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The nitric acid prices have been sliding down the price trend over the recent few days in the backdrop of sluggish market dynamics and sombre outlook. According to the analysis of the nitric acid market and price database by Procurement Resource, the first quarter of 2024 kept on skidding month over month through January to March. The prices for Nitric acid slumped by 6.77% in February 2024 compared to January 2024. Recently, in March, the prices slashed by 8.41% compared to February 2024. 

The surge registered in the price of Ammonia, which is a feedstock to produce nitric acid (via Ostwald process), was another significant factor leading to fizzling out of nitric acid prices. From the downstream Aniline and TDI side too, Nitric acid couldn’t buoy up, which could have led to price support for the nitric acid market. 

Industry insiders adopted a wait-and-see approach, closely monitoring market transaction. Downstream sectors such as dyes and pesticide intermediates exhibited weak demand, contributing to the lackluster performance of the nitric acid market. As a result, manufacturers primarily focused on fulfilling existing orders, with no significant positive factors to bolster the market. The overall market situation remained subdued, with attention converged on tracking transaction dynamics in the absence of a notable increase in downstream demand.

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According to the article by Procurement Resource, nitric acid prices declined due to sluggish market dynamics, with a 6.77% drop in February and an 8.41% fall in March 2024. Rising ammonia costs and weak demand from downstream sectors like dyes and pesticide intermediates contributed to the downturn. Industry insiders adopted a wait-and-see approach, with manufacturers focusing on existing orders amidst a subdued market.