Benzoic Acid Prices: In the second quarter of 2023 | ChemAnalyst
Chemanalyst24 Aug, 2023Business
During the second quarter of 2023, the Benzoic acid market in the United States experienced fluctuations. In the initial two months of Q2, prices exhibited a steady increase due to heightened dynamics of supply and demand. The augmented demand from end-user suppliers led to a moderate shortage of Benzoic acid in domestic warehouses, resulting in price inflation. The trade between Asia and the US picked up following the relaxation of the zero-covid tolerance policy. However, by the start of June, prices began to decline significantly, marking a substantial downturn in the US Benzoic acid market trajectory. By the end of Q2 2023, the price settled at USD 1170 per CFR New York, reflecting an average quarterly increase of 1.17%. Sluggish market sentiment prevailed in the US Benzoic acid market due to reduced demand from local downstream industries.
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