Nitric Acid Prices: During the Quarter Ending December 2023

North America:

In the fourth quarter of 2023, the North American Nitric Acid market encountered a blend of challenges and opportunities. Notably, prices experienced an uptick in both the initial and final months of the quarter, with margins of 5% and 2.6%, respectively.

However, November saw a downturn due to constrained demand from the domestic fertilizer market. A significant contributor to the rise in Nitric Acid prices was the shortage of crucial feedstock materials, particularly Ammonia and Natural Gas, stemming from supply chain issues in a major Ammonia-exporting country. This scarcity of feedstock materials led to an increase in Nitric Acid production costs, thereby pushing prices upward. Additionally, robust demand from both domestic and international fertilizer markets, notably from Brazil, contributed to the observed price hike.

The North American market, especially the USA, encountered trade challenges during this period. Persistent bottlenecks in the Panama Canal led to long queues and delayed shipments of commodities, including Nitric Acid from the USA market. Simultaneously, incidents such as attacks on ships in the Red Sea led to higher ocean freight rates, raising concerns about inflation and delayed goods. Carriers, aiming to avoid potential disruptions by Iran-backed Houthi Rebels in Yemen, redirected trade away from the crucial Middle East route, intensifying global trade challenges and elevating transportation costs. In response to these challenges and to safeguard profit margins, traders increased prices for various commodities, including Nitric Acid.

Get Real Time Prices of Nitric Acid: https://www.chemanalyst.com/Pricing-data/nitric-acid-1142

APAC:

During the concluding quarter of December 2023, the Nitric Acid market in the Asia Pacific region displayed mixed sentiments, particularly impacting the Chinese market. The initial two months witnessed a decline in prices within China after the country ceased additional CIQ export licenses, adopting a stringent export stance. Containers, previously cleared for export, were removed from vessels carrying fertilizers, including Nitric Acid, resulting in surplus material availability in the Chinese market. Demand for Nitric Acid during this period from key end-user sectors such as fertilizers, cosmetics, and textiles remained subdued. However, as December approached, prices began to rise in the Asian region due to firm demand from western regions in anticipation of the festive season. Concurrently, trade uncertainties in major shipping routes, coupled with attacks on ships in the Red Sea, led to higher ocean freight rates, prompting concerns of inflation and delayed goods. Carriers, seeking to avoid potential strikes by Iran-backed Houthi Rebels in Yemen, redirected trade from the crucial Middle East route, exacerbating global trade challenges and increasing transportation costs. To protect their profit margins, traders responded by increasing prices of various commodities, including Nitric Acid.

Europe:

In the fourth quarter of 2023, the European Nitric Acid market exhibited a bullish trend characterized by several influential factors impacting prices. Notably, a shortage of Nitric Acid was observed in multiple countries, including Germany, Italy, and the UK. This shortage stemmed from a temporary cessation of Ammonia production by Yara, resulting in a scarcity of Ammonia and its derivatives, including Nitric Acid. The shortage was particularly pronounced in Germany, leading to a surge in Nitric Acid prices, exacerbated by the persistently low supply due to the Ammonia production halt. Further, the rise in the price of essential feedstock Ammonia contributed to the overall increase in Nitric Acid prices. Global trade uncertainties also played a significant role in driving up Nitric Acid prices. Incidents such as attacks on ships in the Red Sea resulted in higher ocean freight rates, raising concerns about inflation and delayed goods. Carriers, aiming to avoid potential disruptions by Iran-backed Houthi militants in Yemen, redirected trade away from the crucial Middle East route, intensifying global trade challenges and elevating transportation costs. In response to these challenges and to safeguard profit margins, traders responded by raising prices for various commodities, including Nitric Acid.

Get Real Time Prices of Nitric Acid: https://www.chemanalyst.com/Pricing-data/nitric-acid-1142

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