Sorbitol Prices: In the Quarter Ending September 2023 | ChemAnalyst

For the Quarter Ending September 2023

North America:

In the third quarter of 2023, Sorbitol prices in North America demonstrated a consistent pattern of fluctuations. The Sorbitol 70% Solution CFR New York, initially priced at $760 per metric ton in July, experienced a subsequent drop to the same price in September, resulting in an average quarterly decrease of 2.00%. The decline in Sorbitol prices, particularly in the United States, was primarily attributed to the increased availability of Sorbitol due to ongoing harvests in major exporting countries in the northern hemisphere. Challenges faced by U.S. corn crops, such as adverse weather conditions, significantly contributed to this downward trend. Severe drought in the western United States in late April led to crop abandonment, but Sorbitol prices saw a substantial decrease from their peak in late June during July due to the onset of the harvesting season, aided by rains in July. Furthermore, a notable harvest in Brazil added to the factors influencing the decline in Sorbitol prices, as Brazil poised to surpass the United States as the world’s leading corn exporter, resulting in an excess supply of Sorbitol from Brazil that reduced demand for U.S. corn exports.

Asia Pacific:

In the third quarter of 2023, Sorbitol prices in the Asia Pacific (APAC) region exhibited consistent fluctuations. Sorbitol 70% Solution FOB Le Havre prices fluctuated from $980 per metric ton in July to $1100 per metric ton in September, resulting in an average quarterly increase of 0.61%. The price drop in July was influenced by pressures from the domestic corn market, leading to minor reductions in Sorbitol factory prices in certain areas and a subsequent slight decrease in domestic Sorbitol market prices. Stability returned as corn prices stabilized, but sporadic corn entries in the northeast production area and optimistic expectations for a high yield of new-season corn continued to push down domestic corn and Sorbitol market prices. Prices rebounded in the middle of the third quarter, driven by the persistent strength of the domestic corn market, fluctuating but eventually stabilizing raw material costs, and increased demand for starch after the summer season. These factors, along with cost considerations and rising demand, contributed to the sustained strength of the domestic Sorbitol market.

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In the third quarter of 2023, the European Sorbitol market experienced notable fluctuations in pricing. The Sorbitol 70% Solution FOB Le Havre (France) was priced at $650 per metric ton in July, but by September, the Sorbitol CFR Antwerp (Belgium) price had fallen to $660 per metric ton, resulting in an average quarterly decrease of 1.68%. The significant price drop in July negatively impacted consumption in the food and industrial sectors, exacerbated by an increase in inflation leading to higher production and transportation costs for corn. Local traders with substantial corn reserves worsened the situation by strategically reducing their price quotes to offset potential losses, adding more pressure to the market. The overall conditions in the corn market, characterized by low production costs and ample domestic inventories, influenced Sorbitol prices in both Germany and Belgium, two major exporting nations for corn, leading to a surplus supply and a downward effect on prices.

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