Nitric Acid Prices

Nitric Acid Prices June 2024

In Q2 2024, nitric acid prices in the USA declined, driven by reduced fertilizer demand due to harsh weather and lower ammonia costs. It was recorded at 273 USD/MT in June. Weak demand from international industries and ample supply also pressured prices downward, reflecting challenging market conditions for the domestic nitric acid industry.

Nitric Acid Prices March 2024

The market for nitric acid in the USA saw a price decline due to lower costs of raw materials like natural gas and ammonia and reduced demand from the fertilizer industry. The prices in the United States reached 299 USD/MT in March. Moreover, milder winter weather led to an oversupply and weaker demand for derivatives which further pressured prices downward.

South Korea's nitric acid market saw a notable price drop in Q1 2024, primarily due to weak demand from sectors like automotive, textiles, and fertilizers. The quarter ended with nitric acid priced at 308 USD/MT in March. The decline in automotive sales, coupled with reduced activity during Lunar New Year celebrations, significantly impacted overall market performance.

Nitric Acid Prices December 2023

The nitric acid prices in the USA for Q4 2023 reached 330 USD/MT in December. The market was shaped by price increases due to supply chain constraints and strong demand from domestic and international fertilizer sectors. Disruptions at the Panama Canal and higher freight costs stemming from global geopolitical tensions further pressured the market.

The price trend for nitric acid in Europe for Q4 2023, reached 170 USD/MT in December. The market faced a notable shortage because of halted Ammonia production by a major supplier. The scarcity was especially evident in Germany was compounded by increased freight costs from global trade disruptions.

Regional Coverage

The report provides a detailed analysis of the nitric acid market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the nitric acid price trend.

Global Nitric Acid Price

The report offers a holistic view of the global nitric acid pricing trends in the form of nitric acid price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into nitric acid historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into nitric acid price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed nitric acid demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Nitric Acid Price

Q2 2024:

During Q2 2024, the nitric acid prices in Europe experienced instability. Early in the quarter, product rates dropped due to reduced fertilizer demand amid adverse weather, including immoderate rainfall in several countries, which interrupted activities in agricultural sector and lowered the product need. Despite this, in the second month of the quarter, prices saw an upward climb owing to nitric acid scarcity caused by flooding and damaged infrastructure. Moreover, strong consumption of adipic acid also led to higher prices, with electronics and textile sectors maintaining steady procurement and stocking practices to meet manufacturing needs.

Q1 2024:

The product market in Europe during the first quarter of 2024 saw price fluctuations impacted by several factors. Early in the quarter, reducing costs of raw materials like natural gas and ammonia led to lower manufacturing expenses and declining movement of nitric acid rates. Moreover, product consumption in the fertilizer industry remained weak due to extreme climatic conditions across key countries in the region. Despite this, in the second month of the quarter, prices were pushed up by increased shipping expenses and geopolitical tensions impacting exports. Besides this, the hike in consumption of glyoxylic acid in sectors like cosmetics provided some support, though overall market conditions remained challenging.

Q4 2023:

The market witnessed price surge because of shortage of nitric acid in several countries like Italy, Germany, and the UK. The shortage was led by a halt in ammonia manufacture by a key supplier, leading to lowered availability of ammonia and its derivatives. This scarcity was especially severe in Germany, further driving up product prices. In addition, trade disruptions played a vital role, as geopolitical tensions caused increased freight rates and transportation costs. In response, traders adjusted prices upward to protect their profit margins amidst these ongoing supply chain and trade challenges.

This analysis can be extended to include detailed nitric acid price information for a comprehensive list of countries.

North America Nitric Acid Price

Q2 2024:

In Q2 of the financial year 2024, the nitric acid prices in North America saw a significant decline due to various factors. A key reason was the reduced consumption in the local fertilizer industry, largely affected by extreme climatic challenges such as geomagnetic storms and heat waves. This hindered planting activities and, in turn, the use of fertilizers. Moreover, weak demand from overseas industries, especially from Europe, further impacted the market. Moreover, a slight decrease in ammonia rates also contributed to reduced manufacturing costs for nitric acid, pushing prices down. Abundant supply within the market added to this downward trend, reflecting a challenging period for the industry.

Q1 2024:

The North American market for nitric acid in Q1 2024 faced a downward pricing trend due to various contributing factors. The decline was largely driven by the reduced cost of key raw materials like natural gas and ammonia, which decreased manufacturing costs and exerted a declining movement of nitric acid rates. Additionally, weak product consumption in the fertilizer industry and an oversupply caused by weather conditions led to further price drops. Besides this, lowered demand for adipic acid and aniline also played a role.

Q4 2023:

The market faced fluctuating prices and logistical challenges. Price hikes were driven by shortages of key feedstocks such as ammonia and natural gas, which pushed up production costs due to ongoing supply chain disruptions. In line with this, the demand from domestic and international fertilizer markets including Brazil contributed to upward pricing trend. However, a temporary dip occurred in November, linked to reduced demand. Compounding these dynamics were trade bottlenecks at the Panama Canal that were led by geopolitical tensions in the Red Sea.

Specific nitric acid historical data within the United States and Canada can also be provided.

Middle East and Africa Nitric Acid Price

The report explores the nitric acid pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on nitric acid prices for countries can also be provided.

Asia Pacific Nitric Acid Price

Q2 2024:

The prices of nitric acid in the Asia Pacific region experienced varied trends in Q2 2024. There was a decline in prices during March and June, but they rose in the second month of Q2 2024. The initial fall was due to excess product supply, as leading plants resumed activities and consumption for glyoxylic acid dropped. On the other hand, May saw a price hike owing to the increased piling of stocks ahead of plantation seasons for rice and cotton. Despite strong activities in the local market, international consumption stayed modest, especially from Europe, which faced weather-related agricultural challenges. Furthermore, steady demand for adipic acid supported the market, driven by downstream sectors like textiles and electronics.

Q1 2024:

During Q1 2024, the nitric acid market in the APAC region exhibited varied pricing trends. Prices in the region dropped due to subdued demand from key industries like cosmetics, automobiles, textiles, and fertilizers. The automobile sector's weak performance, particularly a significant drop in domestic sales by major automakers, contributed to the decline. Despite some product consumption in the fertilizer industry for the planting season of millet, overall market activity remained sluggish, partly due to Lunar New Year celebrations. These factors collectively led to a notable decrease in nitric acid prices.

Q4 2023:

The market displayed mixed dynamics, especially in China. Initially, prices dropped after tightened export regulations and revoked CIQ licenses, leading to surplus stockpiles of the product. Demand from fertilizers, cosmetics, and textiles sectors stayed weak. Prices rebounded in December month because of increased demand from Western markets owing to festive season. Besides this, global shipping uncertainties and geopolitical tensions increased ocean freight costs. In addition, to maintain profit margins amid rising transportation costs, traders increased the prices of nitric acid.

This nitric acid price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Nitric Acid Price

The analysis of nitric acid prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Nitric Acid Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Nitric Acid Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” offers an in-depth analysis of nitric acid pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of nitric acid at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of nitric acid price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing nitric acid price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Nitric Acid Market Analysis

The global nitric acid industry size reached US$ 29.9 Billion in 2023​. By 2032​, IMARC Group expects the market to reach US$ 41 Billion, at a projected CAGR of 3.60% during 2023-2032​.

• Nitric acid is employed in the production of ammonium nitrate and calcium ammonium nitrate, which finds applications as fertilizers in the agriculture sector. Ammonium nitrate is also used in the manufacturing of urea ammonium nitrate (UAN), which is further utilized in fertilizer formulations. In addition, there is a rise in the adoption of nitric acid-based fertilizers to enhance the quality of crops and meet the growing demand for food products among individuals. Furthermore, there is an increase in the production of crops for catering to the food-related needs and preferences of individuals. According to the Food and Agriculture Organization (FAO), the production of primary crop commodities reached 9.5 billion tons in 2021 at a global level.
• The growing adoption of nitric acid to create different types of explosives like nitroglycerin and trinitroglycerin (TNT) is positively influencing the market. These explosives are military-grade and used for national defense. The rising number of terrorist activities across the globe is catalyzing the demand for nitric acid-based explosives.
• Nitric acid can be utilized in a colorimetric test to detect the difference between heroin and morphine. It is also important in spot testing that can identify lysergic acid diethylamide (LSD).
• The nitric acid demand is further propelled by its utilization to purify and clean noble metals like platinum, gold, and silver. Nitric acid forms aqua regia when combined with hydrochloric acid, which can even dissolve gold and platinum. It is widely used by jewelers to purify noble metals.
• Nitric acid is a critical chemical that is used for laboratory operations. It is a potential of hydrogen (pH) buffer, cleaning agent, and a preservative for water samples requiring metal analysis.
• The nitric acid market share is further bolstered by its employment as a superior nitrating agent with the combination of sulfuric acid.
• Nitric acid, in its pure form, with its caustic nature, can be beneficial in removing warts and boil.

Nitric Acid News

The report covers the latest developments, updates, and trends impacting the global nitric acid industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in nitric acid production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the nitric acid price trend.

Latest developments in the nitric acid industry:

• In January 2023, Grupa Azoty doubled its nitric acid production capacity with the launch of a new facility in Tarnów. This facility will increase the company’s production capacity to 40,000 tons annually and will expand the manufacturing line for above 98% concentrated nitric acid.
• In August 2023, Deepak Fertilisers and Petrochemicals Corporation Limited announced the nitric acid brownfield expansion at Dahej in Gujarat.

Product Description

Nitric acid is a colorless fuming liquid when pure but turns yellowish due to the collection of nitrogen oxides. It consists of three oxygen atoms, one nitrogen atom, and one hydrogen atom. It is produced mainly by oxidation of ammonia through the Ostwald process. It is a common laboratory reagent and an important industrial chemical for the manufacture of fertilizers and explosives.

Nitric acid is a strong oxidizing agent and ionizes readily in solution, forming a good conductor of electricity. It reacts with metals, oxides, and hydroxides, to form nitrate salts. It has approximately 3.01 potential of hydrogen (pH) and 83o C boiling point. It has a molar mass of 63.01 g/mol and a density is 1.51g/cm3. In addition, nitric acid is used in liquid-fueled rockets as an oxidizer.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of nitric acid pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting nitric acid price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The nitric acid price charts ensure our clients remain at the forefront of the industry.