Veterinary APIs market in July continued the recovery trend, and more product prices became strong, led by Doxycycline. The supply side is holding up prices, and the market demand is just growing steadily., The market rebounds strongly, supported by a solid bottom. In the short term, if there are a few more hot products, it will drive the heat of the entire veterinary APIs market. With the recent abnormal high-temperature weather in many parts of China, the industrial electrodes are likely to be restricted to a certain extent, thus affecting the market supply.
By the end of June, 946 manufacturers had passed the new version of GMP standard audit, while there were 1665 veterinary drug production enterprises at the end of 2020, a phase-out rate of 43.2%. The improvement in regulatory level in veterinary drug production will inevitably remove some production capacity on the production side, which will gradually reflect in the market price of APIs.
The market average price is stable with a slight down. It needs further observation.
The current market reference price is USD76/KG EXW,24.2% up from the previous month. The quotations of mainstream factories have increased, and the price has continued to rise. The market is booming, just like the heat of the recent summer. The price of Doxycycline in June was lower than that of florfenicol, and now it has far surpassed florfenicol and has become the leading veterinary drug API this month.
The third quarter is the high-temperature maintenance season for doxycycline manufacturers, resulting in supply constraints which is an important reason for the price increase. During the two months of maintenance, the supply of Doxycycline will gradually decrease, and the price will be more likely to increase further in such a seller's market.
The price consolidation and calm in May-June have been broken recently by the rapid price rise. On the 27th, the price of Tylosin tartrate was quoted USD35.50/KG EXW, and Tilmicosin Base USD47.60/KG EXW, an increase of 3.9% and 5.9% respectively than that in the previous month.
According to the monitoring data of the China Veterinary Drug and Feed Trading Center, the main reason for the price increase is not the increase in demand but the poor willingness of upstream manufacturers to deliver goods and quote the price, which creates a sign of tight market supply. Nevertheless, market prices for "pig breeding" veterinary APIs are still in favour of buyers, as the current price support is like loose sand, which is not solid enough.
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The domestic vitamin market is stable, but only two products, calcium pantothenate and vitamin K3, are attracting high market attention. The supply of mainstream factories is normal, but the news on maintenance is frequent. The demand in the middle and lower reaches is weak, waiting for improvement. The price is favourable for the buyer. It is suggested to stock up in time for the rigid demand.
At present, the market price of VA500 is USD16.00-17.70/KG EXW. The VA market has retreated to the historical low in the past six years. Germany's tight natural gas supply is expected to limit VA production severely, and domestic factories are now aggressively bidding up prices.
The VA production lines of NHU and ZMC are in the maintenance period. ZMC stopped quoting.
The market price of VE 50% is USD11.00-11.80/KG EXW, which continues to run at a high level. The supply share of vitamin E is highly concentrated, and the demand is stable. It can be considered the dominant variety of vitamin feed additives. We should keep a close eye on the disturbance of its market trend by relevant events to ensure a stable and sustainable supply chain.
NHU and ZMC VE production lines are in the maintenance period. On July 25, ZMC announced a price increase for feed-grade VE product.
The market price is USD25.50-30.80/KG, showing a sharp fall. The competitive landscape is scattered, and new manufacturers are still planning to invest in production projects with a total annual capacity of 20,000 tonnes. Data released recently by Boyar shows a significant drop in export volumes in 2022 after the price increase.
The price of domestic bulk commodities has fallen, the cost of Calphan raw materials has also declined, plus the downstream demand is not good. The current price has fallen sharply from this year's high point.
The integration of manufacturers' mergers and acquisitions has strengthened the concentration of supply of vitamin K3. It significantly adjusted the production structure at the same time. In addition, the raw material prices have been going up since April this year, especially the continued price rising of imported chrome ore, which has driven costs up substantially, and vitamin K3 prices have gone up sharply.
Mainstream production plants such as Zhenhua Chem, Brother Tech, Luliang Peace and Mianyang Vanetta are all in the progress of maintenance and will not resume production until mid-August.
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