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 Q1 of 2025

Product	Category	Region	Price	Time Period
Nitric Acid	Chemicals	China	US$ 218 /MT	January 2025
Nitric Acid	Chemicals	China	US$ 212 /MT	March 2025
Nitric Acid	Chemicals	India	US$ 484 /MT	January 2025
Nitric Acid	Chemicals	India	US$ 468 /MT	March 2025

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Asia

During Q1 2025, the Chinese nitric acid market recorded price fluctuations, supported by demand from major segments such as fertilizers and chemicals. The prices were about 218 USD/MT (Spot FD) in January and around 212 USD/MT in March. Prices increased in the early quarter on the back of firm demand from the fertilizer segment, supported by pre-season inventing.
 

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The market was supported by stable production and minimal supply disruptions in the beginning. As the quarter went on, prices decreased due to slackening demand from fertilizers and chemicals. Logistical issues and increasing operational expenses contributed to the volatility. By quarter's end, price drops in ammonia helped ease the strain, albeit outside factors such as trade restrictions still took their toll on market conditions, leading to a conservative environment.

In India, the market for nitric acid saw similar trends in Q1 2025. The prices were about 484 USD/MT in January and around 468 USD/MT in March. The quarter began with rising prices fueled by strong demand from agriculture, fertilizers, and chemicals, especially from fertilizer manufacturers gearing up for planting season. The prices, though, eased as the quarter progressed because the demand from downstream sectors started softening. Overall, a very mixed market dynamic was witnessed.

Europe

In Europe, the nitric acid market experienced consistent price rises during Q1 2025, primarily caused by seasonal demand and high costs of production. Prices picked up at the beginning of the quarter because of high natural gas prices, which impacted ammonia production and constrained supply. But in mid-quarter, prices settled down as ammonia prices softened and supply pressures lessened. Even with such cost relief, steady demand from the fertilizer industry supported price stability.

North America

In North America, nitric acid prices fluctuated moderately during the first quarter of 2025. Early in the quarter, limited ammonia availability due to plant maintenance and weather-related disruptions contributed to upward pressure on production costs. Fertilizer demand gradually picked up as preparations for the planting season began, lending some support to prices.

Midway through the quarter, improved ammonia supplies eased production costs slightly, leading to some price adjustments. However, steady agricultural activity prevented any significant downturn. By quarter-end, prices showed signs of settling, reflecting seasonal trends and a more balanced supply-demand outlook.

Analyst Insight

According to Procurement Resource, nitric acid prices are expected fluctuate going forward as well. With the current supply-demand dynamics stability is expected in the near future, however, as the summers approach and agricultural demands pick up, prices will likely look northward.
 

Nitric Acid Price Trend for Q3 of 2024

Product	Category	Region	Price	Time Period
Nitric Acid	Chemicals	China	255 USD/MT	September’24
Nitric Acid	Chemicals	India	545 USD/MT	July’24
Nitric Acid	Chemicals	India	504 USD/MT	September’24

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Asia

The market fundamentals for nitric acid remained consolidated in the Chinese domestic market. The demands from downstream polymer, dyes and fertilizers kept weak which impacted the overall dynamics. The unfavorable weather conditions impacted the farming activities influencing the fertilizers market which in turn affected the nitric acid market.

Although, the prices rebounded slightly mid-quarter as orders from other importing nations increased. The spot price in the Chinese domestic market averaged around 255 USD/MT in September’24. Further, somewhat same trends were seen in the Indian domestic market where the spot prices went from around 545 USD/MT (68%) in July’24 to about 504 USD/MT in September’24.

Europe

The European nitric acid market showed volatility with an overall declining trend in Q3. Prices initially surged in early August due to rising feedstock costs, particularly ammonia. However, this uptick was short-lived. Variable domestic demand, influenced by adverse weather affecting agriculture and slower demand for downstream products like adipic acid, led to a downward price trajectory. Labor shortages and port congestion initially supported higher prices, but these effects waned as the quarter progressed. The explosives industry's low demand further contributed to the falling trend.

North America

The North American nitric acid market aligned with global dynamics, displaying a bearish sentiment. Weak terminal demand and falling feedstock prices were key factors driving prices down. Despite occasional upticks, the market remained largely consolidated with a downward bias. Shipment issues and macroeconomic factors also influenced the overall pricing fundamentals, reinforcing the declining trend throughout the quarter.

Analyst Insight

According to Procurement Resource, the Nitric Acid market is expected to remain consolidated in the coming months, with a continued downward pressure on prices. Factors such as fluctuating feedstock prices, uncertain demand from downstream industries, and ongoing geopolitical tensions will play crucial roles in shaping the market dynamics in the near future.
 

Nitric Acid Price Trend for Q2 of 2024

Product	Category	Region	Price	Time Period
Nitric Acid	Chemicals	China	243 USD/MT	April’24
Nitric Acid	Chemicals	China	248 USD/MT	June’24
Nitric Acid	Chemicals	India	527 USD/MT	April’24
Nitric Acid	Chemicals	India	549 USD/MT	June’24

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Asia

Nitric acid prices were found to be fluctuating in the Asian markets during the second quarter of the year 2024. In the Chinese market, the prices first inclined by about 6% in the first half of the quarter, driven by the momentary inventory pressure created by increased stock movement in the previous few months. However, the market started stabilizing very quickly since the prices again turned downward in the latter half of the quarter.

A tepid price movement in the crude oil sector also influenced the nitric acid sector. Approximate average monthly prices in the Chinese market went from about 243 USD/MT in April’24 to around 248 USD/MT in June’24. On the other hand, the Indian market was mostly positively inclined throughout the given span. In the Indian market, the monthly average prices went from about 527 USD/MT (Spot, 68%) in April’24 to around 549 USD/MT in June’24. The market was primarily supported by the downstream demands from the agriculture sector in the country.

Europe

After a continuous downfall in the previous quarter, the nitic acid prices showed some firmness during the second quarter of the year 2024. Earlier, during the peak winter months, the downstream demands from the fertilizer and agriculture sectors were almost sluggish. However, as the farming seasons restarted and the weather became more favorable, the downstream demands again started rising. Because of this incline in consumption, nitric acid prices also started picking up in the European markets. Overall, positive market sentiments were witnessed.

North America

The nitric acid market in the American region was neutral throughout the said span of Q2’24. Earlier, the prices showcased some improvement at the onset of the quarter in April of 2024 since the rising demands promoted prices, and the supply-demand equation was also favorable. However, as time progressed, the market started attaining stability.

The main reason behind this was the influx of inventory stocks. As the inventories started bulking up at a higher pace, the momentum again started shifting for prices. Still, the market sentiments largely remained favorable for the American nitric acid market during the second quarter of 2024.

Analyst Insight

According to Procurement Resource, the outlook looks quite moderate for the immediate future of Nitric Acid prices; the global markets are projecting stability moving ahead.
 

Nitric Acid Price Trend for 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

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Asia

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.

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.

Europe

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 October - December of 2023

Asia

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.

Europe

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 July - September of 2023

Asia

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.

Europe

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

Asia

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.

Europe

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

Asia

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.

Europe

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 Second Quarter of 2022

Asia

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.

Europe

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 First Quarter of 2022

Asia

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

Asia

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.

Europe

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

Asia

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 HNO₃ 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.

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.

Europe

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

Asia

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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