For the Quarter Ending September 2024
North America
The North American Sodium Benzoate market saw a marked downturn in pricing during Q3 2024, with particular volatility observed in the US market. Market prices demonstrated a sharp decline, falling from $1,900/MT in July to $1,550/MT CFR New York by September 2024. This represented a substantial quarterly decline of 16%, with an even more pronounced 18% price differential between the first and second halves of the quarter.
Multiple factors drove this market deterioration. On the supply side, the market faced persistent oversupply conditions, while demand remained subdued across key application sectors, particularly in pharmaceuticals and preservatives. Buyers adopted a cautious stance, leading to reduced purchasing activity throughout the quarter. The market's challenges were compounded by broader industry headwinds, including operational disruptions at manufacturing facilities and ongoing logistical constraints. These operational hurdles, combined with uncertain global economic conditions, created additional pressure on market dynamics.
The overall pricing environment showed significant weakness compared to the same period in the previous year, with market sentiment remaining decidedly bearish throughout the quarter. This downward trajectory reflected the broader challenges facing the industry and the persistent imbalance between supply and demand fundamentals.
APAC
Sodium Benzoate Exp pricing in the APAC Region for Q3 2024 witnessed a significant decline, influenced by various key factors. The quarter was characterized by a challenging market environment, marked by oversupply conditions and weakened demand dynamics. Factors such as subdued purchasing sentiment, shifting consumer preferences, and global economic uncertainties contributed to the downward pressure on prices. In China, the largest market player, the pricing landscape experienced the most substantial fluctuations. The quarter reflected a notable -19% decrease from the previous quarter, with a significant -20% drop between the first and second half. This trend underscored the overall negative sentiment in the market, with pricing remaining on a steady decline trajectory. The latest quarter-ending price of USD 1325/MT of Sodium Benzoate USP FOB Shanghai in China encapsulated the prevailing downward trend, reflecting the challenging pricing environment across the APAC Region during Q3 2024. Moreover, plant shutdowns and disruptions further exacerbated the pricing challenges faced by market participants during this period.
Europe
The third quarter of 2024 witnessed a notable decline in Sodium Benzoate Excipient pricing across the European region, with Germany experiencing the most significant price changes. This downward trend was primarily influenced by multiple factors such as oversupply challenges, import costs, weakening demand from key sectors like food preservatives and pharmaceuticals, and a decrease in production costs driven by lower energy expenses and raw material prices. The market dynamics were also impacted by disruptions and plant shutdowns in key producing regions, further exacerbating the oversupply situation. The correlation in price changes between the first and second half of the quarter indicated a substantial decrease of 21%, reflecting the persistent bearish sentiment in the market. The quarter-ending price of USD 1450/MT of Sodium Benzoate USP CFR Hamburg in Germany underscored the overall negative pricing environment, highlighting the ongoing pressure on import prices and the challenging market conditions faced by suppliers and producers.
For the Quarter Ending June 2024
North America
Throughout Q2 2024, the pricing environment for Sodium Benzoate Excipient in North America exhibited remarkable stability. Key factors influencing market prices included lower production costs, increased competition, and elevated stockpile liquidation efforts. Despite these variables, the quarter was marked by a steady pricing trend, largely attributed to a balanced supply-demand dynamic. Input costs, including energy and feedstock materials, remained in line with long-term averages, avoiding significant price volatility.
In the USA, which experienced the most pronounced price changes, the overall market trends remained stable. The manufacturing sector faced contraction while the services sector expanded, creating a mixed economic backdrop. However, the steady import volumes and sufficient inventories mitigated any sharp price fluctuations. Seasonality had a minimal impact, with no significant disruptions or plant shutdowns during the quarter. Overall, the correlation in price changes was minimal, reflecting a stable market environment. The quarterly price comparison showed no variation between the first and second halves of the quarter, and the percentage change from the previous quarter remained at 0% while reinforcing the overall theme of stability in the pricing environment.
APAC
In Q2 2024, the Sodium Benzoate market in the APAC region experienced notable price increases driven by a combination of high demand and constrained supply. Industrial activities, particularly in the pharmaceutical and food sectors, spurred a surge in demand. However, this was met with supply-side challenges, including soaring energy and freight costs, elevated electricity tariffs, and increased production expenses related to feedstock Benzoic acid. Additionally, the depreciation of local currencies against major global currencies exacerbated the cost of imported Sodium Benzoate, intensifying the domestic price pressures. China, in particular, witnessed the most significant price fluctuations. The demand consistently outstripped supply throughout the quarter, leading to an optimistic pricing trend despite periodic volatility. Seasonal consumption patterns, especially the increased usage during the summer, further propelled prices. The correlation between heightened industrial activity and rising demand contributed to a buoyant market environment. Although there were no major plant shutdowns, which helped maintain a steady supply, the inventory levels were insufficient to counteract the rising costs. By the end of the quarter, the price of Sodium Benzoate USP FOB Shanghai had risen to USD 1915/MT, reflecting a marked increase from previous periods. Overall, the pricing environment for Sodium Benzoate Exp in the APAC region during Q2 2024 was decidedly bullish. The combination of strong market fundamentals, robust demand, and supply constraints drove a sustained upward trend in prices, highlighting a dynamic and competitive market landscape.
Europe
In Q2 2024, the Sodium Benzoate Exp market in Europe exhibited remarkable stability, underpinned by a combination of steady supply-demand dynamics and macroeconomic stability. The quarter commenced with a well-balanced supply-demand situation, bolstered by adequate inventories among traders, which effectively cushioned the market from potential volatility. This equilibrium was further maintained by the resumption of production activities following the holiday season and minimal disruptions in trade. In Germany, the market experienced the most notable price adjustments within Europe. Regional economic conditions and consumer sentiments played a significant role, with an uptick in inflation and increased freight costs. Nonetheless, the demand for Sodium Benzoate Exp remained robust, primarily driven by the food industry's ongoing need for preservatives. Seasonal factors contributed to consistent demand throughout the quarter, which helped counterbalance the supply surge. Strategic destocking also played a crucial role in stabilizing the market, as it facilitated the clearing of inventories ensured market stability, and prevented further product deterioration as the quarter ends in June 2024.
For the Quarter Ending March 2024
North America
Throughout the first quarter of 2024, the Sodium Benzoate Excipient market in North America exhibited complex pricing dynamics, shaped by a diverse range of factors. While the market experienced an overall increase in prices compared to the same quarter last year, the fluctuations were most pronounced in the United States with a significant drop witnessed in february 2024. The US market faced a mix of challenges including supply chain disruptions, geopolitical tensions, and rising raw material costs the Benzoic Acid Excipient prices in the US followed a seasonal trend, increasing during the cold and flu season. Additionally, export restrictions ahead of the Red Sea dispute led to higher freight charges further affecting the overall market sentiments and keeping the overall prices on the upper side.
However, this trajectory gradually veered towards a downward trend, influenced by a variety of factors. These included an overabundance of inventory, diminished demand from downstream sectors, fluctuating trade momentum, and cautious procurement practices. With market participants holding higher-than-normal stockpiles and downstream purchasing activity steadily declining, suppliers redirected their efforts towards depleting existing inventories, resulting in continued price reductions. As regional quotations consistently declined, the downstream manufacturing activity within the food and pharmaceutical industries of the USA, where Sodium Benzoate Excipient serves as an excipient, experienced further contraction. Merchants predominantly focused on destocking inventories to mitigate additional storage costs.
Lastly, as March commenced the market witnessed a steady rebound with traders and suppliers placing newer quotations in order to meet the rising demand from end-user food industries. Furthermore, ease of freight cost along with a continuous appreciation of the US dollar against the exporting nations' currencies supported this optimistic trajectory. Additionally, financial support from the feedstock Benzoic Acid Excipient further reinforced the March’s market trajectory of Sodium Benzoate Excipient, impacting production costs and subsequently increasing the final product's cost until the final weeks of March 2024.
APAC
In the first quarter of 2024, the pricing pattern of Sodium Benzoate Excipient in the APAC region followed a predominantly downward trajectory, marked by slight fluctuations in March. Overall, the demand for Sodium Benzoate Excipient was moderate to low, leading to an excess of inventory among suppliers. This surplus, along with decreased purchasing activity, exerted downward pressure on prices. Seasonal patterns were significant, with a usual post-Lunar New Year surge in demand followed by a decline. Year-end destocking activities also impacted the market, resulting in weakened downstream demand and abundant inventories, further pressuring pricing. To respond, businesses adjusted by reducing inventory, resulting in lower procurement volumes and continued price declines. Furthermore, despite the expectations of increased demand for Chinese exports done in the previous month, the anticipated uptick did not materialize, raising uncertainties about buyer behavior and market dynamics. Additionally, the depreciation of the Chinese currency (CNY) against the USD played a significant role, strengthening market resilience and positively impacting price trends. Nevertheless, despite these positive market sentiments the overall purchasing activity for Sodium Benzoate excipients from the downstream and overseas markets remained on the lower side, demonstrating a weakened trade momentum.
While, prices stabilized towards the end of Q1 as demand, consumer confidence, and purchasing activities improved. The market reopening after the Lunar New Year and Spring Festival holidays marked a resurgence in production activities and the introduction of fresh inventories. This often resulted in a price rebound as domestic demand surged and international off-takes increased to procure bulk inventories. Manufacturers and suppliers witnessing a sign of profitability focused on clearing their inventories before the end of the quarter to start the new quarter with a new batch.
Europe
In the first quarter of 2024, Sodium Benzoate Excipient pricing in Europe, especially in Germany, showcased significant fluctuations akin to other importing nations. January marked a steady ascent in prices, followed by a notable plunge exceeding 8 percent in February, and a subsequent gradual recovery in March.
The upward trend in January was fueled by a continuous surge in regional and international quotations from end-user sectors. However, this momentum was tempered by challenges such as heightened freight costs and export disruptions, including the redirection of shipping routes to circumvent the Red Sea crisis. These disruptions led to increased shipping expenses, order cancellations, and delays in container movement, impacting product deliveries across importing nations. As February commenced, the Sodium Benzoate Excipient market in Europe experienced a marked downturn, influenced by various factors resulting in a sudden drop in regional and international quotations. Market participants sought stability in existing inventories, strategically managing stocks to offset potential profitability risks. The persistent Red Sea crisis further exacerbated trade disruptions, causing delays in consignment arrivals and heightened expenses in exporting perishables like fruits and vegetables. Additionally, stringent packaging regulations contributed to increased food spoilage during transit, further dampening market sentiment. This reluctance to provide new quotations led to an overall decline in Sodium Benzoate Excipient prices in February 2024.
Lastly, as the quarter commenced in March 2024, the prices witnessed another steady rebound with a moderate rise in regional consumption. However, trades possessed more than sufficient inventories balancing the overall arrived demand within the region. Supporting this, in the wake of gaining higher profit margins and the Euro's depreciation against the US dollar added to the market challenges, and helped the traders to export their goods at a higher cost in Germany.
For the Quarter Ending December 2023
North America:
In the fourth quarter of 2023, the North American Sodium Benzoate Excipient market witnessed a consistent uptick in prices attributed to several pivotal factors. Firstly, the ongoing winter season and heightened demand for processed and frozen food items resulted in an increased usage of Sodium Benzoate as a preservative. Consequently, buyers and domestic retailers amassed larger quantities of the product to ensure an ample supply and mitigate potential shortages. Aligning with market trends, the global expansion of the pharmaceutical sector contributed to a growing need for sodium benzoate excipient.
Furthermore, the cost of materials like Benzoic Acid Excipients experienced a sustained increase, further contributing to the escalation of Sodium Benzoate prices until the middle of Q4. The appreciation of the Chinese Yuan against the US dollar added to the importing costs, impacting the market dynamics. Additionally, port congestion resulted in a shortage of shipping containers, exacerbating existing challenges. Labor shortages in agriculture, food processing, and pharmaceuticals played a role in driving prices higher. The disruption in transporting imported food products due to port congestion further compounded the overall price increases.
In support of this continuous upward trend, businesses grew more optimistic about the future, leading to increased investments, especially during the festive season when consumer demand surged. Market participants placed bulk orders to replenish their inventories, resulting in a spike in demand that compelled businesses to raise their quotations. Constrained inventories contributed to a demand-supply imbalance, further strengthening the overall market. However, fluctuations in the cost of raw materials, including benzoic Acid Excipient used in Sodium Benzoate Excipient production, played a role in influencing the final product cost, resulting in a narrowed spread chart. Overall, in summary, the Sodium Benzoate Excipient market in North America exhibited a positive trajectory in the fourth quarter of 2023, driven by heightened demand and cost support from upstream markets with the latest price for Sodium Benzoate Excipient in the USA at the end of the current quarter is USD 2058/MT.
APAC:
The APAC region faced challenges in the Sodium Benzoate Excipient market during the fourth quarter of 2023. Despite various factors affecting the market and prices, there was a sustained optimistic outlook. As October commenced, there was a consistent increase in demand from end-user sectors, leading to a continuous upward trend in Sodium Benzoate Excipient prices. The conclusion of the Golden Week holidays added momentum, generating heightened interest among downstream customers, along with an increase in overseas inquiries. The onset of winter in overseas regions further fueled interest among downstream customers, contributing to a continued rise in Sodium Benzoate Excipient prices. In November, China, a key producer of Sodium Benzoate Excipient, experienced production disruptions, resulting in labor shortages and logistical challenges. These disruptions, coupled with increased manufacturing costs, contributed to the overall surge in prices. The combination of heightened demand and supply chain bottlenecks created a supply-demand imbalance, pushing prices upward. Additionally, Benzoic Acid Excipient, the raw material, saw strengthened prices in the Chinese market for the month, reflecting an upward trajectory on the spread chart. Market dynamics indicated a constrained supply, with factories maintaining low inventory levels. Maintenance companies gradually increased production in response to the continuous rise in demand, supporting the prevailing market trend. Despite weakened feedstock prices, Sodium Benzoate Excipient prices continued to ascend, maintaining an upward trajectory even in December 2023. Moreover, while global demand played a significant role, a specific spike in demand for sorbates within a particular region may have exceeded domestic production capacity, resulting in a localized price increase. With this, the prices of Sodium Benzoate Excipient across the Chinese market were assembled at USD 1978/MT.
Europe:
The closing quarter of 2023 brought about a notably positive phase for Sodium Benzoate Exp prices in the European region, particularly accentuated in the German market. During this period, prices exhibited a sustained upward trajectory, primarily propelled by an increased demand surge from downstream industries, with a particular focus on the processed and frozen food sectors. This heightened demand resulted in a tangible shortage of Sodium Benzoate Exp within the German market, thereby catalyzing a consistent rise in prices throughout the entire quarter. In addition to the demand-driven dynamics, the relative strengthening of the Euro against select currencies further influenced the pricing landscape in the region, adding an additional layer to the market's pricing dynamics. Another contributing factor to the prevailing price trend was the augmented cost of upstream Benzoic Acid Exp, which acted as a further catalyst supporting the upward movement in Sodium Benzoate Exp prices throughout the entire fourth quarter of 2023. Despite these price fluctuations, the supply side of the market demonstrated resilience, with merchants maintaining sufficient stocks to meet the overall demand. On the demand side, there was discernible improvement, marked by increased inquiries from key sectors such as food, pharmaceuticals, and healthcare. The overall market sentiment remained positive, with prevailing expectations pointing towards a sustained rise in prices in the coming months. As a reflection of the market dynamics, the latest recorded price for Sodium Benzoate in Germany for the fourth quarter of 2023 stands at USD 2098/MT, underscoring the prevailing trends and economic indicators shaping the Sodium Benzoate Exp market in the region during this period.
For the Quarter Ending September 2023
North America
The Sodium Benzoate Excipient prices across the North American region, primarily within the United States, dropped for the entire third quarter of 2023. As the First half of Q3 commenced, the values of Sodium Benzoate Excipient rose at a very moderate level. However, retailers in the area were focused on raising their domestic prices to sell their goods at a higher cost and gain their profit margins. Also, the market had priced in a higher CPI increase of 3.3 percent to 305.84 points. This supports the demand side of the region. Considering that most of the raw materials that the US imports to use in the food preservation and pharmaceutical industries come from China, the rising cost of imported Upstream Benzoic Acid Excipient is attributed to July's optimistic market trend. In contrast, moving towards August, the cost of Sodium Benzoate Excipient started to decline in the US market. With more products entering the local spot market in the past month, the Sodium Benzoate Excipient inventory is still high. As a result of the manufacturers' persistent acquisition of materials in response to orders, there was a steady supply of Sodium Benzoate Excipient. Furthermore, New orders exhibited a decline for the tenth consecutive month, although the rate of decline was less pronounced compared to July in August as the merchants were highly focused on to destock their inventories first. Further contributing to this, The United States faced a situation characterized by rising energy prices and wages as September approached. It is well known that these inflationary pressures cause ripple effects throughout the supply chain, impacting all industries. The decline in import volume from major exporting countries—China in particular—made the situation worse as injuries continued to drop, resulting in a pessimistic price trend.
Asia Pacific
The Sodium Benzoate Excipient began July with prices demonstrating an optimistic trend, witnessing a modest increase in inquiries both domestically and from international markets. The rise in the prices was supported by a moderate rise in downstream and overseas inquiries, which was balanced by the overall availability of inventories among the market participants. Furthermore, Typhoon Dok Suri's recent flooding and landslides in northeastern China, coupled with the current rainy season, have impacted the operations of various commodities, such as food preservatives and pharmaceutical excipients. Additionally, Cost support from the feedstock market further improved the rising market trajectory for the entire month of July for the Sodium Benzoate Excipient. However, as mid-Q3 approached, specifically in August, the prices of Sodium Benzoate Excipient experienced a significant decline, indicating a downward trend once again. This decline within the Chinese market was supported by weaker downstream restocking in factories and slower orders from the traders in the overseas market. August also witnessed a further decline in exports and imports compared to the same month last year, and employment decreased for a sixth consecutive month, albeit at a slower pace. In most cases, the statistical data shows how freight rates are rising. However, despite the rising cost of upstream Benzoic Acid Excipient, the cost of Sodium Benzoate Excipient continues its pessimistic market outlook with inventories pertaining on the higher side.
Europe
Throughout the third quarter of 2023, the market outlook for Sodium Benzoate Excipient demonstrates a mixed trajectory across the European market, primarily in Germany. Firstly, as July commenced, the consumption of Sodium Benzoate Excipient within downstream food and pharmaceutical industries witnessed a moderate increase, keeping its demand on the upper side as the prices on the north side in the first half of Q3-2023. This was further attributed to the rising cost of energy and increasing freight charges from major exporting nations. However, moving towards August, the prices of Sodium Benzoate Excipient experienced a notable decline yet again. This was again on the back of a significant drop in purchasing activity coupled with excess inventories at integrated production facilities in Germany, causing Sodium benzoate Excipient prices to drop throughout the entire month of August. Although import offers have increased this week, they are still significantly lower than domestic prices. Also, the headline inflation rate in Germany was noticeably lower than July's; economists believe the downward trend will accelerate in the months to come. While considering the upstream market, the continual rise in the production of Benzoic Acid Excipient paired with a persistent rise in the cost of energy and fuel kept the trading momentum on the downward side for Sodium Benzoate Excipient as trader in importing nations were getting the upstream material at a higher cost than their incoming inquires for downstream material. Furthermore, as of September, the prices have risen stably yet again, Balancing the overall demand-supply market outlook. With this, the cost of Sodium Benzoate Excipient in Germany was assembled at $ 1860/MT in Germany at the end of September 2023.
For the Quarter Ending June 2023
North America
Across the North American region, the prices of Sodium Benzoate Excipient depict a similar market trajectory as that of the APAC region. Throughout the second quarter, prices of Sodium Benzoate Excipient decreased by an average of 2 percent across the North American region. The fluctuating upstream market of Benzoic Acid Excipient and a steady decrease in domestic inquiries from downstream cosmetic, food, and pharma industries supported the decreasing price trend until the end week of June. However, in June, Sodium Benzoate Excipient prices across the region were recorded at USD 1995/MT CFR New York. Considering the consumer price index for the month of June in North America, primarily in the United States, it increased by 0.1 percent in June 2023 as compared to May, with domestic suppliers of Sodium Benzoic Excipient having sufficient supply on hand to satisfy local demand for this month. Moreover, following the previous month's trend, the imports in the United States were on the upper side even in June, marking a positive market outlook.
Asia Pacific
Across the APAC region, the prices of Sodium Benzoate Excipients have continued their decreasing price trajectory since the beginning of the year 2023. Sodium Benzoate Excipient's price realization is influenced by the ongoing decline in its upstream Benzoic Acid Excipient cost, followed by a sharp increase in its inventories among the merchants. Due to the limited demand that has been successfully balanced with supplies among domestic Merchants as April draws to a close, the price of the Sodium Benzoate Excipient is declined steadily until the end of May 2023. Also, The National Bureau of Statistics reports that the manufacturing Purchasing Managers' Index (PMI) decreased from 49.2 in April to 48.8 in May, resulting in a decline in manufacturing activity. Moving towards the end of the second quarter, the demand for Sodium Benzoate continued to remain feeble, owing to which the merchants offered their product at discounted prices which further benefitted the foreign purchasers as they were able to get the product at a cheaper cost. With this, the prices for Sodium Benzoate Excipient at the end of the second quarter were settled at USD 1900/MT FOB Shanghai.
Europe
The prices of Sodium Benzoate Excipient across the German market witnessed a depreciating price trajectory throughout the second quarter. A decrease in inquiries from the downstream pharmaceutical and food industries kept the market on the downward side. Additionally, the market for Sodium Benzoate Excipient shrank with a decrease in upstream Benzoic Acid cost. Until the middle of the second quarter, the prices went down at a steady rate across the German market. While approaching the end of Q2, the prices went down by more than 3 percent. Additionally, the appreciation of the euro against the Chinese renminbi supported the downward price trend of products in their region. This makes imported goods cheaper for businesses from other countries, which benefits the consumers as they are able to purchase the end products at a lower price than usual. With this, the prices for Benzoic Acid Excipient in the German market were assessed at USD 1975/MT CFR Hamburg. Also, In June, the manufacturing PMI was 51.3, down from May's 54.8. German consumer prices increased 6.8 percent in June from a year earlier, according to Destatis, a statistics agency, compared to a 6.3 percent increase in May.
For the Quarter Ending March 2023
North America
The first quarter of 2023 saw a decremented price trend for Sodium Benzoate Excipient because of decreased domestic demand coupled with adequate supplies among the market participants. In Early January, prices showed a weaker trend which was supported by lower end-user demand followed by sufficient stockpiles. Besides this, according to market specialists, export nation trade activities had increased to some extent in 2022, but inquiries from traders remained low. Also, as expected, there were not as many requests for medicinal excipients like sodium benzoate after the end of the New Year's celebrations, which led market participants to lower their pricing in the domestic market throughout the end of this quarter. This decrease in upstream Benzoic Acid cost additionally supported the lower market trend for Sodium Benzoate Excipient in the United States until the end week of March. The prices for Sodium Benzoate Excipient recorded during this month were assembled at USD 1370/MT in the United States.
Asia Pacific
In the APAC region, Sodium Benzoate Excipient prices continued to remain on the lower side throughout the end of the first quarter of 2023. China's export continued to struggle during January, as trade activities remained feeble during the first half of January 2023, and a significant arrival of the Lunar New Year in the country led to disrupting of the production lines and waning supplies both at the domestic and international markets. Moreover, a reduction in inquiries from end-user food and beverage industries was another factor that supported the negative price trend of Sodium Benzoate excipient on the lower side. Also, reduced freight charges and weaker consumer interest further supported the current trend in China. Besides this, market participants assert that they decided to keep rolling down their quotes to clear out their current stock since there were enough stocks among them and very few local and overseas inquiries until the end of March 2023. With this, the prices for Sodium Benzoate Excipient were assembled at USD 1280/MT in China.
Europe
In Europe, the price for Sodium Benzoate Excipient plummeted throughout the first quarter of 2023. Lower end-user sector demand, a poorer consumer confidence index, and increased stocks were some of the variables that kept the price of sodium benzoate excipient in the negative territory. However, the overall market trend for Sodium Benzoate Excipient this quarter was unaffected by the more affordable imports from the APAC area. As February draws near reduction in freight charges owing to ease in the logistical problems with more than enough cargo capacity on ships and no longer any traffic at German ports did not affect the market trend because the inquiries remained on the lower side. Overall, weak demand and poor customer interest led to increased sodium benzoate excipient stocks across market participants, which in turn supported the declining price trend in Germany. With this, the cost of Sodium Benzoate Exp. Recorded were assisted at USD 1335/MT in Germany.
For the Quarter Ending December 2022
North America
The prices of Sodium Benzoate excipients witnessed a mixed price trend during the final quarter of 2022 in the United States. Over the first half of the fourth quarter, Sodium Benzoate excipient price gradually decline with a decrease in its end-user demand. Upstream feed Benzoic Acid cost additionally supported the dwindled price trend of Sodium Benzoate in October. Following mid-q4, the quotations from traders increased significantly owing to a rise in its necessity within the domestic market. Furthermore, Supply chain disruption, which decreased rapidly over the six months to November and is now stabilized, including shipping costs somewhat, has helped easy availability of end-user products with market players, keeping the prices of Sodium Benzoate excipient on the upper end. Towards the end of q4, the prices dropped again in December and visualized a decrement at 2720/MT CFR New York.
APAC
In the fourth quarter of 2022, Sodium Benzoate excipients in the Asia Pacific area, particularly in China, demonstrated varied price trends. At the beginning of the fourth quarter, i.e., in October, the prices of Sodium Benzoate excipient declined considerably, following the trend of the previous month as the production cost witnessed a sharp fall. Later in mid-q4, as the demand surged, slightly market participants still had sufficient inventories with them to cater to overall requirements within the local market. Further, towards the end of this fourth quarter, the prices of Sodium Benzoate Excipients started to drop gradually owing to the resurgence of COVID-19 cases, which had an as significant effect on its manufacturing capacity and availability of upstream Benzoic Acid cost. With this, the cost of Sodium Benzoate Excipient in China was discussed at USD 1970/MT FOB Shanghai.
Europe
The Sodium Benzoate excipient market in Europe followed a similar trajectory to that in Asia Pacific during the fourth quarter of 2022. Start of the fourth quarter, the prices witnessed a significant dip with declining downstream demand and weakened upstream Benzoic Acid cost. Later in mid-q4, i.e., in November, a rise in demand from the end-user pharmaceutical business and sufficient stocks among the market players kept the market sentiments of Sodium Benzoate Excipient on the upper side. After November, sodium Benzoate Excipient again dropped considerably owing to a decrease in fresher orders from traders, New Year breaks, and the temporary shutdown of the local market. With this, the cost of Sodium Benzoate Excipient witnessed a settlement of USD 3100/MT CFR Hamburg in Germany.
For the Quarter Ending September 2022
North America
In the North American region, the third quarter of 2022 saw a declined market sentiment for Sodium Benzoate Excipient on account of weaker offtakes from downstream sectors such as pharmaceuticals and food. This was due to the wide availability of products in the local market. As the largest importer of Sodium Benzoate Exp. from China's domestic market is the United States, poor demand and enough stock kept the market sentiments of Sodium Benzoate Exp. On the lower side. Overall, with a month-on-month decrement, the Prices for Sodium Benzoate Exp. Settled at USD 2745 /MT CFR New York toward the end of the third quarter of 2022.
APAC
Asia Pacific region showcased varying market sentiments for Sodium Benzoate Excipient during the third quarter of 2022. In China, the values inclined stably during July, resulting in the destocking of stockpiled product inventories in both domestic and international markets. This further resulted in low freight costs as well as supply and port bottlenecks, which additionally supported the stability in the prices of Sodium Benzoate Excipient. Moreover, in the second half of q3, the prices went down considerably owing to low to moderate demand and increasing inventories with the suppliers. Towards the end of the Q3 of 2022, the Sodium Benzoate Exp. costs were assessed at USD 2170/MT FOB Shanghai in September.
Europe
European region mimics a similar pricing tendency as per Asia pacific for Sodium Benzoate Excipient throughout the third quarter of 2022. This was considerably due to a rise in demand from downstream businesses, such as the pharmaceutical sector, which resulted in its price increment in the first month of the third quarter. However, the price values started to decline in the second month of the third quarter and kept going until the end of q3. The fall in prices was primarily due to lessening customer inquiry and downstream merchants' ability to meet the necessities within the domestic market. With this in September, the Sodium Benzoate Exp. cost was assessed at USD 3175/ MT CFR Hamburg in Germany.
