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    在中国湖北荆州成立的DSM-能特益曼特维生素E油合资工厂被认为是未来维生素E定价的关键因素。
    DSM和Nenter（能特）于2019年1月底宣布成立合资公司，合资金额为1.35亿欧元。一旦全面运营，工厂将专门为DSM生产维生素E。根据Feedinfo旗下德尔福分析服务的数据，益曼特的维生素E油额定产能为16000吨/年。
    然而，2021年1月底，Feedinfo报道称，该工厂原本预计将于2020年12月底投入运营，但要在4月至5月才能达到常规的高水平产量。
    自2019年8月以来，荆州工厂一直处于关闭状态以进行重大升级工作使其符合DSM的安全和环境标准。据了解，春节前COVID-19疫情影响工作进度。
    但是在最近的新闻中，DSM的脂溶性维生素和类胡萝卜素管理副总裁Joerg von Allmen告知Feedinfo，益曼特的生产已经开始，工厂正在积极的加速生产阶段。
    他说:“我们很高兴地确认，经过一段紧张的升级工作，维生素E的生产已于2021年2月中旬开始——与预计的2020年12月启动相比，略有延迟。”“工厂关闭了超过16个月，很多方面都进行了升级，这就像开了一家新工厂。这意味着一个谨慎的逐步上升。”
    von Allmen证实，首批材料正从益曼特运往DSM的配方和预混料工厂，但也强调这一增产措施只有在4月底才可能实现，更有可能是在5月份。
    在分析当前环境时，他表示:“最初产量低，再加上目前中国内外的物流挑战，意味着我们需要数月时间来填补全球范围内空虚的供应链管道。最乐观的情况是4月份，更有可能是5月份，市场才会意识到益曼特新增产能缓解了目前的紧张局面。”
    “随着益曼特公司的启动，我们现在进入了增产阶段，将在2021年逐步提高产量。预计产量将是额定产能的一小部分。”von Allmen补充道。
    第三季度2020年至2021年2月
    为了回应买家对于复产轻微延迟的预期，DSM分类经理争辩说，维生素E市场只是在最近几周变得紧张，这是由于情况超出了DSM的控制。
    首先，回顾去年，von Allmen说:“COVID-19大流行的爆发引发了整个价值链的囤积。随后，在第三季度的大部分时间里出现了不可避免的去库存化。在那些日子里，尽管益曼特处于升级关闭状态，但买家们可能还是觉得供应可以接受。直到第四季度，当真正的潜在需求再次显现出来时，市场才意识到供应根本不是那么充足。”
    他补充称:“目前市场供应非常紧张，因为维生素E生产商面临诸多挑战，包括因成本升高而延迟发货，以及中国对关键原材料征收反倾销税的影响。”
    有趣的是，除了益曼特项目被推迟，DSM在瑞士Sisseln的维生素E工厂也在2021年1-2月因维护而暂时停产。目前在成功地进行了维护工作后，生产刚刚在Sisseln重新开始。
    von Allmen解释了DSM是如何平衡益曼特复产的延迟和Sisseln的程序性维护停产。
    2020年在益曼特停产期间，我们把Sisseln的每一公斤都榨干了。然而，这是不可持续的。到目前为止，Sisseln将会回到一个更保守的利用率。在Sisseln，我们不仅供应动物饲料市场，而且还供应维在人类健康和营养工业以及个人护理领域应用的维生素E，”他说。
    “正如2020年10月宣布的那样，因为益曼特复产推迟我们不得不从去年8月开始推迟这项工作，以确保我们可以在2020年下半年继续为我们的客户供货。由于我们不能再推迟维修，所以瑞士工厂在益曼特复产时停产。这种情况迫使我们耗尽了整个供应链的安全储备库存以保持供应，尊重我们的合同，同时保持产品严格分配，”von Allmen补充道。
    剩下的2021年和2022年
    买家告诉Feedinfo，他们预计维生素E市场将在第二季度/第三季度变得更加平衡，因为上述供应链中断得到缓解和产最的增加。
    von Allmen认为，到2021年第二季度，市场可能会继续出现目前的整体行业供应短缺。益曼特的复产可能不会带来预期的缓解。
    “随着益曼特工厂产量的增长与Sisseln的可持续产量水平相对较低，2021年余下的大部分时间将花费在重建我们的供应链和正常业务的安全库存，”他说。
    他补充说:“此外，我们已经与几家维生素E联合制造商签订了合同因此很大一部分数量将不会直接进入终端用户市场。”
    von Allmen接着说:“这种情况可能会进一步加剧，如果市场猜测的一家欧洲制造商将对他们的维生素E生产线进行多年的终身延长工作成真的话”
    当被问及益曼特复产的长期影响时，冯·奥尔曼表示，他预计到2022年市场仍将吃紧，但是与目前的情况相比可能会有更多的平衡。
    他表示:“这在很大程度上还将取决于我们的竞争对手如何规划产量。”“在益曼特全面启动后，我们将有选择的继续扩大产量以满足客户的需求。在全球拥有两家维生素E工厂和几家配方工厂将为我们优化供应链提供灵活性，并继续确保2022年及以后的供应。”
    “未来的产量当然不仅受到维生素E工厂本身的影响，还受到关键中间体产量的驱动，”von Allmen继续说道。他说:“最近的情况已经表明，某些事件可能对供求稳定产生影响。这种平衡很脆弱，波动性很大，反映出维生素E的复杂供应链。”

    Vitamin E Tightness to Remain Despite DSM’s Yimante Plant Ramp up
    3 March 2021 - The start-up of the DSM-Nenter Yimante vitamin E oil plant joint venture in Jingzhou, in the Hubei province of China, is considered as a key factor to bear in mind regarding future pricing of vitamin E.
    The EUR 135 million 75/25 joint venture between DSM Nenter was announced in late-January 2019. once fully operational, the plant will produce vitamin E exclusively for DSM. Yimante has a nameplate capacity of 16,000 tonnes/year of vitamin E oil, according to data from Feedinfo’s Delphi analytics service.
    However, in late-January 2021, Feedinfo reported that the plant, which was previously expected to be operating by the end of December 2020, would only be reaching regular, high-level production output in April-May.
    The Jingzhou facility had been down since August 2019 for major upgrade work to bring it into compliance with DSM's safety environmental standards. it is understood that more recent indirect effects of the COVID-19 situation pre-Chinese New Year created further delays.
    But in more recent news, Joerg von Allmen, VP Category Management Fat Soluble Vitamins & Carotenoids at DSM, informed Feedinfo that production in Yimante has already started the plant is in an active ramp-up phase.
    “We are pleased to con?rm that after an intense period of upgrade work to ensure compliance with DSM’s safety, health environmental standards, the production of Vitamin E has commenced as of mid-February – a slight delay versus the projected December startup,” he said. “After the plant was down for over 16 months with many upgraded aspects, it is like starting a new plant. This implies a careful step-by-step ramp up.”
    Joerg von Allmen
    VP Category Management Fat Soluble Vitamins & Carotenoids DSM
    von Allmen con?rmed that the ?rst materials are being shipped out of Yimante to DSM’s formulation premix plants, but also stressed that increased production output will only be feasible in late April, more likely May.
    Analysing the current context, he said: “The initial lower output in combination with current logistic challenges in out of China means that it will take months to ?ll our empty supply chain pipeline around the globe. It is going to be April at best, more likely May, before the market will sense any relief to the current tightness from the additional Yimante capacity.”
    “With the startup of Yimante, we now enter a ramp-up phase to increase output step-by-step during 2021. The expected output will be a fraction of the nameplate capacity as can be expected during a ramp up phase,” von Allmen added.
    Q3 2020 to February 2021
    In response to buyer expectations concerning the startup’s slight delay, the DSM category manager argued that the vitamin E market has become tight only in recent weeks this is due to circumstances beyond DSM’s control.
    First, looking at last year, von Allmen said: “The onset of the COVID-19 pandemic triggered hoarding throughout the value chain. The inevitable subsequent destocking dominated most of Q3. During those days, buyers may have felt acceptable supply despite Yimante being in an upgrade shutdown. It wasn’t until well into Q4, when the true underlying dembecame visible again, that the market came to realise that supply wasn’t that abundant at all.”
    “The market is now very tight as vitamin E producers face challenges including delayed shipments at higher cost or the impact of the antidumping rates on key raw materials in China,” he added.
    It is also interesting to note that in addition to the Yimante project being delayed, production at DSM’s vitamin E plant in Sisseln, Switzerlwas also temporarily down for maintenance in January/February 2021. Production has just restarted in Sisseln after successful maintenance work was performed.
    “In 2020, during the Yimante shutdown, we were squeezing every kilogramme out of Sisseln more. However, this was not sustainable Sisseln will return to a more conservative utilisation rate as of now. At Sisseln, we do not only supply the animal feed market but also vitamin E for applications in the human health nutrition industry as well as in the personal care sector,” he said.
    “As announced in October 2020, we had to defer this work from August last year due to the delayed startup of Yimante to ensure we  could continue to supply our customers in the second half of 2020. As we could no longer defer the maintenance, the shutdown in Switzerlhappened to coincide exactly with the startup of Yimante. This situation forced us to fully deplete our safety stocks along the entire chain to keep supply going, honour our contracts while keeping the products under strict allocation,” von Allmen added.
    The Rest of 2021 2022
    Buyers tell Feedinfo that they expect the vitamin E market to become more balanced in Q2/Q3 as the aforementioned supply chain disruptions ease the additional production comes on-stream.
    In von Allmen’s opinion, the market will likely see a continuation of the current overall industry supply shortage into Q2 2021. the Yimante startup may not bring the anticipated relief.
    “With the Yimante plant in ramp-up mode with Sisseln at a somewhat lower sustainable output level, it will take most of the remainder of this year to rebuild our supply chain safety stock for our regular business,” he stated.
    “In addition, we have contracted several vitamin E co-manufacturers with the result that a signi?cant part of the volume will not directly reach the end user market,” he added.
    von Allmen went on to say: “The situation might further be accentuated if the market speculation about a European manufacturer who will perform multi-year life-time extension work on their vitamin E line becomes true.”
    Asked about the longer-term impact of the Yimante startup, von Allmen said that he expects the market to remain tight in 2022, however, there will likely be more balance compared with the current situation.
    “A lot will also depend on how our competitors plan their output,” he said. “after the full ramp-up in Yimante we will have options to continue to grow with the demof our customers. Having two vitamin E plants plus several formulation plants around the globe will give us ?exibility to optimise the supply chain continue to ensure supply in 2022 beyond.”
    “Future output is of course not only impacted by the vitamin E factory itself but also driven by the output of key intermediates,” von Allmen went on to say. “The recent past has shown the impact that certain events can have on the stability of demsupply. The balance is fragile the volatility signi?cant, re?ecting a complex supply chain for vitamin E.”

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