Citric acid spot prices have largely stabilised in Q1 2025 following a turbulent two-year cycle characterised by sharp swings driven by feedstock shortages and energy cost spikes.

According to ICIS data, Chinese domestic ex-works prices for anhydrous citric acid settled around USD 680–720 per metric tonne in February 2025, down from a peak of USD 1,050/MT in mid-2023.

Key Drivers of Stabilisation

• Corn supply recovery: Bumper harvests in Shandong and Hebei provinces reduced raw material costs for major fermentation producers.
• Energy normalisation: European natural gas spot prices fell below EUR 30/MWh, easing pressure on EU-based manufacturers.
• Capacity expansions: Two new Chinese facilities with a combined 200,000 MT/year capacity came online in late 2024.

Food and beverage buyers are expected to rebuild inventories in H1 2025 after running lean stocks during the high-price period. Pharmaceutical-grade citric acid remains tighter, with lead times of 4–6 weeks from major suppliers.