North America
The North American Biotin market witnessed a decline in prices during Q4 2023, settling at USD 278600/MT FOB Illinois in the USA. The market was influenced by several factors, including subdued demand from end-user healthcare and pharmaceutical industries and the destocking of inventories by market participants. The demand for Biotin Prices showed a lackluster performance due to enduring effects of inflation and heightened interest rates, which in turn, diminished the purchasing power of end-consumers.
The overall market dynamics remained on the lower side throughout the quarter. Though the continuous availability of Biotin in the US market was sustained due to lower domestic and overseas demand, the market situation remained bearish. The US economy suffered as a result of increasing interest rates, the invasion of Ukraine, and deepening geopolitical schisms, leading to additional uncertainty due to Israel's conflict with Hamas terrorists.
Despite the decline in prices during Q4 2023, prices are expected to surge in the beginning of FY24. The price percentage change from the current to the previous quarter was -7%, while the price percentage comparison of the first and second half of the quarter showed no change.
APAC
Biotin prices in the APAC region during Q4 2023 were impacted by various factors. The market witnessed a decline in demand due to sluggish economic growth in key nations, financial fragilities, and geopolitical tensions. The abundance of supply in the market coupled with a decrease in new orders and purchases from downstream industries further pushed prices downwards. China, which experienced a second consecutive contraction in its manufacturing activity in November, witnessed a decline in demand from end-user healthcare and pharmaceutical industries, leading to a moderate supply of Biotin in the market. The trend, seasonality, and correlation price percentage in China during Q4 2023 were negative, with a -35% change in prices from the same quarter last year and an -18% change from the previous quarter. The price percentage comparison of the first and second half of the quarter in China was -5%. The latest/quarter-ending price of Biotin 98% Pure FOB Qingdao in China for Q4 2023 was USD 150000/MT. Overall, the decline in demand, surplus supply, and economic slowdown were the primary reasons for the downward trend in Biotin prices during Q4 2023 in the APAC region.
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Europe
The Biotin market in Europe experienced a challenging fourth quarter of 2023, with several factors impacting prices. Firstly, persistent high inflation, driven by rising food and energy costs, placed a strain on consumers' purchasing power, leading to reduced demand for Biotin. Additionally, the European Central Bank's series of interest rate hikes further curtailed market demand and contributed to lower Biotin prices. Germany, the largest economy in Europe, was particularly affected, with business activity declining and industrial output slowing down. The country also saw a decrease in annual inflation, aligning with the ECB's target of 2%. Furthermore, the Euro appreciated against the USD, resulting in more affordable imports and ensuring an ample supply of Biotin in the German market. Overall, the Biotin market in Europe witnessed a bearish trend, with weak demand and adequate supply. Market participants focused on destocking and clearing out inventories. As for Germany, the prices of Biotin decreased by -14% from the previous quarter, reflecting the overall downward trend in the European market. The latest price of Biotin 98% Pure CFR Hamburg in Germany for the current quarter is USD 168500/MT.
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