SunSirs: China Corn Starch Prices Rose and Fell n 2023, which will still be Weak in 2024

Throughout the year, the overall price of domestic corn starch in 2023 rose first and then fell, with overall fluctuations moving forward. On January 1st, the average price of edible grade one corn starch was 3,128.00 RMB/ton, and on December 29th, it was 3,210.00 RMB/ton, with a slight increase of 2.62% during the year.

The domestic corn starch market price is mainly influenced by the domestic corn price, supported by the sustained low processing profit. In 2023, the overall fluctuation range of domestic corn starch prices is smaller than that of corn prices.

In recent years, the overall import and export volume of domestic corn starch has remained low. The domestic corn starch market is mainly self-produced and self sold. From January to November 2023, China imported a total of 6,238 tons of corn starch, with an estimated annual import of around 6,500 tons. From January to November, China exported 1,952 tons of corn starch, with an estimated annual export of around 2,000 tons of corn starch. The import and export situation of corn starch has little impact on the overall price of domestic corn starch market.

In 2023, the overall price of domestic corn market fluctuated and declined. Affected by the continuous fluctuation and decrease in raw material costs, the overall price of domestic corn starch market in 2023 first rose and then fell. Supported by the sustained low processing profits and a slight rebound in terminal starch demand after the epidemic, the decline in domestic corn starch market prices slowed down in December. Overall, the domestic corn starch market prices are still fluctuating within a reasonable range.

The price of domestic corn starch market is mainly affected by costs, and the fluctuation of corn prices will directly affect the fluctuation of domestic corn starch market prices.

At the end of the year, the domestic corn market supply will continue to maintain a loose situation. Supported by the strong downstream demand for starch at the end of the year, the domestic corn starch market prices will remain weak and stable before the Spring Festival, and will continue to move forward as a whole. During the Spring Festival, the domestic corn starch market prices will remain stable and move forward as a whole. After the holiday, with the full resumption of work by enterprises, the supply of domestic corn starch market will gradually increase. In addition, the supply of domestic corn market will continue to be loose. It is expected that the overall price of domestic corn starch market in the first quarter of 2024 will follow the weak downward trend of domestic corn market prices under pressure. In the second quarter, downstream demand for starch rebounded, coupled with a decrease in high-quality domestic corn sources, and the overall price of domestic corn starch market will stop falling and rebound. The overall price of domestic corn starch market in the third quarter will follow the seasonal decline trend of domestic corn market prices. Overall, the domestic corn starch market price in 2024 will fluctuate in the range of 2,900-3,300 RMB/ton.

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