For the Quarter Ending September 2023

North America

In the third quarter of 2023, Nitrogen prices in North America exhibited a dynamic trend, characterized by an initial upswing in the first half of the quarter followed by a subsequent downturn. The decline was attributed to a subdued demand outlook and reduced inquiries from Nitrogen gas producers. Notably, companies in the fertilizer sector actively pursued the establishment of ammonia production facilities along the U.S. Gulf Coast, driven by aspirations to produce eco-friendly "blue ammonia" and mitigate carbon dioxide emissions. Leveraging incentives from the Inflation Reduction Act and existing export infrastructure, these companies aimed to not only produce ammonia for fertilizers but also contribute to environmental sustainability. Despite ongoing efforts by manufacturers to alleviate backlogs and reduce finished goods inventory, there was a continued hiring trend in anticipation of heightened workloads. Input costs witnessed a consecutive monthly increase, with a slightly accelerated rate, translating to higher output prices for customers.

APAC

Throughout the third quarter of 2023, Nitrogen prices in the Asia-Pacific region maintained a steady pace, buoyed by heightened demand across diverse sectors, including fertilizers, mining, metals, and electronics. Favorable natural gas prices further supported this stability. In the Indian market, Nitrogen prices experienced a notable surge, propelled by robust demand from the packaging and pharmaceutical sectors. The country demonstrated ample inventories, with a positive trajectory in industrial output and a peak in the purchasing index compared to preceding periods. Suppliers in the region consistently received orders for Nitrogen products. The versatile applications of Nitrogen gas played a pivotal role in its increased usage in the domestic market, particularly in healthcare applications. Nitrogen emerged as the preferred choice for maintaining tire pressure, outperforming traditional air-filled tires. The introduction of new agricultural policies and government subsidies in India positively influenced the production and procurement of nitrogen-based fertilizers in the Asia-Pacific market.

Get Real Time Prices of Nitrogen: https://www.chemanalyst.com/Pricing-data/nitrogen-1097

Europe

In the European market, Nitrogen prices experienced a decline during the second quarter, primarily attributable to sustained weak demand and cautious ordering behavior by buyers. Elevated natural gas costs, serving as the primary feedstock for nitrogen fertilizers, led to a disconnection in much of the nitrogen fertilizer production within the European Union. This production disruption coincided with a resurgence of fertilizer production within the European region, a decrease in import requests, and a global softening of fertilizer prices. FTI Consulting provided guidance to a global fertilizer manufacturer operating in Europe, addressing challenges related to the European Union's ambitious decarbonization objectives. This guidance involved exploring potential strategies for developing a green fertilizer support program in Europe. Recognizing the critical role of fertilizer supply in ensuring food security and economic stability, governments worldwide adopted a proactive approach to secure these essential resources. Additionally, the European region faced economic challenges, entering a recession while the European Central Bank raised interest rates, subsequently impacting commodity prices, burdening buyers, and straining government finances.


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