For the Quarter Ending September 2023

North America:

In the third quarter ending September 2023, the Nitric Acid market in North America experienced a marginal fluctuation of 2.6%. Prices initially declined for the first two months due to reduced demand from the fertilizer industry, compounded by lower prices of key feedstocks such as Ammonia and Nitric Oxide. However, insights from US management revealed low inventory levels of Nitrogenous products at the start of the month, stemming from restricted imports and increased exports to neighboring North American countries, particularly Canada. A severe grasshopper infestation in fields further impacted crop damage, affecting fertilizer procurement. Despite reduced demand for downstream derivatives like Aniline and Adipic acid, Nitric Acid prices rebounded in September 2023. Factors contributing to the price increase included higher Ammonia costs and robust demand from both domestic and international markets, driven by strong performance in the Rubber and Automotive industries.

APAC:

The Asian Nitric Acid market witnessed mixed trends in the third quarter of September 2023. Chinese Nitric Acid prices initially declined in July due to weak purchasing activities in the international and domestic fertilizer market. Concurrently, the prices of upstream raw coal and feedstock liquid ammonia marginally increased. Subdued demand for Nitric Acid and its derivatives had a negative impact on the market. However, prices saw a significant upswing in August and continued to rise through September. Elevated costs of essential feedstock Ammonia and upstream Thermal Coal prompted higher production rates, resulting in increased Nitric Acid prices. Spot availability of Nitric Acid in the Chinese market was limited due to producers focusing on supply contracts, and some regions experienced lower-than-expected supply due to reduced production activity. The gap between demand and supply, along with stable new order indices and an increase in the Production Price Index, supported the ongoing price hike.

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Europe:

The European Nitric Acid market displayed mixed sentiments in the third quarter of September 2023. Prices declined by 3.9% in July, attributed to lackluster demand from the downstream fertilizer industry and fluctuations in Ammonia prices. Energy prices reaching their lowest point in the European region also influenced the downward price trend. However, the German Nitric Acid market witnessed a notable price upswing in August and September. This increase was driven by a substantial surge in the costs of primary feedstock Ammonia and upstream component Natural Gas, impacting various downstream industries. Manufacturers in the German market adjusted their pricing to reflect the surge in raw material expenses. While demand for Nitric Acid in the downstream fertilizer market showed steady, moderate growth, heightened demand for the derivative Aniline from the Rubber and Automotive industries exerted additional upward pressure on Nitric Acid prices.