In October 2024, Vitamin B1 prices continued their upward trend globally, mirroring the growth observed since early in the year. The market has been experiencing a steady supply shortage, driven by sustained Vitamin B1 demand from the nutraceutical and healthcare sectors. To prepare for potential demand surges and possible supply chain disruptions, distributors and manufacturers have been actively building up their inventories. This stockpiling activity has further tightened supply, adding momentum to the ongoing price increase in the Vitamin B1 market.

China’s manufacturing sector saw growth in October 2024, ending a six-month contraction and signaling that recent government stimulus measures are beginning to stabilize the economy. The National Bureau of Statistics reported a slight rise in the Purchasing Managers' Index (PMI) to 50.1 from September’s 49.8, crossing the 50-point threshold that marks expansion. This uptick in manufacturing, alongside an increase in service sector activity, suggests a broader economic rebound. Rising demand from domestic and international markets boosted orders for industrial materials, including Vitamin B1, pushing prices higher as market activity intensified.

In Europe, consistent demand for the product is aligning with the typical seasonal surge ahead of the Christmas season, intensifying strain on already tight supply chains. The situation is further complicated by persistent congestion at Hamburg’s ports, which is hindering prompt shipments and causing additional delays. These logistical setbacks are adding to the upward pressure on Vitamin B1 prices, as supply struggles to keep pace with demand.

In the United States, prolonged port congestion, exacerbated by labor strikes that began on October 1 at ports along the East and Gulf Coasts, has heavily impacted supply chains, causing widespread distribution delays for numerous goods, including Vitamin B1. These logistical issues have intensified the existing supply-demand imbalance, leading to increased competition for limited supplies. Consequently, prices for Vitamin B1 are climbing, fueled by heightened demand from buyers aiming to secure shipments amid restricted access and extended delivery times.

Additionally, recent Houthi attacks on vessels in the Red Sea have significantly disrupted international shipping routes. In response, carriers are rerouting ships or enhancing security measures, both of which have driven up freight costs. These increased transportation expenses are directly affecting Vitamin B1 prices, as suppliers are passing these additional logistical costs onto buyers worldwide.

According to ChemAnalyst, Vitamin B1 prices are expected to rise further in the coming months. Persistent supply chain disruptions and escalating freight costs continue to create upward pressure, with buyers already looking to secure supplies for Q4 despite limited availability. This proactive purchasing in an already tight market could drive Vitamin B1 prices even higher.