North America

During the third quarter of 2023, Sorbitan Monostearate prices in North America exhibited a consistent pattern of fluctuations. The decline in prices, particularly in the United States, was primarily attributed to an increased availability of Sorbitan Monostearate resulting from ongoing harvests in major exporting countries in the northern hemisphere. Challenges faced by U.S. corn crops, such as hot and dry conditions, notably in the northern regions where crops were still growing, significantly contributed to this price drop. A severe drought in the western part of the United States in late April forced many farmers to abandon their crops. However, Sorbitan Monostearate prices substantially decreased from their peak in late June during July. This drop can be attributed to the start of the harvesting season, aided by July rains, which played a crucial role in crop development, counteracting the earlier dry conditions and hot summer temperatures. Furthermore, a significant harvest in Brazil added to the factors influencing this price decline. Brazil was on track to surpass the United States as the world's leading corn exporter, resulting in an excess supply of Sorbitan Monostearate from Brazil that reduced demand for U.S. corn exports, further contributing to the price drop. Despite a robust domestic harvest that increased Sorbitan Monostearate stocks, the market experienced an oversupply, which continued to push prices down. Additionally, the decrease in American corn exports was tied to reduced purchases, further contributing to the decline in Sorbitan Monostearate prices during this period.

Asia Pacific

In Q3 2023, Sorbitan Monostearate (SPAN-60) prices in the APAC region underwent consistent fluctuations. Prices for Sorbitan Monostearate in Nagpur fluctuated from $2498.43 per metric ton in July to $2572.09 per metric ton in September, resulting in an average quarterly increase of 1.40%. The drop in July was a result of pressure from raw material sorbitol and the corn market, leading to minor reductions in factory prices and a subsequent slight decrease in domestic market prices for Sorbitan Monostearate in certain areas. However, stability returned by the end of the month as corn prices leveled off. Toward the end of the quarter, sporadic corn entries in the northeast production area and optimistic expectations for a high yield of new-season corn continued to push down domestic corn market prices. This, in turn, had a negative impact on domestic Sorbitan Monostearate market prices due to ample inventories and sluggish demand. Nevertheless, prices rebounded in the middle of the third quarter, driven by the persistent strength of the domestic corn market, fluctuating but eventually stabilizing raw material costs, and increased demand for starch after the summer season. These factors, supported by cost considerations and rising demand, contributed to the sustained strength of the domestic Sorbitan Monostearate market. By the midpoint of the year, domestic corn market prices saw a slight increase, raw material costs fluctuated but eventually stabilized, and Sorbitan Monostearate market prices achieved stability.

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Europe

In the third quarter of 2023, the European market witnessed significant price fluctuations for Sorbitan Monostearate. The most notable drop in prices occurred in July, adversely impacting consumption in both the food and industrial sectors. This situation was exacerbated by a recent rise in inflation, leading to increased production and transportation expenses for corn, further contributing to the downward pressure on Sorbitan Monostearate prices. Additionally, local traders with substantial corn reserves worsened the situation by lowering their price quotations as a strategic move to offset potential losses, intensifying the market's downward pressure. The prevailing conditions in the corn market, characterized by low production costs and abundant domestic inventories, played a significant role in influencing the direction of Sorbitan Monostearate prices. The surplus supply of corn had a downward effect on prices in both Germany and Belgium, two major corn-exporting nations.