Citric Acid Prices, Monitor, Analysis & Demand

North America:

In the North America region, the Citric Acid market in the fourth quarter of 2023 faced several significant factors that impacted prices. Firstly, until the first half of the quarter, there was an overall improvement in the domestic market situation, with increased demand and replenishment of inventories. This was driven by rising input-cost inflation and a surge in domestic inquiries, particularly due to the onset of the winter season. Additionally, the import market experienced supply challenges, with limited inventories among suppliers and a decrease in imports from key exporting countries from H2 of Q4 2023.

For the domestic market of Citric Acid, it witnessed a notable increase in Citric Acid prices throughout the quarter with prices inclining from $2370/mt to $2450/mt between October and December. This was influenced by rising wages and energy prices, which caused inflationary pressures throughout the supply chain. Furthermore, the decrease in import volume from China contributed to a high supply and lowered prices. The bulk ordering and replenishment of inventories by businesses further strained supply and pushed prices higher. Despite these challenges, the market outlook remained optimistic, with expectations of improved demand and steady behavior from buyers. Overall, the Citric Acid market in the North America region, specifically in the USA, faced challenges in supply and increased prices due to various factors. The market outlook remained optimistic, and the quarter ended with a Citric Acid price of USD 870/MT CFR New York in the USA.

APAC:

In the fourth quarter of 2023, the Citric Acid market in the APAC region witnessed several significant factors that impacted prices. Firstly, there was a global decline in prices due to decreased international demand, particularly from major exporting nations. This decline was driven by lower export prices from key Chinese provinces and surplus inventory among German suppliers. Secondly, South Korea, as a major player in the Citric Acid market, experienced a notable reduction in imports, indicating a shift towards accumulating inventory to meet domestic demand. This decrease in imports, coupled with limited supply and steady demand, contributed to a price surge in the country. Additionally, the South Korean Won appreciated by 3.94% against the USD, further influencing the pricing trend. Furthermore, the Consumer Price Index (CPI) in South Korea declined in November, reaching 112.74 points, reflecting subdued levels of activity in the domestic market.

The overall trend in the Citric Acid market in South Korea during the fourth quarter of 2023 was influenced by increased demand, both domestically and internationally. This demand was driven by heightened consumer purchases and the need to replenish inventories with fresh stocks. While the market experienced limited supply, production activities provided cost support to meet the rising demand. In conclusion, the Citric Acid market in the APAC region, particularly in South Korea, saw a price surge in the fourth quarter of 2023 due to increased demand, limited supply, and currency fluctuations. The market was also influenced by global factors such as declining prices in major exporting nations and surplus inventory among suppliers. The latest price of Citric Acid Anhydrous CFR Busan in South Korea for the current quarter is USD 770/MT.

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Europe:

In the fourth quarter of 2023, the Citric Acid market in Europe experienced various factors that influenced prices and market dynamics. One of the primary reasons for the market fluctuations was the overall improvement in market conditions and increased demand from downstream industries. This resulted in a consistent rise in prices during the quarter. Another contributing factor was the availability of ample supply in the market, leading to a demand-supply imbalance and subsequent price adjustments. Additionally, the appreciation of the Euro against other currencies boosted the competitiveness of Belgian exports, leading to increased global demand and higher domestic prices. In Germany’s domestic market, Citric acid Anhydrous prices were recorded at $1620/mt at the quarter end.

In terms of Belgium, which experienced the most significant price changes, the market situation improved due to positive economic growth, rising employment, and consistent inflation rates. The country witnessed a slight increase in consumer price index (CPI) and core inflation, indicating improved consumer confidence and expenditure. However, there were no reported plant shutdowns during this period, with operating rates remaining high. Analyzing the price trends for Belgium in the fourth quarter of 2023, there was an overall decrease of 2% in prices compared to the first half of the quarter. This can be attributed to low demand from end-user industries and destocking activities. The quarter ended with a price of USD 1260/MT of Citric Acid FOB Antwerp in Belgium.

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