For the Quarter Ending June 2023
North America
In the North American region, the pricing trends for Potassium Sorbate closely mirror those observed in the APAC region. Over the entirety of the second quarter, Potassium Sorbate costs saw a consistent decline of over 11% on average across North America. The fluctuating Sorbic Acid market and dwindling demand from downstream sectors like food and personal care contributed to the downward price trajectory until June's conclusion. However, by the end of June, the cost of Potassium Sorbate within the region settled at USD 2580/MT CFR New York. The Consumer Price Index for June, particularly in the United States, indicated a 0.1% increase compared to May. Local Potassium Sorbate suppliers maintained ample stock to meet Q2-2023's regional demand. Furthermore, following the previous month's trend, imports to the US were slightly elevated due to the weakened Chinese Yuan against the USD. This advantageous exchange rate facilitated traders and suppliers in obtaining goods at lower rates, allowing them to either sell at a higher price or maintain regular rates based on profit margins.
Asia Pacific
Within the APAC region, the declining trend in Potassium Sorbate prices persisted from the middle of the first quarter of 2023. The cost of Potassium Sorbate was primarily influenced by the continual reduction in Sorbic Acid prices upstream, coupled with a significant surge in vendor inventories. As April concluded, and supply equilibrated with domestic demand, prices in China settled at USD 3075/MT. Despite a similar scenario in May, where demand for upstream sorbic acid remained subdued and availability exceeded the needs for downstream Potassium Sorbate production, the Purchasing Managers' Index (PMI) for manufacturing reached 49.0 in June. This indicates ongoing feeble production across various sectors including excipients. Merchants aimed to stabilize their profit margins by offering products at discounted rates during this period. Consequently, Potassium Sorbate prices reached USD 2500/MT FOB Shanghai by the second quarter's end.
Europe
Potassium Sorbate prices within the German market exhibited a descending trend throughout Q2 2023 due to reduced inquiries from the food and personal care industries downstream. Abundant local retailer stocks, coupled with declining upstream Sorbic Acid costs, contributed to the subdued market environment from April onwards. As June approached, prices experienced a decline of over 16% compared to the preceding month. Factors such as disrupted weather conditions, an ongoing labor crisis, and escalating energy costs led to diminished purchasing activity. Buyers hesitated to place substantial orders due to seasonal changes, halting the restocking process to prevent damage risks. Consequently, Potassium Sorbate Excipient prices in the German market were assessed at USD 2535/MT CFR Hamburg.
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