Nitric Acid Prices (Q1 2022)
The average price of the chemical rose to 2316 RMB/MT on March 28 from 2216 RMB/MT on March 1, an increase of 4.15%. Ningxia Runxia Energy and Chemical Co., Ltd. generated 150000 concentrated acids and 98 concentrated nitric acids as of March 28th, according to the company's most recent annual report. Each tonne cost 2350 RMB at the manufacturing facility. Because the chemical is so difficult to ship, there was less upstream building. According to Anhui Jinhe Industrial Co., Ltd., the factory quotation for the chemical was 2400 RMB/ton. Xinghua Chemical Co., Ltd. in Shaanxi, China, has started producing concentrated nitric acid, with a price of 2200 RMB/MT.
Nitric Acid Prices (Q4 2021)
In Asia, the chemical’s price displayed a blend of opinions all through the final quarter of 2021. In China, the price of nitric acid plunged in the time span of October to November subsequent to enrolling record high gauges in the last quarter. Price saw a fall supported by the decrease in the interest from the agrochemical sector. Because of the Dual Control strategy, numerous agrochemicals and other synthetic makers were constrained to abridge their creation by half that straightforwardly impacted the demand and price of the chemical. In any case, in December, the price achieved negligible gains and was recorded around 480 USD/MT Ex Work Qingdao.
The rising price of the chemical in Europe was fueled by a surge in raw materials such as ammonia and strong demand from downstream businesses such as agrochemicals and fertilisers. Furthermore, rising energy prices as a result of the natural gas crisis drove up production costs across Europe, contributing to its pricing trend. Also, rising freight costs and a scarcity of shipping containers wreaked havoc on the prices in this quarter.
Prices increased in the fourth quarter of 2021 as a result of many causes, including lingering hurricanes and other supply chain problems in the US Gulf. Because of the high prices, several farmers have been reported postponing purchases, risking a supply shortage at the most critical time of the year for farming. Due to a nitric acid shortage, downstream ammonium nitrate inventory levels were discovered to be low.
Nitric Acid Prices (Q1-Q3 2021)
Solid interest from the downstream compost area in the midst of a basic deficiency of feedstock chemicals drove the Asian the chemical’s acid market during Q1 2021. In the Indian market, because of the extended turnaround of a significant feedstock ammonia plant made a homegrown supply deficiency. Likewise, Chinese lunar new year celebrations additionally affected the supply action across the area. Post-occasion restocking set up the costs of nitric acid in the Chinese and Indian business sectors. Costs wound up settling at 1648.46 USD/MT in India during March end.
In India, costs tumbled during May because of the pandemic anarchy in the country, which later improved before the end of June. South Korean market possibilities turned positive after Hanwha reported speculation of around USD 170 million at its current nitric acid assembling office to build the general limit by 400 KTPA, as most would consider to be finished by 2023.
The Chinese market stayed elevated throughout the mentioned time span because of firm offtakes from the downstream agrochemicals area, while guaranteeing firm supply to the global market.
Intriguing environmental catastrophe upset the production action of the chemical across the area during Q1 2021. In the midst of fair demand from the downstream ink producers and compost area, supply stayed restricted all through the quarter. Basic deficiency of key natural substances like ammonia because of various plant closures upheld the costs and thus the costs of nitric acid rose from 320 USD/MT (January 2021) to 335 USD/MT (March 2021). It was expected that the costs might quit speeding up in Q2 2021, as the US production line was returning on target.
The European nations experienced a precarious ascent in costs of imported nitrogen-based manures during this period. The chemical’s demand from farming area remained reliably solid because of the upcoming spring season. Albeit weak supply, constrained dealers looked forward for imports, however that also emerged as a top-notch choice, because winter season transportation exercises were additionally noted upset across the region.
Demand for the chemical in Europe stayed unassuming during April-June, supported by stable offtakes from the homegrown agrochemicals area. Taking off feedstock ammonia costs likewise affected the general value pattern of the chemical across the region. The market climate exhibited a positive pattern across the European region in Q3 2021. The new flood in European petroleum gas costs had set off huge production abridgements in the region, driving up the worldwide price of the chemical.
Nitric Acid Prices Overview 2020
The Chinese market was firm till mid-November after which it got tightened with offers going smothered throughout the year-end market hush. India announced immense deficiency of feedstock ammonia which incited expansion in the chemical’s costs moving into December. The price rose from 125 USD/MT in Q2 to 285 USD/MT in Q4. In the interim, the Indian govt. declared an immense venture of USD 5527.5 million over the agrochemical area to further develop the production limit of manures in the homegrown market. Utilization from the downstream polyurethane producers revealed consistent development in deals across Asia-Pacific during Q4 2020. This development arose from the improvement in the construction sector, which eventually prompted the ascent in demand of the chemical.
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Procurement Resource provides prices of Nitric Acid for several regions around the globe, which are as follows:
About Nitric Acid:
Nitric acid, a pale straw to colourless liquid, is a compound containing the molecules of hydrogen, nitrogen and oxygen. It is strongly corrosive with an irritant odour. It is used in fertiliser and chemical manufacture. It serves as a powerful oxidising agent at higher concentrations.
In order to produce Nitric Acid from ammonia, a process known as Ostwald’s process is utilised. In this process, high temperature oxidation of anhydrous ammonia is carried out in the presence of platinum or rhodium gauze to produce nitric oxide. The obtained product then reacts with oxygen to give nitrogen dioxide, followed by its reaction with water to finally produce nitric oxide and Nitric Acid.
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The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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