For the Quarter Ending September 2023
North America

In the third quarter of 2023, the United States witnessed a notable decline in Vitamin C prices, as CFR values dropped from $3750/mt to $3490/mt between July and September. This decline marked a challenging conclusion to the quarter, primarily attributed to significantly reduced end-user demand and an abundant supply available to meet the overall demand in the US vitamin C market. Throughout the quarter, the Federal Reserve expressed ongoing concerns about the country's economic development, hinting at potential inflationary pressures. A report indicated that the US manufacturing sector contracted in July for the ninth consecutive month, with companies scaling back staff and output in response to dwindling new orders. The demand for nutraceuticals, particularly Vitamin C, from overseas also decreased substantially in the latter half of Q3, owing to the ample supply from domestic sources. With Federal Reserve assistance, states participating in the Soft Landing Summer program observed promising economic indicators in the latter part of the quarter, suggesting a positive shift away from the anticipated recession in the US economy.

Asia Pacific

In the third quarter of 2023, China experienced a downward trend in Vitamin C prices, with discussions reflecting a decrease from $2500/mt to $2220/mt FOB Shanghai between July and September. The world's second-largest economy exhibited slower-than-expected growth in the first half of 2023 due to increasing deflation, substantial youth unemployment, and weak foreign demand. This trend persisted into the second half of the year, with the economy entering the third quarter on a downward trajectory. The primary factors contributing to the price reduction were notably low end-user demand from the Food & Beverage, Pharma, and Nutra industries in both domestic and foreign markets, along with high stock availability from local suppliers. Despite the arrival of China's golden week in September, the impact on the Vitamin C market was minimal, as its prices remained on the lower side compared to other nutraceuticals. The export of nutraceuticals, particularly Vitamin C, influenced both domestic and global markets in the final weeks of the quarter, driven by the strengthening Yuan and the depreciation of the US dollar.

Get Real Time Prices of Vitamin C: https://www.chemanalyst.com/Pricing-data/vitamin-c-1258

Europe

Commencing at $3300/mt in July, Vitamin C prices in Germany's domestic market experienced a continuous decline throughout the third quarter, reaching $2850/mt CFR Hamburg by September's end. An excess of inventory levels satisfying the subdued demand prompted Vitamin C providers to reduce their quotations over the quarter. Analysts noted persistent issues in the German manufacturing sector at the beginning of the third quarter. Manufacturers and distributors of nutraceuticals reported significant drops in production, new orders, and factory pricing, indicating a dire situation. The steep loss in new orders, the largest in over three years, contributed to the overall sales slump. Consumers exhibited caution, leading to a gradual decrease in stock levels and weak demand for various goods, including nutraceuticals. Geopolitical tensions, tighter financial conditions, and economic uncertainty further impacted the drop in demand. Despite a slight increase in the composite score from 46.7 in August to 47.1 in September, PMI statistics revealed contraction in the private sector across the eurozone. The European Central Bank responded by raising interest rates twice during this quarter.





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