North America

The Benzoic Acid market in the North America region experienced significant fluctuations in the fourth quarter of 2023, influenced by various factors that affected both market dynamics and pricing. At the onset of October, a notable surge in demand from the downstream sector, driven by diverse end-user industries, resulted in a tightening of supply and subsequent price increases. This demand spike, coupled with rising input costs—particularly for raw materials like Toluene—further contributed to the upward trend in prices.

The economic situation in the United States also played a pivotal role in shaping market sentiments during this period. Inflationary pressures and escalating energy prices in the U.S. impacted the Benzoic Acid market. However, towards the end of October, prices began to depreciate, concluding the fourth quarter on a downward note. The USA, being an importer, followed suit in this price decline. Key Chinese provinces, significant players in the Benzoic Acid Prices, experienced a decline in prices, which had a ripple effect on overall pricing in the USA. Several factors, including reduced international demand leading to lower export prices, contributed to this decline. Moreover, the U.S. Benzoic Acid market faced a price reduction due to excess inventory among suppliers, highlighting challenges in effectively managing stock.

Adding complexity to the situation were upstream factors, specifically the decline in Toluene prices. Throughout December, Toluene prices persistently dropped due to continuously decreased demand. Given Toluene's critical role as a raw material for benzoic acid production, its reduced prices intensified the broader downward trend in benzoic acid prices. The quarter concluded with a Benzoic Acid price of USD 1160/MT CFR New York in the USA, experiencing an average quarterly decline of 2.96%.

Asia Pacific

The Benzoic Acid market in the APAC region faced notable challenges during the fourth quarter of 2023, marked by significant price fluctuations. Various factors influenced the market dynamics throughout this period. At the beginning of Q4, prices witnessed an increase, primarily attributed to a surge in demand from end-users. Concurrently, a reduction in production capacity among Toluene manufacturers resulted in tight supplies and limited inventory. The sudden spike in demand, driven by concerns of shortages, escalated the production costs of Benzoic acid. To maintain profitability, manufacturers had to adjust their pricing strategies. Additionally, strategic bulk buying by market players aiming to replenish their stocks contributed to the price surge. However, as November commenced, there was a notable decrease in Benzoic Acid demand, leading to an excess inventory and subsequent price decline. This was mainly attributed to the sluggish economic recovery in China, a key consumer of Benzoic Acid. Furthermore, the continuous decline in the prices of the raw material Toluene, used in Benzoic Acid production, further contributed to the overall decrease in prices. Supply constraints were also observed as manufacturers operated at reduced capacities.In China, Benzoic Acid prices depreciated by an average of 3.35% quarterly. The domestic market faced an oversupply of local goods and sluggish trade orders, resulting in a gradual decline in prices. Demand from downstream industries remained low to moderate, and suppliers maintained sufficient inventory to meet overall off-take requirements. Notably, there were no reported plant shutdowns during the quarter. China, as a significant market player, experienced a price decrease and a moderate demand outlook from downstream industries. The quarter concluded with a Benzoic Acid price of USD 1070/MT FOB Shanghai.

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Europe

In the last quarter of 2023, the European Benzoic Acid market encountered various challenges that had an impact on pricing. Initially, as October commenced, there was a significant decrease in the demand for Benzoic Acid throughout the region, resulting in an excess of inventory. This surplus exerted pressure on the market, leading to a reduction in prices. The prevailing expectation was based on the anticipation of an uptick in inquiries from the downstream sector, prompting proactive accumulation of excipients. However, as December approached, the market took an unforeseen turn, compelling merchants to adjust their inventory levels in response to the evolving situation. Additionally, the cost of raw materials, especially Toluene, decreased during this period, leading to lower production costs for Benzoic Acid manufacturers. These cost reductions were passed on to consumers, further contributing to the price decline. Notably, the Netherlands witnessed the most substantial price changes in the region, with its market remaining constrained, featuring moderate supply and demand. In summary, the European Benzoic Acid market faced a challenging quarter, characterized by diminished demand and an oversupply that led to a decline in prices. The latest price of Benzoic Acid (Tech. Grade) FOB Rotterdam in the Netherlands for the fourth quarter of 2023 was USD 1175/MT, reflecting an average quarterly decline of 1.24%.

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