Sodium Benzoate Excipient Prices Continue to Fall Across the Globe

The price of Sodium Benzoate Excipient followed a descending trajectory since the beginning of January 2023 and is likely to witness this similar trend until the end of this quarter. Wobbly demand and plentiful inventories observed by the merchants in the domestic market supported this price trend. However, the trade from the international market improved compared to the previous quarter of 2022 but did not support the overall market trend of Sodium Benzoate Excipient.

Retailers in the Chinese market saw a continuous decline in buying activity this month due to lower client inquiries, which led to a decrease in the price of Sodium Benzoate Excipient. On the other hand, domestic suppliers had enough stockpiles of this excipient to meet the overall necessities. In order to increase inquiries from the downstream industry and reduce their stocks, the local suppliers decreased their prices. Overall, in the month of February, the prices of Sodium Benzoate Excipient demonstrate a decrement of 10 percent.

Slowing sales, decreasing expenses, profit margins, and large stockpile inventories all together supported the overall weak market sentiment of Sodium Benzoate Excipient in the US. However, the protracted port congestion coupled with these troubling economic conditions has recovered somewhat, but this still continued to have an impact on the US Sodium Benzoate Excipient's market as the inquiries continue to stay on the feeble side.

In addition, the price of Sodium Benzoate Excipient in the US decreased due to wanning customer requests and higher storage. Similar to other countries, Germany also noticed a drop in the price of the Sodium Benzoate Excipient from month to month. After the holiday break, demand did not exceed market participants' expectations, so they turned down newer bids from exporting countries and concentrated on getting rid of their accumulated stocks.

According to ChemAnalyst, " The price of Sodium Benzoate Excipient will continue to decline at a global level. The inquiry from the downstream sector is likely to remain uncertain. Manufacturers and retailers might cut their production and newer orders from the industries to focus on the destocking of previous inventories.