The first quarter of 2023 saw fluctuation in the North American market for Biotin Prices declines in the first month of the quarter because of ease in port congestion in the US, severely restricting trade activity from importing nations. Due to a variety of factors, such as the US's skyrocketing inflation, the geopolitical crisis in Russia and Ukraine, and the wildly fluctuating nature of oil prices, domestic traders and producers continued to be concerned about the high cost of chemicals used in the food and beverage industry throughout the quarter, including Biotin. Prices decreased in the last month of the quarter as a result of the steady offtakes and the availability of sufficient inventories in the downstream sectors of the US region. Towards the end of the quarter, the prices for Biotin were assessed at around USD 272980/MT for CFR New York in March.
Biotin prices in the Asia Pacific region declined in the first quarter of 2023 for a variety of reasons. The first half of the quarter saw a decline in Biotin price in the Chinese market before levels off in the second. China supplies the majority of the world's Biotin; therefore, tolerance standards and limits were lowered and deleted, considerably facilitating production and logistics opened. Because of this, shipping the product to important international ports and across the country was eased. Offtakes from the downstream food and beverage sectors were consistent throughout the quarter, despite the fact that suppliers and consumers in the Chinese and Indian markets both retained sizable stocks. Toward the end of the quarter, the prices were assessed around USD 220000/MT for FOB Shanghai in March.
The Biotin market in Europe fluctuated during the first quarter of 2023. Due to a change in market behavior, Biotin prices in Germany increased rapidly through the end of January. The most expensive import into Germany came from China, where the value of the yuan increased by approximately 2.13% in just January alone. This is what caused the price increase. As German retailers received high import prices from Asia in February, biotin prices in Germany continued to rise. Furthermore, orders from end-user industries surged, keeping demand strong and causing continual stock consumption. German retailers acquired low import prices from Asia in March, continuing the downward trend in biotin prices. In addition, despite declining orders from end-user Towards the end of the quarter, the prices for Biotin were assessed at around USD 245980/MT for CFR Hamburg in March.
ChemAnalyst addresses the key problematic areas and risks associated with chemical and petrochemical business globally and enables the decision-maker to make smart choices. It identifies and analyses factors such as geopolitical risks, environmental risks, raw material availability, supply chain functionality, disruption in technology and so on. It targets market volatility and ensures clients navigate through challenges and pitfalls in an efficient and agile manner. Timeliness and accuracy of data has been the core competency of ChemAnalyst, benefitting domestic as well as global industry in tuning in to the real-time data points to execute multi-billion-dollar projects globally.