North America:

During the fourth quarter of 2023 in the North America region, the Corn Starch market and prices were influenced by several factors. Notably, Corn Starch prices experienced a significant decline primarily due to ample inventories and a subdued demand outlook from downstream industries. This surplus of Corn Starch led to a downward pressure on prices.

Furthermore, the global increase in shipping costs and fluctuations in the price of the raw material, Corn, also contributed to the overall price decrease. The market situation was constrained as manufacturing activity decreased, and there was a weakening demand for goods manufactured in the United States. Reduced international demand, especially from China, prompted Chinese provinces to adjust their export prices downward, adding to the downward pressure on prices in the US market.

The decline in prices, which coincided with a expansion of crop acreage by US farmers in the previous year in response to high prices, aligned with a drop in demand. This situation proved advantageous for hedge funds that had been increasing their investments in anticipation of price falls. As a result, the price of Corn Starch in the US at the end of the quarter was USD 620/MT FOB Los Angeles. The Corn Starch Prices in the US during this quarter showed a negative percentage change of 1.05% on an average quarterly basis.

Asia Pacific:

In the APAC region, the Corn Starch market encountered challenges during the fourth quarter of 2023 (October to December). The primary factors affecting the market were a sluggish economy, decreased demand, and an excess of local inventory. However, at the beginning of Q4, prices started to show an upward trend. The sudden surge in demand, driven by fears of shortages, raised Corn Starch production costs, compelling manufacturers to adjust pricing strategies to safeguard profits. Additionally, strategic bulk purchases by market players aiming to replenish their stocks contributed to the price surge. The heightened demand prompted many buyers to expedite their Corn Starch acquisitions, amplifying overall demand pressures during the holiday season.

As November commenced, the sluggish economy led to a drop in demand from downstream industries, resulting in a decline in Corn Starch prices. Furthermore, the excessive local inventory created a surplus, intensifying competition among suppliers and leading to further price reductions. These factors collectively created a constrained market situation throughout the quarter. In China, the largest market for Corn Starch in the region, prices experienced a quarterly decline of 0.33% on average. The market was influenced by a pessimistic demand outlook from downstream industries and stable raw material costs. Nevertheless, the domestic corn market exhibited signs of stability as manufacturers lowered purchase prices and fresh inventories entered the market.

In conclusion, the Corn Starch market in the APAC region, particularly in China, faced challenges in the fourth quarter of 2023. The combination of a sluggish economy and reduced demand resulted in price declines, while an excess of local inventory added to the competitive market dynamics. The closing price of Corn Starch FOB Shanghai in China at the end of the quarter was USD 455/MT.

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Europe: 

In the last quarter of 2023, the European Corn Starch market faced considerable fluctuations and challenges. A key factor influencing the market was the surplus supply of Corn Starch, leading to a decline in prices. The excess inventory held by suppliers created a market imbalance due to sluggish demand from downstream industries. Furthermore, the drop in prices was driven by the decrease in the cost of the raw material, corn. The expansion of crop acreage by farmers in the preceding year contributed to reduced demand and favorable conditions for hedge funds.

Belgium, in particular, felt the impact of these market dynamics, experiencing a noticeable decrease in Corn Starch prices. The country grappled with issues in efficient stock management as local manufacturers built up substantial inventories to meet domestic demand. Overall economic conditions, including inflation and interest rates, also played a role in shaping market sentiment.

Despite these challenges, the market maintained moderate to high supply levels, while demand consistently remained low. The Euro's appreciation against the USD during this period affected the competitiveness of Belgian exports. However, as of the current quarter, the latest Corn Starch price CFR Antwerp in Belgium stands at USD 690/MT, reflecting an average quarterly decline of 3.12%.

MEA: 

In the final quarter of 2023, the Corn Starch market in the Middle East and Africa encountered various factors influencing prices. To begin with, there was an excess of Corn Starch inventories, prompting a production slowdown and the need to clear existing stocks. This surplus led to a downward pressure on prices. Secondly, the demand for Corn Starch was relatively subdued, with diminished consumer interest and slower industrial adoption, further contributing to the price decline. Lastly, the primary raw material, corn, experienced a significant cost reduction, leading to lower production costs for Corn Starch manufacturers. These cost savings were passed on to consumers, resulting in a price decrease. 

However, post the conclusion of Q4, prices surged significantly.This shift in pricing dynamics has noteworthy implications for market experts and traders who strategically accumulated stocks in anticipation of an expected surge in demand from their respective end-user sectors. Despite this, the market maintained tight and robust sentiments. The global increase in freight costs played a pivotal role in shaping the market dynamics for Corn Starch in the United Arab Emirates. As a major importing region, the United Arab Emirates aligned its pricing trajectory with that of major exporting countries. Furthermore, the positive market trend in December 2023 was reinforced by the support in costs from upstream raw material prices. The production stability and firm market sentiments were maintained through the process trajectory for the raw material Corn. Complicating matters, market players faced challenges with insufficient inventories due to a surge in demand and disruptions in the supply chain. The quarter-ending price of Corn Starch CFR Zayed in the UAE was USD 440/MT, with an average quarterly increase of 2.09%.

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