North America

The Erucic Acid price movement fluctuated in the North American region during Q4 2023. At the beginning of the quarter, prices increased amid an increase in the upstream costs due to the stressed availability of feedstock Rapeseed Oil prices.

Simultaneously, consumption rates were firm from the Biodiesel and personal care product manufacturers. In the mid-quarter, the price trend shifted as prices decreased due to a decline in offtakes from the Biodiesel industries amid reduced consumption rates in the logistics sector. However, orders were stable from the Pharma sector. Towards the end of the quarter, cost support declined as feedstock Rapeseed Oil prices fell amid an increase in upstream raw material Rapeseed production during December 2023.

 Additionally, the improvement in the water levels of the Panama Canal due to heavy rainfall improved the supply chain activities and product supplies in the regional market. Simultaneously, orders remained low from the Biodiesel manufacturers. It raised the market inventory levels, and prices decreased at the end of the year.

Asia

In the final quarter of 2023, the Erucic Acid prices trend oscillated in the APAC region as prices were impacted by factors such as supply constraints, demand from various sectors, and changes in the availability and cost of feedstock Rapeseed oil supplies. Meanwhile, the orders were firm from personal care product manufacturers amid the arrival of winter. In the mid-quarter, prices decreased as the market witnessed a moderate decline in demand from the food sector during the winter season. Simultaneously, orders fell as a precursor of Biodiesel from the Biodiesel manufacturers amid a decline in demand for biofuels in the Asia Pacific region. Towards the end of the quarter, prices rose noticeably amid supply chain disruptions and delayed supplies from the European region. The Houthi Rebels in Yemen attacked the vessels in the Red Sea, causing an increase in ship traffic and commercial vessels rerouted to the Cape of Good Hope, which increased the ship traffic and availability of supplies remained tight in the region.

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Europe

Like the North American region, the Erucic Acid price trend shifted movement in the European region during the fourth quarter of 2023. Initially, supply rates were affected due to the tight availability of feedstock Rapeseed Oil supplies amid a decline in Rapeseed Crushing rates as sowing rates of raw material Rapeseed got delayed amidst wet soil conditions due to increased rainfall in the central part of the region. In the mid-quarter, consumption rates declined from the food sector because of a contraction in the food sales index by 1.1% in October 2023. Simultaneously, there was a decrease in offtakes and procurement activities, resulting in higher inventory levels. Meanwhile, the demand for Erucic Acid was suppressed from the Biodiesel manufacturers due to reduced consumption rates in the logistics sector amid a decline in the manufacturing sector activities. Towards the end of the quarter, cost support declined as feedstock Rapeseed Oil prices fell slightly amid an increase in upstream raw material Rapeseed production from 2.45 million tonnes to 2.82 million tonnes during December 2023. Simultaneously, orders remained low from the food sector amid a rise in inflation in the region and a decline in the food sector sales index by 0.5% during the past month. It raised the market inventory levels, and prices decreased at the end of the year.

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