Vitamin C prices in China dropped 0.8% in the 4th week of October, as the 12-week bearish trend continued due to high inventory and steady but flat export. Full capacity production in the quarter led to big inventory accumulation, while stable cost of acetone and corn starch kept production cost stable but did not support the price. Export volume was steady rather than up, as global buyers had enough stock and were cautious in replenishment. Domestic demand was also soft, as pharmaceutical and nutraceutical companies were using up existing stock and delaying new procurement due to expectation of further price drop. Despite efficient logistics and smooth trading in Shanghai, the market was still burdened by oversupply and lack of buying interest. With inventory still high and downstream not in hurry to restock, market expects Vitamin C price to go down further as October ends, and the bearish trend continues.
Selenis has effectively manufactured recycled PET chips using terephthalic acid sourced from Circ®, a textile-to-textile recycler based in Virginia. The chip production took place through a series of batches at Selenis' pilot plant in San-Giorgio, Italy. By utilizing inputs recovered from polycotton textile waste, Selenis has created high-quality PET chip, which has been further processed into DTY yarn. This yarn will play a crucial role in product development as Circ prepares for additional capsule launches. Selenis is leveraging the success of this initial collaboration phase and is committed to advancing towards an offtake partnership to support Circ's inaugural industrial facility.
Eduardo Santos, Head of Corporate Strategy at Selenis, remarked that the monomer synthesis showed a performance comparable to virgin terephthalic acid. He expressed optimism about the consistent quality of Circ's monomer output and anticipated future commercial success. Santos pointed out that the Circ partnership complements Selenis's existing mission and goals for a more sustainable textile industry. He further stated their anticipation of expanding upon this collaboration and providing support for Circ's forthcoming commercial production trials.
