Castor Oil Prices, Pricing, Demand & Supply, News, Market Analysis | ChemAnalyst

For the Quarter Ending September 2023

North America

In the North American region, particularly within the United States, the Castor Oil market witnessed diverse dynamics during the third quarter of 2023. The US Census Bureau's analysis revealed a moderate uptick in the Manufacturing Purchasing Managers' Index (PMI) for the United States, ascending from 46.3 in June to 49 in July. This marked two consecutive months of PMI surpassing 50, indicating expansion in the manufacturing sector. Simultaneously, the consistent surge in Castor oil consumption across various sectors, including food, personal care, and other industries, led to a subsequent rise in its pricing. Moving into August, Castor oil prices in the United States experienced a significant decline, attributed to factors such as the strengthening of the US dollar against the Indian Rupee, making imports from India more cost-effective for US buyers. Furthermore, the demand for Castor oil surged in August 2023, driven by hot weather and increased usage of personal care products. This heightened demand prompted Indian exporters to ship more Castor oil to the USA. Despite export restrictions, Indian exporters ingeniously utilized alternative shipping routes to circumvent government scrutiny, enabling them to export larger quantities of Castor oil and thereby contributing to a decline in prices. However, as September unfolded, prices rebounded, indicating an overall upward trend in trade momentum with a consistent increase in import activity. Ultimately, by the end of September, the cost of Castor Oil stood at $134,000 per metric ton.

Asia Pacific

Throughout the third quarter of 2023, Castor Oil prices displayed a positive market trend, particularly in the APAC region, with India being a major global exporter. The continuous upward trajectory of Castor Oil prices was significantly driven by robust global demand, which remained strong throughout Q3. This demand surge was primarily fueled by growth in both the food and industrial sectors. Castor oil, known for its versatility, plays a crucial role in various products such as biodiesel, soaps, cosmetics, and lubricants. Additionally, excessive rainfall in July motivated farmers to expand Castor cultivation this season. Furthermore, Castor seed prices, the raw material for Castor Oil, fluctuated due to reports indicating an increase in Castor cultivation in specific regions of India. Sowing activities for Castor seeds also exhibited positive trends. Moreover, heightened demand for Castor oil consistently kept prices on the higher side throughout the quarter. A persistent rise in downstream consumption and importing offers for Castor oil resulted in reduced availability among market participants. Consequently, the global supply of Castor oil diminished, leading to a rise in prices. Additionally, escalating energy costs played a role in the increased prices of Castor oil, as energy is a fundamental component in the production and transportation of Castor oil, and rising energy expenses elevated overall production costs, impacting prices in the market.

Get Real Time Prices of Castor Oil: https://www.chemanalyst.com/Pricing-data/castor-oil-1537

Europe

In the European region, particularly in the Netherlands, Castor oil prices mirrored the market trends seen in the Asia Pacific region, notably in India. Throughout Q3, the demand for Castor Oil in the food and pharmaceutical sectors in Europe continued to rise. This increased demand was evident in various industries, including personal care products, food additives, and industrial lubricants, leading to a consistent uptick in supply offers from India, a major global exporter of Castor oil. Additionally, the imposition of export restrictions on Castor oil by Indian exporters in July 2023 significantly reduced its global supply, further driving up prices in Europe. Moreover, the recent weakening of the euro against the US dollar has made Castor oil imports more expensive for European buyers, compelling them to pay a higher amount in euros to purchase the products. Towards the end of Q3, specifically in September 2023, the Netherlands experienced a Consumer Price Index (CPI) inflation rate of 0.2 percent, as reported by Statistics Netherlands. The CPI increased to 129.90 in September 2023, up from 129.25 in August 2023 and 125.63 in September 2022, indicating a year-on-year increase of 3.4%. Consequently, by the end of September, Castor oil prices in the Netherlands had reached $1730 per metric ton.

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