With a significant increase in domestic demand and constrained supply among market players, the price of Ofloxacin rose during the first quarter of 2023. In early January 2023, Ofloxacin inventories among market participants were sufficient to meet all needs, as opposed to December 2022. By the middle of the first quarter, a slowdown in trade activity and a steady increase in demand forced traders and suppliers to raise their quotes, further supporting the upward price trend for Ofloxacin. Overall, the Ofloxacin Prices in the United States was constructed at USD 47640/MT CFR Los Angeles.
Prices for Ofloxacin increased throughout the first quarter of 2023 in the APAC area as a result of heightened demand following the Lunar New Year and the government abandoning its zero-COVID policy. Both consumption and output notably surged during the holiday-shortened month of January in China. The producers were forced to increase production and stock their shelves with downstream of Ofloxacin before the end of the quarter. Moreover, ease in trade activity along with a decrease in freight charges, further supported the upsurged market trend of Ofloxacin in the APAC region. With this, prices increased at a modest rate and reached USD 46680/MT FOB Shanghai.
The first quarter of 2023 saw a strong upward pricing trend for Ofloxacin as queries from the downstream sector substantially increased. Furthermore, as 2023 approaches, commerce between Germany and China climbed to a record level despite political worries about over-dependence, becoming China Germany's top trading partner for the seventh consecutive year. Early in January, a balance between supply and demand was seen in the local market, but as February drew closer, the price went on the higher side consistently, which helped the market participants to raise their prices of Ofloxacin. Additionally, increased trade activity and persistent inquiries from exporting nations strengthened the Ofloxacin market value through the end of March 2023. With this, the prices for Ofloxacin settled at USD 48800/ MT CFR Hamburg.
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