once again shifted upward due to the pattern of excess supply of crude Oil, but the OPEC production reduction plan is expected to reverse this structure. Saudi Arabia, Russia, and other significant crude oil producers who are members of OPEC+ announced new output restrictions beginning in May. OPEC+ will reduce production by an additional 1.15 million barrels per day from April levels.

The price of Potassium Benzoate is anticipated to go up in the Chinese provinces, supported by rising upstream Benzoic Acid prices. Since the price of Crude Oil rose, it is expected that the market will begin the month on an optimistic note. However, as Q2 2023 gets underway, new product initiatives and rising demand from both the domestic and global markets are likely to maintain the current market position.

Moreover, pricing in the US and European markets were discovered to be on the higher side, reflecting the growth of the Chinese market. In addition, increased manufacturing costs and higher energy costs are probably going to support the upward trend for Potassium Benzoate. Energy price increases will result in higher transportation costs, which should help to keep the market strong. Because of rising upstream Benzoic Acid prices, the market for Potassium Benzoate is anticipated to grow.

According to ChemAnalyst, In the upcoming months, Potassium Benzoate's price is probably going to increase even more. The upward trend in the price of Benzoic Acid feedstock is anticipated to have an effect on the price of Potassium Benzoate.