For the Quarter Ending September 2024
North America
Throughout Q3 2024, the CoQ10 market in North America experienced a significant decline in prices, influenced by a multitude of factors. The downward trend was primarily driven by subdued demand from downstream industries, leading to weak overall market dynamics.
Factors such as ample availability weakened regional and overseas demand, and cautious purchasing behavior contributed to the negative pricing environment. As a result, the export market has continued to perform weakly concerning market sales. While, at the same time manufacturers were focused on reducing their further stockpiles as the month concluded, thereby supporting a further drop in the prices.
Overall, across the United States, witnessing a substantial price change, the market on a quarter-on-quarter basis demonstrated a drop of an average of 2 percent further highlighting the declining trend, indicating a consistent downward trajectory. The quarter-ending price of USD 174000/MT of CoQ10 99% CIF-Los Angeles in the USA encapsulates the overall negative sentiment and challenging pricing environment experienced during Q3 2024.
APAC
While on the Asia Pacific side, during the entire Q3 2024, the APAC region witnessed a notable decline in CoQ10 prices, with significant factors contributing to this downward trend. Oversupply situations, subdued demand from key industries, and increased production capacities were key influences on market prices. In China specifically, the market experienced the most significant price changes. With inventory levels surpassing market forecasts, suppliers resorted to price reductions as a strategic measure to clear surplus stocks. This oversupply scenario prompted merchants to implement discounts, particularly on bulk purchases, to stimulate demand and prepare for future replenishments. While on the trade side, the market witnessed a steady drop in freight cost, thereby easing the overall import cost. Despite this ease in the freight cost, the downstream trading sentiments remained on the lower side as inquiries from end-users remained low and buyers were highly resistant to further procurement. As a result, Manufacturers focused on further weakening their profit sentiment, thereby focusing on clearing their inventories yet demonstrating a continuous pessimistic market sentiment. As a result following a quarter-on-quarter the prices dropped by an average of 3 percent during the entire third quarter, indicating a continued downward trajectory. The latest price of USD 155000/MT of CoQ10 Ex-Shanghai in China marked the quarter-ending price. The market sentiment throughout the quarter remained negative, with prices consistently decreasing. Seasonality and correlation played a role in the price changes, aligning with a weakening pricing environment characterized by oversupply and muted demand across the region.
Europe
Similar to that of other nations, the Q3 2024, the CoQ10 market in Europe also marked a decline in prices, largely driven by muted demand, global supply chain disruptions, and rising production costs. Germany, a key player in the European market, experienced the sharpest price drops, reflecting the broader negative market sentiment. This was not just a regional issue but one that mirrored global economic trends, including inflationary pressures and a slowdown in growth. For German traders and buyers, the impact of currency depreciation was particularly pronounced, potentially leading to a restructuring of supply chains. This could have meant a shift towards localized production or alternative sourcing strategies to mitigate the risks associated with currency fluctuations and rising costs. Looking ahead, the CoQ-10 market was expected to undergo significant changes, with an increased emphasis on cost optimization, efficiency in production processes, and potentially a push towards innovation. With a persistent drop in regional quotations, downstream traders were actively focused on reducing their inventories, resulting in clearing the stockpiles at a lower cost. Prices fell significantly by -2% compared to Q2 2024, signaling a major shift in market dynamics. By the end of Q3, CoQ10 prices stood at USD 179,000 per metric ton, CFR Hamburg, illustrating the ongoing challenges faced by the market, as both demand and pricing weakened substantially.
For the Quarter Ending June 2024
North America
In Q2 2024, the CoQ10 pricing landscape in North America exhibited a pronounced negative sentiment, marked by an overall downturn with a steady rise witnessed in the middle of the quarter. Several significant factors contributed to this decline, including an oversupply situation, weak demand from end-user industries, and logistical challenges. The proactive expansion of CoQ10 stocks by suppliers, in anticipation of heightened inquiries, resulted in excessive inventory levels. This strategic production adjustment, combined with weakened import activities, exacerbated the market's oversupply condition. Additionally, the rising freight transportation costs further strained the market, compelling businesses to reassess their pricing strategies, which in turn dampened consumer purchasing behaviour. Focusing exclusively on the USA, the market experienced the most pronounced price changes. The overall trend for Q2 2024 was characterized by subdued market trading and a consistent focus on inventory reduction by suppliers. The seasonality factor, coupled with an increase in operational expenses, added complexity to the pricing dynamics. The quarter's price change remained stable at 0% when compared to the previous quarter in 2024, indicating a persistent negative sentiment.
APAC
The second quarter of 2024 has witnessed an overall downward trend in CoQ10 prices across the APAC region, influenced by several critical factors. Increased production levels, surplus inventories, and strategic destocking initiatives have been the primary drivers of this price decline. Suppliers have been compelled to reduce prices to clear excess stocks, anticipating changing climatic conditions impacting storage and transportation. Intensified market competition and a significant rise in domestic production have further exacerbated this downward pressure. Focusing on China, which experienced the most pronounced price changes, the overall trend has been markedly bearish. However, the market witnessed a steady upward trend during the middle of the quarter where the country witnessed a modest rise in overseas inquiries particularly those from key nutraceuticals, supplements and other sectors. While the overall rise in inquiries were successfully balanced by already stocked up inventories. Traders were successfully balancing the demand side by trading their inventories at a higher rate during the month. This was further supported by rise in freight charges ahead of trade disputes which kept the overall exports from China on the northerly side. Overall, with this mixed trajectory, the market sentiments concerning the CoQ-10 remained on the lower side, resulting in a balanced supply-demand outlook. From the previous quarter in 2024, prices saw a moderate 2% decline, indicating a continuation of the negative sentiment.
Europe
In Q2 2024, the CoQ10 market in Europe experienced a downward trend influenced by a confluence of global and regional factors. The overall stability in CoQ10 pricing was primarily driven by balanced supply-demand dynamics and a low to moderate influx of imports from major exporting nations. Key considerations included sustained production levels in Asia, particularly from China, which maintained a consistent supply of CoQ10 at competitive rates. Additionally, Enterprises, grappling with escalating costs associated with storage and the inherent risk of product deterioration, have commenced releasing their stockpiled Coq-10 into the market. This strategic manoeuvre has augmented the available supply for buyers, further exerting downward pressure on prices. Focusing on Germany, which witnessed the most significant price fluctuations, the quarter was characterized by a weaken pricing trajectory. The CoQ10 market in Germany displayed resilience against broader economic challenges, including inflation and currency depreciation. Notably, the prices remained unchanged from the previous quarter, reflecting a 0% variance, and showed a significant year-over-year decrease of 27%, underscoring the stability achieved despite past volatility. This stability was facilitated by an adequate supply chain and moderate demand from end-user industries, ensuring equilibrium in the market. The stable sentiment in Germany's CoQ10 pricing environment suggests a well-balanced market, neither overly positive nor negative, but rather consistently stable, providing a predictable landscape for stakeholders.
For the Quarter Ending March 2024
North America
The CoQ10 market in North America during Quarter 1 of 2024 faced a range of factors that influenced its performance. The industry experienced a mixed outlook due to various challenges, including limited demand, labor issues, and port congestion. In the USA, a fluctuating CoQ10 market was observed, with prices initially declining by more than 9% compared to the previous quarter due to the last year supported by higher supply coupled with weakened downstream purchasing sentiments throughout the quarter.
High stockpiles and reduced purchasing led suppliers to prioritize clearing inventories, resulting in ongoing price drops. The market also faced higher import costs due to increased freight charges thereby keeping traders highly reluctant to purchase the goods. However, as the quarter commenced towards the middle of the quarter the CoQ10 market displayed resilience and stability, with improved demand from the nutraceutical and pharmaceutical sectors yet remained at a lower level.
Moreover, export challenges, such as shipping reroutes to avoid the Red Sea, inflated shipping costs, resulting in order cancellations and delays. High container freight rates exacerbated the situation, impacting maritime-dependent industries and causing higher import prices witnessed in February. This trend continued until the final weeks of March with some resiliency including ease in freight cost supporting the higher import quotations as the US dollar considerably remained appreciated against the exporting nations' currencies. Overall, the CoQ10 market demonstrated its adaptability and ability to meet the demand, particularly from the nutraceutical and pharmaceutical industries with prices trending on the southerly side majorly.
APAC
The CoQ10 market in the APAC region experienced a challenging quarter due to various factors. Supply shortages and transportation disruptions affected manufacturers, leading to reduced production. Despite these challenges, there was a strong demand from downstream industries, resulting in bulk purchases and subsequent price hikes. China, being the largest market for CoQ10 in the region, witnessed a substantial increase in prices. Examining the trend and seasonality of CoQ10 prices in China, the slowdown in production activities during the Chinese Lunar New Year and Spring Festival celebrations worsened supply constraints. Increased freight and transportation costs added to logistical challenges, making product acquisition difficult. Following the holidays, there was a surge in purchasing activities driven by significant domestic and international procurement orders. This renewed confidence, combined with the depreciation of the Chinese currency (CNY) against the USD, strengthened the upward price trend and bolstered market resilience.
In summary, the CoQ10 market in the APAC region faced supply chain challenges but maintained robust demand from downstream industries in Q1-2024. China witnessed price increases, yet overall market stability prevailed.
However, the price trajectory initially dipped in Q1 due to Year-end destocking activities in the preceding month, leading to reduced demand and ample inventories, which pushed prices down. Western and Northern markets also experienced decreased orders post-holiday season, heightening competition among producers selling them at a discounted rates.
Europe
The CoQ10 market in Europe experienced significant fluctuations in pricing during the first quarter of 2024. Several key factors influenced these changes. Overall, there was a surge in demand from the nutraceutical sector, leading to increased consumption. This heightened demand prompted merchants to adjust their pricing strategies and position their products at premium prices. Secondly, ongoing trade disputes caused disruptions in global supply chains and a notable surge in container freight rates also exerted a significant influence on pricing dynamics, particularly impacting industries reliant on maritime transport for their supply chains, resulting in delayed shipments and extended lead times. These disruptions contributed to shortages of essential goods and materials, further driving prices higher. Additionally, the devaluation of the euro against the dollar further affected the overall supply-demand side as traders were accepting the goods at a higher cost, thereby resulting in an overall price rise. However, the market witnessed some resilience coupled with higher purchasing sentiments still at higher euro. This was witnessed in the beginning of January 2024 where inquiries from the end-users food and nutraceutical sectors witnessed a steady rebound. Overall, by the end of the quarter, the latest price for CoQ10 in Germany stood at USD 212500/MT CFR Hamburg.
For the Quarter Ending December 2023
North America
CoQ10 pricing in North America for the entire Q4 2023 witnessed a downward trend due to multiple factors. After experiencing a significant price surge in the previous month, the sudden decline in demand from the local market and the equilibrium between supply and demand also contributed to the noticeable price decrease. Inventories, however, remained enough among the merchants to cater to the overall requirements and continue to follow some historical, seasonal trends. Furthermore, the manufacturing activity within the exporting nations also plummeted which contributed to the surplus of stock availability among the domestic market and at the ports. Moreover, the USA, being the importing nation, experienced consistent price drops, with no significant fluctuations observed in the local market. Also, even though inflation and the US certain sectors have shown improvement, market participants continue to witness a pessimistic market outlook in terms of the demand side from the Nutraceutical sector. As anticipated, discussions about prices in the US continued to remain on the weaker side, with insufficient new demand emerging from both domestic and international markets. Persistent higher availability of surplus inventory among suppliers, combined with weakened purchasing sentiments, highlighted the challenges faced by market participants in effectively managing their stock until the final weeks of December 2023. Additionally, contributing to this scenario, the appreciation of the Chinese Yuan (CNY) against the US dollar increased the cost for foreign investors looking to invest in China. This potentially results in reduced foreign investment, further reinforcing the overall decrease in prices. With this, overall, the CoQ10 market in North America for Q4 2023 witnessed a bearish trend until the final weeks of December 2023 with prices settling at USD 208750/MT.
APAC
The fourth quarter of 2023 proved to be challenging for CoQ10 pricing in the APAC region primarily in China. Persistent low demand and high inventory levels were the primary reasons for the decline in prices. The downstream market also showed weakness, with CoQ-10 manufacturers experiencing sluggish shipments. In addition, the absence of new inquiries from both domestic and international markets contributed to the decrease in prices. The manufacturing sector across the country has been significantly affected due to the lack of new demand. Market participants continued to express concern about the uncertain future of the market, even as China's manufacturing sector begins to recover from its downturn after a golden week holiday. The supplements industry, in particular, has suffered from the imbalance between supply and demand, leading manufacturers to struggle to attract clients and reducing orders for raw materials like nutraceuticals and APIs used in finished goods for re-export. Consequently, the reduced prices have intensified competition among CoQ-10 producers, prompting them to focus on strategies for cost reduction and product differentiation to protect their market share until the final weeks of December 2023. Ultimately, the latest price of COQ10 Ex-Shanghai in China for the current quarter stood at USD 175500/MT, reflecting the overall negative trend in CoQ10 pricing for the APAC region.
Europe
During the fourth quarter of 2023, the CoQ10 market in Europe witnessed a continual downward pricing trend, aligning with the pessimistic patterns observed in other exporting nations. Examining the overall demand aspect, a consistent decrease in downstream consumption for CoQ10 was noted across the region, with a particular emphasis on Germany. This decline can be attributed to various factors, including heightened production in exporting countries, notably China, resulting in a global oversupply of CoQ-10 in the preceding months. The surplus availability exerted downward pressure on prices as manufacturers and suppliers engaged in fierce competition to clear their inventories. Furthermore, the decreased influx of new inquiries from market participants was linked to the substantial existing inventory held by domestic players, addressing the general demand without necessitating additional orders. Complicating the situation further, the observed reduction in prices extended beyond the domestic scope, impacting key exporting nations. Notably, Chinese provinces, which traditionally play a significant role in the CoQ-10 market, witnessed a substantial dip in prices. This development had a cascading effect on the broader pricing dynamics within Germany, adding complexity to the landscape for market participants. With this, the latest price of CoQ10 in Germany at the end of the quarter was USD 207360/MT as December concludes.
For the Quarter Ending September 2023
North America
Throughout the third quarter of 2023, the CoQ-10 prices in North America, particularly in the United States, experienced a continuous decline, showing a modest uptick towards the end of the quarter. In the first half of Q3, CoQ-10 prices significantly dropped across the United States due to decreased local inquiries and a slowdown in trade momentum. This decline was influenced by the combination of reduced interest from buyers and a decrease in overall trade activities. Despite this, merchants had ample inventory to meet the demand during this period. The market was further impacted by the record heat in July, which followed the hottest June and was exacerbated by the development of El Nino, leading to land and ocean heat, marine heatwaves, and disrupted climate conditions globally, including in North America. These climatic challenges raised concerns among market players about potential damage to their end-products. Consequently, transaction activity remained low, prompting merchants to focus on destocking their CoQ-10 inventory at lower prices. However, there was a slight improvement in prices as September approached. The increase in prices during this period was modest, driven by continuous consumer demand and higher regional inquiries, particularly from the pharmaceutical and nutraceutical industries. CoQ-10 queries from these sectors boosted the supplements market in the country. Additionally, rising freight costs contributed to increased import prices, affecting the CoQ-10 market in the United States. Considering the prevailing conditions, suppliers are expected to reduce their inventories in the upcoming period.
Asia Pacific
In the Asia Pacific region, the CoQ-10 market in the first half of the third quarter of 2023 began on a bleak note, with inquiries dwindling both domestically and from overseas. China faced the harsh impact of summer weather, enduring scorching heatwaves and unprecedented monsoon rains, prompting authorities to warn of more to come. Consequently, trade momentum from China plummeted, leading to a sharp decline in CoQ-10 prices. Additionally, merchants had surplus inventory, causing CoQ-10 prices in the Chinese market to drop. Manufacturers responded by focusing on reducing existing stock levels due to the ongoing decline in global inquiries, resulting in an excessive surplus. The approach of Golden Week holidays in China further compounded the situation, as suppliers and manufacturers anticipated temporary shutdowns and reduced labour, potentially affecting trade momentum. However, as September approached, CoQ-10 prices stabilized in the Chinese spot market. This stability was due to a consistent increase in inquiries from both the domestic market and overseas orders. Furthermore, continuous production activity and moderate stock availability characterized the local market. The imbalance between supply and demand prompted local market participants to replenish their inventory levels in response to the sustained rise in demand.
Europe
In the first half of Q3-2023, CoQ-10 values saw a decrease of over 6%, a trend that persisted until mid-quarter. This downturn was fuelled by reduced consumer demand in various end-user sectors and suppliers meeting local demands using their existing CoQ-10 inventories. The market conditions turned unfavourable due to declining demand for various goods and services, including CoQ-10, amidst the recent global economic slowdown. The downstream end-user sector experienced decreased demand, while the food and beverage, pharmaceutical, and dietary markets remained weak. The German logistics market suffered from a sharp drop in demand for warehousing and logistics space, attributed to disruptions in the supply chain, surging energy costs, and economic uncertainties. The global economic downturn negatively impacted logistics services demand, as companies hesitated to invest in new ventures or expand operations amid uncertainty. However, the CoQ-10 market in Germany showed a steady increase throughout September 2023, compared to the previous month's trend. One of the primary reasons for this slight uptick in CoQ-10 prices in Germany during September 2023 was the interplay between supply and demand dynamics. Additionally, a temporary production slowdown was anticipated in China, the world's leading exporter, due to upcoming events such as the Mid-Autumn Festival and the National Day holiday. These events disrupted the momentum of the supply chain in both domestic and international markets within the exporting region. Nevertheless, merchants held ample inventories to meet the arriving inquiries in the region.
For the Quarter Ending June 2023
North America
The prices of CoQ-10 within the USA market displayed a depreciation trajectory as the second quarter ended. With the start of Q2, the prices improved but slightly when compared to the previous month. Local demand for CoQ10 increased as the nation's specialty and pharmaceutical supply industries have continued to grow well in output. Also, contrasted with the previous month, the domestic participants were left with enough stocks that could fulfill the overall demand. Moreover, until the month of May, the values of CoQ-10 increased consistently, and this surge in demand compelled the trader to place newer orders before destocking their stocks. However, as the second quarter concludes, the prices for CoQ-10 were settled at USD 295500/MT witnessing a dip of more than 4 percent in the United States. Also, Concerning the supplies, the country's specialty and pharmaceuticals supplying business continued to have an ample number of stocks for CoQ-10 for this month, and the analyst suggested that there was a negligible increase in new orders coming from the local market.
Asia Pacific
The price of CoQ-10 during the second quarter determined a zigzag market sentiment throughout the second quarter of 2023. As with the beginning of April, the price for CoQ-10 improved with a very minimal surge in domestic demand when compared with the prior month. However, the Consumption in the domestic market remained weak as domestic demand improved slightly, which was balanced with overall supplies among the merchants. Besides this, concerning the PMI for manufacturing, this decreased in April from 51.9 to 49.2, below the 50-mark that separates monthly growth from contraction, as market participants had enough inventory to meet the total arrived demand for the month. This was the lowest point of the index since mid-2016 when China began to recover from the COVID-19 pandemic. In addition, in mid-Q2, CoQ10 values decreased significantly, showing a drop of more than 5% in the Chinese market. Furthermore, suppliers and retailers sold finished products at lower prices than usual to reduce their overall inventory. Towards the end of Q2, CoQ-10 closed its prices on the positive side, with improved demand in the local market. In China, the price of CoQ10 closed at $ 260610/MT EX- Shanghai.
Europe
With the commencement of the second quarter, the prices of CoQ-10 s dropped across the German market. The pricing chart for CoQ-10 mimicked the trend of the APAC region. Improved sales within the domestic market attributed to a positive price trajectory of CoQ-10 in April. After witnessing a consistent drop in demand, market participants destock their inventories this month at higher prices in order to cope with their previous losses. This trend, however, was reversed as May approached. Moving towards the end of Q2, the prices of CoQ-10 increased moderately and were recorded at USD 279450 /MT CFR Hamburg. One of the reasons for the positive market dynamics in Coq-10 in June was the appreciation of the Euro against the Chinese Renminbi. China being one of the main exporters of ingredients, its devaluation against Euro supported suppliers and buyers in the German market, as the imported products from China are cheaper for German exporters, which allows them to restock their stocks of CoQ- 10 at lower prices.
For the Quarter Ending March 2023
North America
The price of CoQ10 in North America fluctuated throughout the first quarter of 2023, supported by the unstable market sentiments in the US local market. Prices stabilized and saw a small uptick in the first month of the quarter. A little decline from the second month of the quarter was observed because of demand from downstream businesses, including the pharmaceutical industry. Prices dropped throughout the first quarter as a result of falling import costs on the domestic US market. The majority of Chinese imports into the USA are bought at lower prices as a result of price reductions in the Chinese market, which also contributed to the product's decreased end-of-quarter pricing. Towards the end of the Q1 of 2023, the prices for CoQ10 were assessed around USD 296600/MT for CIF-Los Angeles in March.
Asia Pacific
Given the consistent market dynamics of the Chinese and Indian markets, CoQ10 prices in the Asia-Pacific area fluctuated during the first quarter of 2023. Prices in the first month of Q1 2023 remained higher due to insufficient supplies in the domestic market. Prices in the second month kept rising as the second half of the quarter got began. Despite a fall in demand from end-user industries over the last month, supported by several easily available inventories in the domestic market, prices were reduced. Prices of CoQ10 for Ex-Shanghai were estimated to be approximately USD 265250/MT around the conclusion of the first quarter of 2023 in March.
Europe
In Europe, the price for CoQ10 fluctuated during the first quarter of 2023, leading to an unstable market dynamic for the product in its domestic market. Due to limited supplies in the German domestic market, prices rose during the first month of Q1 2023. As the second half of the quarter got underway, prices in the second month continued to rise. Prices were decreased despite a decline in end-user industry demand over the previous month, which was aided by a number of readily accessible inventories in the domestic market. Towards the end of Q1 of 2023, the prices for CoQ10 for Hamburg, Germany, were assessed at around USD 285600/MT in March.
For the Quarter Ending December 2022
North America
The price of CoQ10 in North America declined throughout the fourth quarter of 2022, supported by the stable market sentiments in the local market. In the first month of the fourth quarter of 2022, prices stabilized and achieved a slight reduction. Due to demand from downstream industries like the pharmaceutical industry, a minor drop was seen. Prices fell for the duration of the fourth quarter, especially in the second month, due to decreasing import prices in the domestic US market. Due to price cuts in the Chinese market, which also played a role in the product's reduced end-of-quarter pricing, the majority of Chinese imports into the USA are purchased at lower rates. Towards the end of the Q4 of 2022, the prices for CoQ10 were assessed around USD 325600/MT for CIF-Los Angeles in December.
Asia Pacific
Given the consistent market dynamics of the Chinese and Indian markets, CoQ10 prices in the Asia-Pacific area decreased during the fourth quarter of 2022. Due to adequate supplies on the domestic market, prices in the first month of Q4 2022 remained stable. As the second half of the quarter got underway, prices also started to drop in the second month and kept going through the last month due to a drop in demand from end-user sectors, which was supported by a number of inventories that were readily available on the domestic market. Prices of CoQ10 for Ex-Shanghai were estimated to be approximately USD 285450/MT around the conclusion of the fourth quarter of 2022 in December.
Europe
In Europe, the price for CoQ10 decreased during the fourth quarter of 2022, leading to a decrease in demand for the product in its domestic market. Prices decreased in the first quarter of 2022 because of the market's substantial amount of inventory. The commodity's price fell because of stockpiling because local consumers and retailers did not show much interest in it. Due to weak demand and an excess of supplies on the market in the second half of Q4 2022, prices also continued to decline. Towards the end of Q4 of 2022, the prices for CoQ10 were assessed at around USD 302400/MT in December.
For the Quarter Ending September 2022
North America
In North America, the price of CoQ10 fluctuated throughout the third quarter of 2022, supported by the conflicting market sentiments in the local market. The prices stabilized and reached a modest increase in the first month of Q3. The slight increase was noticed because of demand from downstream industries, such as the pharmaceutical industry. Prices declined during the remainder of the third quarter, particularly in the second month, because of lower import prices on the local US market. Most of China's imports to the USA come at lower prices due to price reductions on the Chinese market, which also contributed to the product's lower end-of-quarter pricing. Towards the end of the Q3 of 2022, the prices for CoQ10 were assessed around USD 410280/MT for CIF-Los Angeles in September.
Asia Pacific
In the Asia-Pacific region, the price of CoQ10 saw a fluctuation during the third quarter of 2022 because of the volatile market dynamics of the Chinese and Indian markets. Prices in the first month of Q3 2022 were constant since there were sufficient supplies on the domestic market. Additionally, as the second half of the quarter began, prices started to decline in the second month and continued through the last month because of a decline in demand from end-user sectors, which was backed by many stocks that were available on the domestic market. Prices of CoQ10 for Ex-Shanghai were estimated to be approximately USD 325310/MT around the conclusion of the third quarter of 2022 in September.
Europe
In Europe, the price for CoQ10 decreased during the third quarter of 2022, leading to a decrease in demand for the product in its domestic market. Due to the market's large amount of inventory, prices fell in the first half of Q3. Stockpiling of the commodity because of poor demand from local merchants and consumers contributed to its price decline. Additionally, prices steadily dropped in the second half of Q3 2022 because of poor demand and a surplus of supplies on the market. Towards the end of Q3 of 2022, the prices for CoQ10 were assessed at around USD 330100/MT in September.
For the Quarter Ending June 2022
North America
The North American CoQ10 market commenced the second quarter of 2022 on a positive note with values of $480450 per MT in April, which then fell to $475100 per MT in the month ending June 24th. Following a protracted supply interruption, the COVID lockdown in Shanghai's commercial hub resulted in major import delays and shortages in the US markets. There was another cargo surge at Californian ports as a result of worries that the COVID-19 lockdowns in Shanghai would be removed later in the spring. Inventory replenishment supplies filled Southern California warehouses to the brim, leaving little space for the subsequent influx of imports. Given that long-term inflation expectations remained anchored, the political situation between Russia and Ukraine did not improve, and crude prices were extremely unpredictable, domestic buyers were concerned about high raw material prices during H1 of Q2 2022. Due to dramatic fluctuations in oil prices, monthly import, consumer, and production spending gradually increased in May. Ocean cargo from China appeared to be moving freely via the country's main ports despite the Asian blockades. On the supply side, suppliers had an adequate supply of goods to meet domestic demand.
Asia Pacific
During Q2 of 2022, the price trend for CoQ10 in the Asia Pacific region exhibited a declination. CoQ10 prices in China fell precipitously between April and June, from $394750/mt to $368500/mt, showcasing a drop of -6.6 percent in the second quarter. Following the opening of China's ports and manufacturing facilities, the nation's CoQ10 output accelerated throughout H1 of Q2 2022. While the product's supply in the domestic market rebounded, foreign trade continued to be hampered. Following a spike in COVID-19 cases in China during the final week of April, Chinese authorities put significant manufacturing centers on lockdown, which caused various reactions in the nation's markets, including those for nutraceuticals. Demand-wise, offtakes from the end-user industries stayed consistent over the course of the quarter. Shanghai serves as China's main export hub; therefore country's controversial Zero-COVID policy trapped hundreds of cargo ships in ports, driving up freight costs and inflation. Due to the high COVID duties, several factories were prepared to offer the product at a discount towards the end of the quarter in order to move inventory before it spoils. The values deaccelerated from INR 438364.03/mt to 417318.44/mt in the domestic market of India during this quarter.
Europe
The cost of CoQ10 remained high in the second quarter of 2022 across Europe, although it started to decline around the end of June. Due to the Russia-Ukraine conflict, which caused freight costs to soar and the European supply chain to become disrupted, trade activity from importing countries was also primarily restricted. Throughout the entire quarter, demand from end-user industries like the pharmaceutical and nutraceutical sectors remained steady. The entire domestic demand, however, was satisfied by sufficient supplies at the suppliers.
For the Quarter Ending March 2022
North America
In quarter 1 of 2022, the domestic market trend of CoQ10 demonstrated a drastic improvement across the North American region after the CIF Los Angelesvalues rose up from USD517490/MT to USD527765/MT from January to March 2022. The demand for CoQ10 has increased dramatically in the United States among health-conscious customers in order to change dietary patterns. Higher feedstock, freight, and transportation prices have also aided the price trend of CoQ10 in the US market, as the commodity is primarily imported from China. During the month of February, some American importers struggled to satisfy demand, as inventories remained low and supply lines were stretched to handle historic amounts of cargo, particularly from Asia. In terms of demand, pharmaceutical industry offtakes in the US domestic market remained consistent due to sufficient supply that met downstream demand for the time being. The trade situation from Asia was further exacerbated by tensions between Russia and Ukraine.
Asia Pacific
During the 1st quarter of 2022, the pricing trend of CoQ10 showcased positive sentiments across the Asia Pacific region. In China, the prices of CoQ10 were assembled at USD490200/MT in the first week of January which later rose and settled to USD492975/MT on the week ending March 25th, 2022. Due to a spike in covid cases in China, some manufacturing units, notably NHU and ZMC, were forced to close to prevent the virus from spreading, resulting in higher CoQ10 pricing since then in the country. Chinese factories and enterprises were closed throughout the quarter as part of the government's zero-covid policy, which was established to stop the spread of a highly contagious strain of the coronavirus. In the Indian domestic market, however, the discussions for Ex-Mumbai and CFR JNPT in the month ending March were estimated at USD487375/MT and USD481290/MT, respectively.
Europe
The European market of CoQ10 showcased a positive outlook in the first quarter of 2022 on the back of the increased demand from the end-user industries. Nutraceuticals are gaining popularity in Europe and are increasingly becoming a part of people's everyday diets, which is one of the main factors driving the demand for CoQ10 across the region. Manufacturers were forced to trade CoQ10 on quoted pricing due to still high freight and feedstock expenses, as well as high input costs due to the peaking energy crisis.
For the Quarter Ending December 2021
North America
During the 4th quarter of 2021, the pricing trend of CoQ10 showcased a marginal improvement across the North American region. The prices of CoQ10 escalated by 0.5% from USD 516120/MT to USD 518700/MT CIF Los Angeles from October to December. In terms of demand, offtakes from downstream industries, including pharmaceutical, cosmetics, and others, remained stable throughout this quarter. The slight increment in CoQ10 prices was observed in the US domestic market due to strengthening supply fundamentals and consistent volume intakes. Sluggishness in the Asia-Pacific CoQ10 market during the 4th quarter has caused a slowdown in the global market which has been reflected in market sentiments in the US.
Asia Pacific
The market trend of CoQ10 demonstrated mixed sentiments across the Asia Pacific region in the fourth quarter of 2021. In China, the pricing trend of CoQ10 demonstrated a downward trajectory due to the slowed demand and pressurized supply amid the forced closure of NHU and ZMC facilities in the Zhejiang province in December. The prices of CoQ10 dropped by 5.7% and deescalated from USD 535065/MT to USD 505271/MT from October to December. Several major manufacturers stopped taking orders in the month of October due to volatility in the raw material prices. With several factories exposed to energy curbs and soaring freight charges, manufacturers seemed cautious over the offering of the material in the Chinese domestic market during this quarter. The price competitiveness soared drastically in Q4 amongst the producers in anticipation to capture a larger market share and gain better netbacks amidst the inventories destock spree, which further supported the downward price trend in China. Whereas in India, the domestic market trend of CoQ10 remained stagnant, and the Ex-Mumbai prices got settled at USD 509988 per MT in the week ending of December. The demand from the domestic market remained stable while availability remained ample enough to cater to the overall need.
Europe
In the European region, the prices of CoQ10 mimicked the USA price trend in the fourth quarter of 2021 as the prices inched higher in October and gradually gained numbers during November and December. The soaring freight and feedstock charges, along with high input costs due to the peaking energy crisis, weighed heavily on the manufacturers forcing them to trade CoQ10 on quoted prices. In terms of demand, offtakes from the dietary supplement consumers in Germany remained strong throughout this quarter.
For the Quarter Ending September 2021
North America
Supply fundamentals have been stable amid the rising freight charges and shipping costs, although the increase in freight charges and shipping costs still commanded the final pricing for CoQ10 in Q3. Demand growth from the pharmaceutical, cosmetics, and dietary supplement segments in early Q3 has further pushed the prices northwards. Market participants were found vigilant in the market and deferred from commenting about the future prospects of the material. However, demand for CoQ10 in the US market has stabilized in the last few weeks which translated into stagnancy in pricing after climbing for several months. The price of Coq10 in September was assessed at USD 516 per kg CIF Los Angeles.
Asia Pacific
In China, the CoQ10 market started the 3rd quarter robustly as downstream demand from both domestic as well as overseas markets kept upward pressure on the prices. However, as the quarter reached halfway point, demand for CoQ10 stagnated which also reflected in stable prices for August. The increasing cost of raw materials continues to play a key factor in price determination. Furthermore, the dip in demand exacerbated towards the end of September as China inched closer to its Autumn break. Prices declined from 554 per kg in August to 540 per kg in late September FOB Qingdao. In India, prices also backtracked as demand deteriorated for the material which was epitomized by ample spot availability of CoQ10
Europe
The continued rise in freight charges commanded a price trend for CoQ10 for European nations mirroring the market dynamics of previous quarters. In China, prices stabilized and dipped for the material however exacerbated shipping and freight charges along with long waiting and turnaround time meant prices in Europe remained northwards. Demand dynamics of CoQ10 were termed as stable by several market participants, they also remarked that demand may dip further in the coming weeks given the Autumn holiday season is around the corner.
