Vitamin Report Mar, 2024

Vitamin market demand continued to slump. To sum up, it seems difficult to find bright spot in the vitamin field. Under such such severe situation, B3 and B6 seems like a bight light that brings hope to everyone, not only the vitamin manufacturers, trading companies, but also the end users. Most of Vitamin manufactures are in the state of loss, it means the demand of the whole feed additive world is not good. Crisis is also business opportunity. Hope our report is helpful to you, hope bird flu and African swine fever pass soon, hope Vitamin Spring will come soon!

Our vitamin report only represents the view of Beijing Jingmu Group Corporation.

VA price rising up

VA price is at the bottom in the fourth quarter of 2023. VA1000 price dropped to USD16/kg, AD3 price was USD16.3/kg. VA manufacturers were in the state of loss. VA price increased slowly from Nov 2023. VA 1000 price was USD17/kg before KDW accident. An safety accident occurred at KDW VA production shop in Jan, 2024. All of VA manufacturers stopped quotation. VA demand rose. On March 13, BASF’s German factory of VA and VE plans to start maintenance for two months from the end of March. All of VA manufacturers VA production plan have been scheduled for April, so VA manufacturer stopped quotation again after temporarily resumed quotation. VA 1000 price is USD19/kg, AD3 is USD19.5/kg before stopping quotation.   Market price of VA1000 is USD19/kg.   AD3 price is at the range from USD19.5/kg to USD20/kg.

D3 price stable

D3 manufacturers are in the state of loss. NHU, ZMC stopped production of D3, they only produce D3 for the usage of the production of AD3. Some D3 manufacturers stopped quotation, due to big inventory in the market, it seems that the market has no any reaction to the price stop. Market price is at the range from USD6.8/kg to USD7/kg.   

VE price rising up

The global market began to stop falling and rebound from Nov 30, 2023.On December 6, 2023,   Chinese manufacturers stopped quoting and signing orders for vitamin E 50% feed grade, and the market turned from bearish to wait-and-see. on December 25, BASF has increased its domestic quotation for 50% vitamin E feed grade to 62 yuan, equal to USD7.6/kg. for export, some manufacturers are currently signing orders within USD7/kg , some manufacturers have begun to quote USD7.5/kg for export. NHU VE factory stopped production for maintenance for 8 weeks in Mid-January, 2024, ZMC stopped production for maintenance for 8 weeks in Mid-February. On Feb 29, ZMC suspended quotation of VE 50%. It seems that all of VE manufacturers including DSM and BASF have strong willingness to raise prices , VE stop quotation at USD8/kg.   VE market is   at the range of   from USD7.6/kg to USD8/kg.

K3 price rising up sharply

Due to weak demand, K3 price dropped to the bottom in the fourth quarter, 2023. K3 MSB price dropped to USD6.5/kg. K3 manufacturers were in the state of loss. Demand was still weak, market inventory decreased., then K3 manufacturers stopped quotation. Due to the price stop, market demand increased sharply. Then K3 manufacturer increased K3 MSB price to USD9.3/kg, K3 MNB price to USD10.5/kg. Due to the shortage of raw material, Brother quoted K3 MSB at USD13/kg, MNB at USD14.3/kg on Feb 27 and they only signed limited orders with the end user. Market price of K3 MSB is at the range from USD11.3/kg to USD11.8/kg, MNB is at the range from USD12.5/kg to USD13/kg.

VC price upward

In 2023, VC manufacturers were in a state of loss, with the lowest price of VC 99 falling to USD1.8/kg. On December 13, 2023, a VC manufacturer quoted VC99 at USD3.3, and the VC market rose. Exports began to improve, and manufacturers' quotations continued to increase. After Chinese new year, 2024, some VC manufacturers quoted VC at the range from USD3.5/kg to   USD3.8/kg. On February 27, 2024, some VC manufacturers stopped VC quotation. On March 28, 2024, the market said that a VC manufacturer increase VC 99 price to USD4/kg. At present, VC manufacturers have a strong willingness to increase prices, and there is little low-price inventory in the market. VC transaction price is around USD3.3/kg, VC 97 is USD3.3-USD3.5/kg, VC mono is around USD2.1/kg.

B1 price upward

In June,2023,   B1 market price is at the range from USD13/kg to USD13.5/kg. On September 14, 2023, the market said that some manufacturers had stopped B1 quotation. At the end of October 2023, a manufacturer quoted USD16.5/kg for B1 mono,   and the market transaction increased. On December 14, 2023, one of B1 manufacturer increased B1 mono price to USD19/kg. On March 12, 2024, Huazhong stopped B1 quotation. Not much stock in the market. Market transaction price is at the range from USD19.5/kg to USD20/kg.   

B2 price upward

On September 21,2023，   the market said that B2 80% quotation is   quoted   USD11.6/kg. On October 30, mainstream manufacturers raised prices to USD12.7kg, and market transactions increased. On December 4, 2023, some manufacturers raised prices to USD13/kg. On March 4, 2024, the market said that FY B2 80% quotation was raised to FOB USD13.5/kg. Transaction is active. Not much stock in the market. B2 prices rise steadily. B2 80% transaction is at the range from USD12.5 to USD12.7/kg. B2 98%   is at the range from USD32.5-USD33/kg.

B3 price stable

DSM raised the price of Nicotinamide to USD8.6/kg in early August, 2023, purchases and sales improved, market price was USD5.5/kg.   But due to poor demand, Niacin price begin to drop from the second week of Oct. The quotation of Niacin was USD4.2/kg. On Nov 16,   one of Nicotinamide manufacturer stopped quotation, market concerns increased.From early Oct, B3 began to rise slightly. The market price is USD4.7/kg. As some traders and manufacturers were eager to recover funds before Chinese new year, so price dropped to USD4/kg.Redpont is willing to increase B3 prices, but market demand is poor and some manufacturers are losing money, so they sign limited orders. The raw material of   B3,   3-MP price increased slightly in the second week of March. Although Redpont and Kunda have raw material advantages, they almost no profit. B3 price is not bearish. B3 price increased this week. On March 22, Brother stopped B3 quotation. Niacin market price is at the range from USD4.3 /kg to USD4.5/kg, Nicotinamide is at the range from USD4.5/kg to USD4/7/kg.

Choline chloride price rose slightly

Due to the oversupply for the raw material trimethylamine, huge inventory, the CC   price continue to fall. The market demand is weak, the end users keep wait-and-see attitude. CC price dropped to the all-time low   in 2020. Influenced by raw materials and demand, the market has recently reflected that some manufacturers' offers have dropped to CNY3,950/ton before Mid-June. Trimethylamine price rose slight,   and the market has retraced. CC price is as follow: CC 60% with corn cob carrier is USD610/mt to 620/mt; CC 50% with silicon dioxide carrier is around USD730/mt; CC 70% is USD710/mt. The price is predicted to increase more.

B5 price stable

On January 14, 2022, the quoted price of B5 was USD36.5/kg, and in the third week of January 2023, B5 price was increased to US$50/kg,European market has risen to 46-55 euros/kg. On March 3, XINFA, Hwaston, B5 quotation was raised to USD68/kg. Due to the emergence of small-scale B5 manufacturers, or even B5 manufacturers without production qualifications, Tianxin and NHU began small-volume B5 production, and part of the USD50/kg contract was not completed, under the influence of multiple factors, B5 prices plummeted. By July 22, 2023, the price dropped back to USD22/kg. By December, it dropped to USD6.3/kg. So far, B5 price is hovering at the bottom, market price is at the range from USD6.8/kg to USD7.2/kg. In order to suppress new production capacity, First-line manufacturers are unwilling to raise prices. The price of B5 is stable and there is no sign of price increase at present.

B6 pirce upwards

NHU B6 was put into production in 2020. In order to compete for market share, B6 prices had fallen rapidly.

Since then, B6 had been running at a low level more than 2 years, and all of   manufacturers have been in a state of loss.

In February 2023, the price of B6 dropped to a historical low of USD12.5/kg.   Tianxin was the first to stop B6 quotation on Feb 17, 2023,   followed by NHU, Huazhong. From that day on, the price of B6 increased step by step.

Then B6 price increased to USD13/kg.   At the beginning of May,2023, some B6 manufacturers stopped quotation again.   In early June, some B6 manufacturers have increased the price to usd16.5/kg. DSM announced on June 28, 2023, they would   stop B6 production in Xinghuo production site in Shanghai, China. On November 29, 2023, Tianxin offered B6 price at USD18.3/kg.   Then all of B6 manufacturers stopped quotation from Nov, 2023 to March, 2024. On March 26, Tianxin had raised B6 price to USD19/kg. Because manufacturers strictly control goods, there is little inventory on the market. B6 prices will continue to rise as market inventory decrease. B6 stopped quotation now.

Biotin price at the historical low

In recent years, against the background of rapid growth in biotin demand, existing manufacturers have expanded production capacity to increase market share. Tianxin plans to carry out a 300-ton biotin technical transformation project, and Shengda plans to expand 100 tons of biotin. In addition, Garden plans to newly built 200 tons of biotin. If all the above-mentioned production capacities are implemented, the new Biotin pure production capacity will exceed 500 tons in the next few years. As Biotin manufacturers compete for market share, biotin prices have been falling to the historical   low.   Biotin 2% cost line is at the range from USD6.3/kg to USD6.5/kg. But the current biotin price is at the range from USD4.1/kg to USD4.3/kg. Biotin pure price is at the range from   USD135/kg to USD140/kg. So far,   there is no sign of price increase at present.

B9 price under the cost line

Due to large output and weak demand, Folic Acid manufacturers was in a loss state. Under the dual pressure of losses and environmental pressure,   there are only three manufacturers, Niutang, Tianxin and Xinhong left that produce Folic Acid, Tiger, Xinfa and Shengda   have been stopped producing Folic Acid more than one year.   The folic acid quotation in August was at the range from USD24/kg to USD24.5/kg . In order to maintain the market share of folic acid, Niutang took the initiative to reduce Folic Acid prices in October 2023. Since then, the price of folic acid has been declining, and by January 2024, the price of folic acid dropped to USD21/kg. All folic acid manufacturers were at a loss. In February 2024, Tianxin took the initiative to increase Folic acid price to USD22.5/kg. The current price quoted by the manufacturer is USD23/kg.

B12 pirce upward

In December 2021, Kingvit increased B12 1% to USD22/kg, but under the pressure of releasing B12 to the market by NHU, Yuxing began to lower the price of B12. B12 1% price dropped from USD22/KG to USD18.5/kg. Other B12 manufacturers had to follow the price. In May 2022, the price of B12 1% dropped to USD16/kg, and in October 22, the price of B12 1% dropped to USD13.5/kg. By the end of 2022, the price of B12 1% dropped to USD13/Kg. B12 manufacturers are in the state of loss. 2023. On April 10,2023,   Yuxing raised B12 1% to USD12.5/kg, and market attention increased. However, due to poor market demand and large inventory of manufacturers, the B12 1% price manufacturer once again adjusted the price to USD11/kg in October 2023.n On 1.11 2024, vitamin B12 1% raised to USD13/kg.. In March 2024, the manufacturer increased the B12 1% feed grade to USD16/kg. After a long period of weak price bottoming, factories have a strong willingness to increase prices, but most of the market is still in a wait-and-see state. Market reaction and customer acceptance still need time to be gradually digested. Market price of B12 1% feed grade price is at the range from USD12.5-USD12.8/kg.

Inositol price rose suddenly

In November 2022, Haotian inositol production line began to stop production and upgrade, and it is expected to continue until the end of March 2023. Inositol price had been raised to USD21/kg, on Feb 2023, market transactions were active. In the first half of 2023, the overall supply of inositol from mainstream manufacturers was limited.   In addition, inositol was consumed rapidly during the aquatic season, and the market supply continues to decrease, inositol prices were still running at high levels. In the second half of 2023, as new manufacturers release production capacity to the market, although the supply prices of mainstream brands remained at a high level, market transaction prices had fallen. Prices began to fall significantly in August. By March 24, inositol price dropped to USD5.6/kg. On March 5, 2024, the manufacturer suddenly raised inositol price to USD7.5/KG. The market inventory is small. The current market price is around USD7.0/kg.

Lysine hcl

In November 2023, Chinese export volume of lysine was 88,000 tons, a year-on-year increase of 51.8%. In November, 2023, Golden Corn’s new lysine production capacity was put into trial operation. Corn prices have fallen in Nov, so Lysine quotations had fallen since then. Lysine price dropped to the bottom after the Chinese New Year.

Lysine HCL is currently in a period of rising prices, but due to the limited production capacity of manufacturers, some manufacturers’ lead time have already reached in July, 2024. The main reason for the recent price increase is that manufacturers have signed more orders and the market demand is large. Lysine HCL current price is around USD1400/mt.

The price of Lysine Sulphate increased slightly at the end of March, the price is stable now,   and there is limited room for continued growth. Current FOB price is at the range from USD750/mt to USD760/mt.

Threonine

After experiencing a small price increase in the second half of 2023, Threonine ushered in a small increase in the first quarter of 2024, then Threonine price reaching the highest level in late March 2024. Threonine price has increased recently. The main reason is that manufacturers sign more orders and the market demand is strong. Since the price has increased soon and market demand has increased, there is no possibility of price reduction for the time being. Currently, Threonine price is around USD1,400mt.

DL-methionine

Evonik's methionine production base will reduce production by three months in the fourth quarter of 2023 and the first half of 2024. Starting from the second half of 2023, CJ Malaysia’s methionine production will decrease by 30-40%. NHU methionine factory will shut down for maintenance for 3-4 weeks in March 2024. CUC plans to suspend production for maintenance for 4-5 weeks in the second quarter of 2024. NHU increased methionine price by 7% from January 2, 2024. Evonik announced a net price increase of up to 10% on DLM with immediate effect on Feb 20, 2024. Then market price increased suddenly to USD2900/mt.   Adisseo announced to raise global methionine prices by 5%-10%. Due to poor demand, DLM price is stable. Current price is at the range from USD2800/mt to USD3000/mt.

Valine

The price of valine droped to US$1,700-1,800 during the Chinese New Year. Prices began to increase in March, 2024, andthe current price quoted by the manufacturer is around US$2,000. The price is currently stable. Due to the new entry of new production capacity, Huaheng, Valine prices have continued to adjust slightly recently, but prices are already at the bottom. It is very unlikely that the price of valine will continue to drop. Valine current price is around USD2000/mt.

Isoleucine

The price of isoleucine is closely related to soybean meal. Please pay more attention to the price trend of soybean meal in the future. Current price is at the range from USD4360/mt to USD4370/mt.

Arginine

The recent rise in soybean meal prices has boosted the market demand for arginine. Before the increase, arginine prices had been at the bottom, and factory quotations have risen slightly.

Fufeng and Dongxiao have small production capacity, Eppen has been in a no-quotation state, and CJ has increased Arginine price slightly. It is expected that Arginine price will tend to rise later. Arginine current price is around USD4650/mt.

CJ plans to expand tryptophan production capacity by the end of 2023. The price of tryptophan has been at a high level for a long time. CJ aid that the price would stabilize when new goods arrived at the port, but due to the shutdown of a tryptophan factory in France, the price did not drop. Market price is at the range from USD4700/mt to USD4750/mt.