Nitric Acid Price Trend and Forecast

Nitric Acid Regional Price Overview

Get the latest insights on price movement and trend analysis of Nitric Acid in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).


Nitric Acid Price Trend for the Q1 of 2024

Product Category Region Price Time Period
Nitric Acid Chemicals China 295 USD/MT January 2024
Nitric Acid Chemicals China 252 USD/MT March 2024
Nitric Acid Chemicals India 554 USD/MT January 2024
Nitric Acid Chemicals India 580 USD/MT March 2024

Stay updated with the latest Nitric Acid prices, historical data, and tailored regional analysis


Nitric acid prices fluctuated in the Asian market throughout the said period. With a zig-zag price trajectory, the prices were observed to be moving in both upward and downward directions. Within the region, the price performance of nitric acid varied within India and China as well.

Nitric Acid Price Chart

Nitric Acid Price Trends

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Ammonia’s market oscillations also came into play in determining these price points. In the Chinese market, the monthly average prices went from about 295 USD/MT in January’24 to about 252 USD/MT in March’24. This imparted a fall of about 14% to the nitric acid prices in China.

This price trend suggests a humble demand outlook from the downstream chemical and fertilizer industries and an added inventory pressure on the market. In India, on the other hand, the market did start on the lower end in January as the prices first dipped from January to February. However, the market made a quick rebound as the prices then started escalating in the next couple of months. The monthly average spot prices for nitric acid (68%) were observed to be going from around 554 USD/MT in January’24 to about 580 USD/MT in March.


Influenced by the fall in the Chinese market prices, the European nitric acid industry too witnessed a steady yet consistent depreciation during the first quarter of the year 2024. The inventories were already swelled up with the unused stocks of the previous quarter which maintained a downward pressure on the regional price momentum. Other than this various chemical units also underwent shutdowns and maintenance breaks. This further limited the consumption scope for nitric acid in the domestic markets. Overall, dull market sentiments were witnessed.

North America

The American nitric acid market exuded similarities with the Indian nitric acid market as the prices here, too, acquired a varying approach. However, the prices here first went uphill in the first half of the quarter and then went downhill in the second half of the quarter. Initially, the demands were picking up from the chemical units in the region. But, as suppliers started ordering bulk amounts to make more profit, the rise in inventory pressure reversed the momentum.

Analyst Insight

According to Procurement Resource, Nitric Acid prices are expected to continue varying in the coming months as well. The current supply and demand dynamic looks optimistic for the near future.

Nitric Acid Price Trend for the October - December of 2023


During the fourth quarter of the year 2023, nitric acid prices were observed to be varying across the Asian region. The domestic supply and demand variations of the major Asian markets like India and China dictated the overall regional price trend for nitric acid. The Chinese nitric acid market performed better in comparison to the Indian nitric acid market, as the prices here mostly fluctuated at the higher end of the curve.

The monthly average spot prices in the Chinese market went from around 275 USD/MT in October’23 to about 319 USD/MT in December’23. This led to an overall quarterly increment of about 16% in the Chinese nitric acid market.

On the other hand, the Indian nitric acid market experienced sluggishness in the price trend as the monthly average prices here went from around 636 USD/MT to about 590 USD/MT around the same timeline and registered a downfall of about 7% in the quarterly prices. Overall, mixed market trend were observed.


The nitric acid market varied throughout the given quarter in the European markets. The first half of the quarter performed relatively better than the second half of the quarter during the said period. The early months witnessed better demands as industrial activities were still on a higher level; however, as the holiday season approached, the price trend for nitric acid turned south. Overall, an uneven market trajectory was witnessed.

North America

The nitric acid prices in the American markets mostly fluctuated at the lower end of the curve during the given period of Q4’23. Slumped demands and disrupted transports pivoted the price graph southwards. Despite some occasional short-lived fluctuations, the nitric acid price trend were slightly pessimistic during the discussed period of Q4’23.

Analyst Insight

According to Procurement Resource, Nitric Acid prices are expected to continue to vary regionally in the coming months; however, the market projections are largely optimistic for the coming times.

Nitric Acid Price trend for the July - September of 2023


The nitric acid prices fluctuated on the positive side of the curve for the majority of the said quarter of the year 2023. The feedstock ammonia prices gave the initial upliftment to the nitric acid prices. In the Chinese domestic market, nitric acid prices rose marginally by around 2% within the third quarter of 2023, as the monthly average spot prices rose from about 268 USD/MT in July’23 to around 275 USD/MT in September ’23.

Similarly, the Indian domestic nitric acid market grew by around 1% over three months in Q3 of 2023. The monthly average spot prices increased from about 678 USD/MT in July to around 690 USD/MT in September of 2023. Overall, a positively inclined yet stable price graph was observed for nitric acid during the said period.


The European nitric acid markets were strongly influenced by the Asian market trend in the given period of Q3’23, though the market started slowly at the beginning of the quarter in July. However, the downstream demands started picking up shortly from chemical, metallurgical, textile, etc. industries, propelling the price graph up. Overall, despite some reverse fluctuations at the beginning, the nitric acid market sentiments mostly remained positive in the third quarter of 2023.

North America

The North American nitric acid market was steadier compared to the Asian and European nitric acid markets. The prices fluctuated within a very confined range since the nitric acid price graph exhibited an almost plateaued trajectory during the said period. The general market sentiments remained positive throughout.

Analyst Insight

According to Procurement Resource, Nitric Acid prices are likely to rise further since the market demands are on the rise, and the market trend are expected to incline in the coming months.

Nitric Acid Price trend for the First Half of 2023


The price trend for nitric acid seemed flat during the first quarter of 2023. Though the buyers actively hoarded products owing to the Lunar New Year holidays, no significant impact on the market dynamics was seen as the supply-demand remained somewhat balanced. However, even with the manufacturers operating at low levels, the market was still oversaturated with the product.

The gradual decline in the prices was the result of the rise in the level of inventories, volatile demand from the downstream industries, and a steep drop in the prices of aniline and ammonium nitrate, which are the major market drivers of nitric acid. The spot prices of nitric acid averaged around 281 USD/MT in June’23 in the Chinese domestic market.


The declining trend in the prices of nitric acid from the last quarter of 2022 was actively followed in the first half of 2023 in the European region. The prices declined gradually as the region faced challenges maintaining its supply chains amid falling natural gas prices. The reduced demand from the fertilizer and ammonium nitrate sectors further aided the downfall.

North America

The weak demand from downstream industries and the high cost of production in the North American region guided the price trend for nitric acid. The prices also suffered from the high stock levels as, along with the end-user sector, the intermediate companies were also reluctant to purchase the commodity. With the disruptions in the supply-demand equilibrium, the nitric acid market followed a negative trajectory.

Analyst Insight

According to Procurement Resource, the price trend for nitric acid will likely oscillate in the upcoming quarter as the demand from the downstream fertilizers and ammonium nitrate sector is expected to remain weak.

Nitric Acid Price trend for the Second Half of 2022


The nitric acid market remained weak in the last two quarters of 2022 in the Asia-Pacific region. The prices slumped due to weak economic activities and a rise in natural gas prices. The price trend was also affected by the logistical challenges and disruption in the supply chain. In the fourth quarter, the demand from the domestic market drastically declined, reducing the offtakes, thereby aiding the downward trajectory of nitric acid prices.


In the first half of the third quarter, the prices of nitric acid declined as the fertilizers and ammonium nitrate industry showed less interest and hampered the demand for nitric acid. The prices surged in the latter half of the third quarter owing to high demand and constraints in the supply chain. This trend was, however, short-lived as the prices again fell in the fourth quarter, with low demands and weak market fundamentals hampering the nitric acid market.

North America

In North America, the price trend for nitric acid suffered from the decreased number of inquiries and slow economic conditions of the region. The weak feedstock prices, coupled with uncertain crude oil costs, forced the manufacturers to decrease their production rates. However, no significant impact was seen in the market as the demands were drastically low. This same downward trend continued throughout the last quarter.

Analyst Insight

According to Procurement Resource, the price trend for Nitric acid are estimated to remain volatile in the upcoming months as the global demand from the end-sector industries seems weak. Further, the uncertain energy production costs will likely negatively affect the nitric acid market.

Nitric Acid Price Trend For the Second Quarter of 2022


In the Chinese domestic market, the price trend of nitric acid recorded a fluctuating pattern during the said quarter. Due to the constricted supply and heightened prices of primary feedstock ammonia, nitric acid prices rose constantly. The price of the chemical went from 2466 RMB/MT in May 2022 to 2950 RMB/MT in June 2022. Though towards the end of the said quarter, the prices of ammonia began to fall in the Chinese arena, HNO3 prices remained firm owing to the strong demand for fertilizer ammonium nitrate in the market.


Owing to the surging prices of feedstock ammonia and supply delays as a result of shipping issues, the prices of nitric acid stood firm in the European market. Per ton price of HNO3 was recorded at 380 USD FOB. Prices have risen by more than 5% since the start of this quarter due to the disturbance in the global fertilizer and transportation industries. Baltic ammonia prices averaged 919-988 USD/MT, while that of Black Sea ammonia averaged 938-960 USD/MT FOB. Also, solid downstream demands from the fertilizer industry helped sustain the higher price trend of nitric acid in the domestic market.

North America

Amid the tightened supply and the surging costs of raw materials, the prices of nitric acid remained strong in the US domestic arena. With the harmonized market dynamics, the price trend for nitric acid remained healthy, in line with the global outlook.

Analyst Insight

According to Procurement Resource, the prices of nitric acid would be volatile for the most part. The uncertainty lies in the end-user demand in the form of fertilizers, which is highly capricious owing to seasonal fluctuations. Moreover, the higher natural gas prices might abrade the production pace for nitric acid.

Nitric Acid Price Trend For the First Quarter of 2022


Nitric acid prices 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 hydrogen nitrate, with a price of 2200 RMB/MT.

Nitric Acid Price Trend For the Fourth Quarter of 2021


In Asia, nitric acid prices displayed a blend of opinions all through the final quarter of 2021. In China, the price of the chemical plunged in the time span of October to November subsequent to enrolling record high gauges in the last quarter. Nitric acid prices 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 nitric acid prices in Europe were 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 nitric acid prices in this quarter.

North America

Nitric acid 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 Price Trend for First, Second and Third Quarters of 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 HNOin 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.

North America

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 Price Trend for the Year 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. Nitric acid prices 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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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.

Nitric Acid Product Details

Report Features Details
Product Name Nitric acid
Chemical Formula HNO3
Industrial Uses Fertilisers, Oxidising agents, Textile industry, Metal nitrates and inorganic nitrate salts, Various organic intermediates, Plastics, Dyes, explosives, Metal cleaning, Woodworking
HS Code 280800
CAS Number 7697-37-2
Molecular Weight 63.013 g/mol
Synonyms 7697-37-2, Azotic acid, Hydrogen nitrate, Aqua fortis, Salpetersaeure
Supplier Database CF Fertilisers, The Chemical Company, Ube Industries, Ltd, The Chemours Company, LSB Industries
Region/Countries Covered Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand

Europe: Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece

North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru

Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
Currency US$ (Data can also be provided in local currency)
Supplier Database Availability Yes
Customization Scope The report can be customized as per the requirements of  the customer
Post-Sale Analyst Support 360-degree analyst support after report delivery

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Nitric Acid Production Processes

  • Production of Nitric Acid from Ammonia

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.


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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