For the Quarter Ending December 2024
North America
During Q4 2024, Vitamin B5 (D-Calpan) prices in North America, particularly in the USA, exhibited a steady downward trend of -2.15%, declining from $7890 per MT in October to $7720 per MT FOB New Jersey in December 2024. This consistent price decline stemmed from various factors. Despite initial support from pharmaceutical and nutraceutical industries' demand, prices continued to soften. US importers had built strategic stocks ahead of China's Golden Week holiday, which contributed to the bearish market sentiment. The post-holiday period saw continued price pressure as supply chains normalized, further accelerating the downward trend.
In Q4 2024, logistical challenges at Shanghai and Los Angeles ports, combined with labour disputes including the ILA strike affecting East and Gulf Coast operations, initially caused concern. However, these factors couldn't prevent the declining price trajectory. Market participants maintained routine procurement despite anticipated U.S. tariff changes, while Chinese exporters continued to offer competitive prices. December saw further price erosion as domestic suppliers implemented destocking initiatives while Chinese export prices softened, creating additional advantages for US buyers.
The market's downward momentum intensified as 2024 drew to a close. Despite the consistent price decline, underlying end-user demand remained stable throughout the quarter, particularly in pharmaceutical and nutraceutical applications. However, this steady consumption wasn't enough to offset the bearish market forces, resulting in continued price deterioration through the quarter's end.
APAC
In Q4 2024, Vitamin B5 (D-Calpan) prices in China demonstrated a persistent decline, falling from $7,180 per MT in October to $7,100 per MT FOB Shanghai in December. The quarter began with the Chinese Golden Week holiday, temporarily pausing market activities. Despite international buyers securing supplies through pre-emptive procurement, prices continued their downward trajectory. The post-holiday period saw further price erosion, even as market activity resumed given the nominal demand. Lower freight rates and improved logistics costs weren't sufficient to prevent the continued price decline.
December witnessed further price depreciation as systematic destocking initiatives were implemented across the supply chain before the Christmas. Manufacturers and suppliers actively adjusted their inventory positions ahead of the holiday season, intensifying the downward pressure. While demand fundamentals remained relatively stable, with consistent procurement patterns across both domestic and international channels, prices continued to soften. This created increasingly attractive buying opportunities as the quarter progressed.
Europe
In Q4 2024, Vitamin B5 (D-Calpan) prices negotiations in Germany maintained a steady decline. Despite initial market stability supported by proactive stocking ahead of China's Golden Week and steady consumption from pharmaceutical and nutraceutical sectors, prices continued their downward trend throughout the quarter.
The bearish sentiment persisted through November, despite stable end-user demand. German buyers benefited from the declining price trend, while merchants faced pressure on profit margins due to the consistent price erosion in the market. December saw further price weakening as European distributors actively reduced inventory levels while Chinese exporters continued to lower their prices. This created increasingly favourable buying conditions, encouraging strategic purchases from Asian suppliers. While market fundamentals remained relatively healthy with steady consumption in both pharmaceutical and nutraceutical sectors, prices continued their downward trajectory through the quarter's end.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Vitamin B5 market experienced significant price escalations, driven by multiple factors affecting market dynamics. The market witnessed an upward trend resulting in a quarter-end price of USD 7850/MT for Vitamin B5 (D-Calpan) CFR New York, representing a 1% increase from the first half of the quarter. This price movement reflected the market's response to various prevailing influences throughout the period.
Key factors contributing to this price surge included supply chain disruptions, shifting consumer preferences, and evolving global trade patterns. The US market demonstrated notable resilience despite facing operational challenges such as disrupted logistics and plant shutdowns. These elements collectively created upward pressure on Vitamin B5 prices, fostering a positive pricing environment in the region.
The market landscape remained dynamic throughout the quarter, characterized by seasonal variations and price correlations. Despite experiencing significant fluctuations, the US market successfully adapted to these evolving conditions, showing its ability to maintain functionality while navigating through various operational and logistical challenges. This adaptive response highlighted the market's resilience in managing multiple external pressures while maintaining operational continuity.
APAC
In Quarter third of 2024, the Asia Pacific region's Vitamin B5 market demonstrated notable price dynamics, with China experiencing significant fluctuations. The quarter concluded with a price of USD 7100/MT for Vitamin B5 (D-Calpan) FOB Shanghai, reflecting a complex interplay of market forces. While the market showed a -1% change from the previous quarter, it recorded a substantial 5% price variation between the first and second half of Q3, highlighting the market's volatility.
Several key factors influenced this pricing trend, including shifting market dynamics, production adjustments, and evolving global demand patterns. The market demonstrated seasonal price impacts, with clear correlations between price changes and market fluctuations. Despite facing challenges such as disruptions and plant shutdowns, the APAC market maintained its momentum through the quarter.
The pricing environment's resilience throughout these fluctuations signalled market stability, particularly in China where the maximum price changes were observed. This adaptability to varying market conditions, combined with the market's ability to maintain operations despite disruptions, indicated a positive outlook for the APAC region's Vitamin B5 market. Coming onto the demand and production, it is safe to say that both remained intact throughout the quarter.
Europe
Throughout Q3 2024, the Europe region experienced a period of stability in Vitamin B5 pricing. This stability was influenced by several key factors, including consistent demand from various industries, balanced supply levels, and minimal disruptions in the supply chain. The market maintained equilibrium due to adequate inventory levels and steady consumer interest in Vitamin B5 products. Seasonal trends and correlations in price changes were also observed, with prices remaining relatively unchanged between the first and second half of the quarter.
Germany, in particular, saw the most significant price changes during this period. The market experienced minor fluctuations, with a slight decrease of 2% from the previous quarter. Despite this, overall trends remained stable, reflecting resilience in the face of economic challenges. The quarter-ending price for Vitamin B5 (D-Calpan) in Germany settled at USD 7980/MT CFR Hamburg, showcasing a consistent and steady pricing environment throughout Q3 2024. The disruptions and plant shutdowns during the quarter had minimal impact on market dynamics, further reinforcing the stability observed in the Vitamin B5 pricing landscape.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Vitamin B5 (D-Calpan) market experienced a relatively stable pricing environment. Several significant factors shaped this stability, primarily supply chain disruptions, plant shutdowns, and fluctuating freight costs. Disruptions in import trade flows from key exporting regions, coupled with elevated freight charges, have exerted upward pressure on prices. The General Rate Increase (GRI) and logistical challenges like the Houthi rebels' attacks in the Red Sea and drought conditions in the Panama Canal further complicated the supply chain, prolonging lead times and increasing operational costs. These factors collectively created a balanced supply-demand dynamic, resulting in stable prices.
Focusing on the USA, the market for Vitamin B5 experienced the most noticeable price changes within North America. Seasonal fluctuations and steady demand from the nutraceutical and pharmaceutical sectors contributed to maintaining prices. The market also witnessed a correlation between price changes and freight costs, as higher transportation expenses were partially offset by ample regional inventories. Despite these challenges, the overall trend remained stable, with no significant deviations between the first and second half of the quarter.
Compared to the previous quarter in 2024, prices saw a slight dip of 3%, suggesting a minor easing of market pressures. However, overall, the sentiment remained balanced as the market adapted to existing variables. The quarter concluded with a stable price of USD 7900/MT for Vitamin B5 (D-Calpan) CFR New York, indicating a cautiously optimistic outlook amid a consistent pricing environment.
Asia Pacific
In Q2 2024, the pricing environment for Vitamin B5 (D-Calpan) in the APAC region has been predominantly negative, influenced by several significant factors leading to a consistent price decline. The quarter observed weakened consumer demand and an oversupply of Vitamin B5 in the market, driven by robust production rates despite faltering end-user needs. Disruptions in global supply chains and increased freight costs further exacerbated the situation, leading to prolonged delivery times and heightened market volatility. Additionally, market participants faced substantial economic uncertainties, including fluctuating energy prices and currency depreciation, which negatively impacted production costs and profit margins.
Focusing exclusively on China, the focal point of the most notable price changes, the Vitamin B5 market remained bearish throughout Q2 2024. Seasonal trends saw a subdued demand across pharmaceutical and nutraceutical sectors, contributing to a persistent inventory glut. The correlation in price changes was evident, with a continuous decline reflecting the broader regional trend. Compared to the same quarter last year, prices depreciated consistently, and the previous quarter in 2024 registered a -1% change in prices. More starkly, the first half of the quarter saw a further -2% reduction compared to the latter half.
The latest quarter-ending price for Vitamin B5 (D-Calpan) FOB Shanghai was USD 6990/MT, underscoring the depreciating sentiment in the market. No major plant shutdowns or disruptions were reported during the quarter, maintaining a stable supply. Overall, the pricing environment for Vitamin B5 in the APAC region during Q2 2024 has been decisively unfavorable, characterized by economic headwinds and an oversupplied market, leading to steadily decreasing prices.
Europe
The second quarter of 2024 has been characterized by a consistent decline in Vitamin B5 prices across the Europe region. A confluence of factors has contributed to this downward trend. Notably, ample stock levels, subdued demand from key end-user sectors such as pharmaceuticals and nutraceuticals, and favorable import prices from major producers like China have all exerted downward pressure on the market. Additionally, disruptions in supply chains, exacerbated by geopolitical conflicts and logistical bottlenecks at major ports, have further strained the market, leading to reduced procurement activity. In particular, plant shutdowns at significant production hubs have intensified the supply glut, compelling suppliers to lower prices to clear excess inventory.
Germany experienced the most pronounced price changes, reflecting broader regional trends. The overall sentiment in the German market has been negative, with prices consistently falling due to high stock levels and limited demand. Seasonality and market dynamics have aligned to create a challenging pricing environment, with a recorded -4% change from the previous quarter. As the quarter concluded, the price of Vitamin B5 (D-Calpan) in Germany settled at USD 8090/MT CFR Hamburg, marking a stark reflection of the negative pricing environment that has dominated the market.
For the Quarter Ending March 2024
North America
In the first quarter of 2024, the Vitamin B5 (D-Calpan) market in North America faced pricing challenges, with prices shifting throughout the period. Prices for Vitamin B5 (D-Calpan) in the USA saw a slight decrease, moving from $8200/mt in January to $8020/mt in March. This decline was relatively minor compared to the larger drops seen in previous quarters. The reduced demand from international markets and an oversupply from local providers contributed to this trend. The market in the USA showed an imbalance between supply and demand, with better consumer spending over the holiday season and consistent wage growth supporting the US economy's positive momentum. Despite this, the decreased demand for Vitamin B5 (D-Calpan) led to an excess supply and subsequent price reductions.
Shipments between China, a major producer, and the U.S., a primary importer, were paused during the Chinese Lunar New Year in mid-February. While there were expectations of increased demand for nutraceuticals like Vitamin B5 (D-Calpan) after the holiday in China, the anticipated boost in the U.S. didn't materialize as projected by industry experts. However, demand remained consistent in the U.S. through the first half of Q1 due to fresh supplies from local suppliers. As prices started to drop in March, factors contributing to this included reduced demand from the pharmaceutical and nutraceutical sectors, as well as lower freight costs. This decreased demand aligned with an oversupply from domestic sources, adding complexity to the market dynamics. A diminished interest from Asian markets, especially China, also played a role in the price decline.
In summary, the Vitamin B5 pricing landscape in the USA during Q1 2024 was marked by volatility. Price fluctuations were driven by supply and demand imbalances, supply chain disruptions, and shifting consumer sentiment.
APAC
In the first quarter of 2024, the Vitamin B5 (D-Calpan) market in the Asia-Pacific (APAC) region, with a focus on China, saw modest growth. Prices in China rose slightly from $7050 per metric ton in January to $7220 per metric ton Ex-Shanghai in February, before settling at $7130/mt in March. This stable trend in March marked a significant improvement from the challenges faced in the fourth quarter of 2023, which included weak demand from consumers, limited new inquiries, and surplus inventory.
Starting from mid-January 2024, demand began to improve consistently and maintained momentum through March, indicating a recovery in market sentiment. The first quarter of 2024 showed notable progress with increasing prices, indicating a more balanced supply-demand relationship. This upward trend enabled participants in the Chinese market to sustain healthy profit margins throughout the quarter. However, the growth rate decelerated by a margin in March, with prices seeing a minor dip. Even during the Lunar Chinese New Year holidays, the domestic Vitamin B5 (D-Calpan) market remained robust, backed by strong manufacturing activities leading up to the holiday and the availability of fresh stock. Moreover, international demand for Vitamin B5 (D-Calpan), particularly from the pharmaceutical and other sectors, complicated the supply-demand dynamics and influenced market trends as the quarter progressed.
Despite challenges like dwindling consumer confidence, deflationary trends, youth unemployment, reduced exports, and a decline in foreign investments, China's manufacturing sector showed resilience. The domestic Vitamin B5 (D-Calpan) market in China saw significant improvements, marked by an uptick in demand and manufacturing output.
Europe
During the first quarter of 2024, the Vitamin B5 (D-Calpan) market in Europe displayed a steady pricing scenario influenced by multiple factors. Overall, the market showed relative stability with moderate price fluctuations and no major shocks. A closer look at Vitamin B5 (D-Calpan) prices in Germany during this period indicated positive shifts compared to previous quarters. The relationship between prices and market conditions remained steady throughout the quarter. As Europe's largest market for Vitamin B5 (D-Calpan), Germany witnessed both upward and downward price movements. Prices rose from $8500/mt in January to $8570/mt in February before dropping to $8300/mt in March CFR Hamburg. This stability was bolstered by consistent demand and increased import costs from China.
The European economy faced uncertainties during this timeframe, including rising energy prices and interest rate hikes. These elements created a delicate market backdrop for Vitamin B5 (D-Calpan), making price stabilization efforts more challenging. Until mid-February, various factors influenced Vitamin B5 (D-Calpan) prices in Germany. Increasing import costs from China, amplified by disruptions in the Red Sea and the Chinese New Year festivities, put upward pressure on prices. Additionally, fluctuations in currency exchange rates, such as the Euro's decline against the USD, added to the financial hurdles for German importers.
In March, prices saw a slight dip due to abundant supply and diminished demand. In summary, the Vitamin market in Germany during Q1 2024 was shaped by factors including inflation, federal taxes, supply chain disruptions, and rising energy costs.
