For the Quarter Ending September 2023 North AmericaIn the third quarter of 2023, Erucic Acid prices in the North American region experienced fluctuations driven by moderate demand and supply dynamics. Initially, prices held steady in the face of rising production costs attributed to elevated Rapeseed Oil prices. Mid-quarter, prices surged due to a strained global supply of Rapeseed Oil caused by reduced cultivation rates in Europe. Concurrently, logistics faced challenges with prolonged U.S. shipping routes, impacted by lower water levels in the Mississippi and Ohio rivers and delayed shipping activities through the Panama Canal. Biodiesel manufacturers sustained firm demand amidst inflation and increased Diesel demand due to the U.S. cap on Russian Grade Crude Oil. Toward the quarter’s end, prices reversed course, declining as supply rates improved. Decreased production costs, stemming from lower Rapeseed Oil prices and enhanced product availability globally, coincided with diminished demand from the food sector amid regional inflation, leading suppliers to adjust quotations negatively to stimulate offtakes.AsiaIn the Asian region, Erucic Acid prices demonstrated a bullish trend, rising by approximately 5% in the third quarter of 2023. The quarter commenced with tightened Rapeseed Oil supplies in Europe, driven by affected Rapeseed cultivation due to dry weather conditions, contributing to increased upstream costs. Simultaneously, disruptions in the supply chain extended logistics durations. Mid-quarter, orders remained steady, supported by consistent consumption of food additives in the food sector and demand from Biodiesel manufacturers. Inadequate inventory levels and supply disruptions due to the El Nino effect and regional storms, including Doksuri Saola, along with heavy rains, affected supply rates. Towards the end of Q3, limited supplies from Europe resulted in rising prices. Simultaneously, Erucic Acid orders increased from regional buyers due to festive seasons, holidays, and heightened consumption and procurement activities in the food sector and Biodiesel production.Get Real Time Prices of Erucic Acid: https://www.chemanalyst.com/Pricing-data/erucic-acid-1443EuropeErucic Acid prices in Europe experienced oscillations during Q3 2023. Initially, tightened Rapeseed Oil supplies in Europe, stemming from affected Rapeseed cultivation due to dry weather conditions, supported upstream costs. Mid-quarter, declining orders from buyers, attributed to sluggish demand for acidity regulators in the food sector and fuel from Biodiesel producers, occurred amid high energy prices and increased interest rates by European banks, causing a slowdown in Eurozone growth. Concurrently, decreased Rapeseed yield and cultivation area in key countries such as France and Hungary stressed the availability of Rapeseed Oil feedstock. Rapeseed Oil production rates declined, negatively impacting overall production towards the end of Q3 and leading to rising prices due to limited supplies. Simultaneously, Erucic Acid orders increased from Asian importers, driven by festivals, holidays, and heightened consumption and procurement activities in the food sector and Biodiesel production.
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