Nitrobenzene Price Trend

Nitrobenzene Prices (Q1 2022)

Asia

The price of nitrobenzene surged significantly in the first quarter of 2022, owing to rising demand from the downstream aniline industry. Traders revised their offerings in response to rising petroleum prices in order to protect their profit margins. The Shanghai port disruption hindered commercial activity and was a key cause in price increases in China. The increase in COVID cases led to output cuts in pandemic-affected areas by the end of Q1 2022, causing anxiety in the regional market. The price concluded at 1312 USD/MT CFR JNPT in March 2022.

Europe

Price fluctuations in the feedstock benzene caused mixed feelings in Europe in the first quarter of 2022. The price drop was facilitated by the increasing number of Omicron variant cases in Germany, which led to nitrobenzene pricing restrictions. However, prices began to climb in early March as a result of higher upstream pricing. Russia is one of Germany's top natural gas and petroleum exporters, and the unexpected escalation of tensions between Russia and Ukraine prompted a further rise in upstream benzene prices, impacting nitrobenzene pricing. Furthermore, increased demand from downstream sectors such as aniline, polyurethane, and MID drove up the nitrobenzene price in Europe by approximately 5%.

North America

The start of the Ukraine-Russia conflict in the last week of February pushed up global crude oil prices, causing a substantial increase in raw material prices on the international market. Meanwhile, worldwide economic recovery and seasonal demand fueled the overall increase in the chemical’s prices in North America. While rising raw material costs pushed downstream products prices higher across regional markets, demand fundamentals for the downstream aniline market's product remained strong. In Q1-2022, the price of nitrobenzene in the United States ranged between 1250-1380 USD/MT.

Nitrobenzene Prices (Q4 2021)

Asia

The market prognosis in China was positive, with progress in offtakes from both domestic and foreign markets. Nitrobenzene FOB Shanghai price was estimated at 1135 USD/MT in December, up 102 USD/MT from October. In India, there were varied feelings about Nitrobenzene. The price rose in October and November as the value of imports from South Korea remained stable and buying momentum improved. Thus, throughout October and November, Ex-Mumbai price grew effectively from 1412.43 USD/MT to 1444.68 USD/MT, before settling at 1433.26 USD/MT in December, indicating an overall increase from October.

Europe

The robust feedstock benzene values encouraged an exponential growth in nitrobenzene prices in the fourth quarter of 2021 in the European market. Furthermore, demand from downstream tyre producers remained strong during the quarter. An acute energy shortage owing to supply constraints resulted in costly production, pushing the price of the chemical even higher. Despite the reduction in freight costs in December, the price remained high due to high benzene prices. However, due to the end of the year, buying emotions dwindled in the last month of the quarter.

North America

Nitrobenzene market sentiments in the United States were bolstered in Q4 2021, driven by an increase in the number of inquiries in the domestic market. Furthermore, increased demand from downstream aniline and synthetic rubber producers supported Nitrobenzene price rise during this time period. Nitrobenzene prices began to relax in November due to plentiful supply and rising upstream Benzene prices. Prices rebounded in December, owing to strong demand and an extraordinary spike in benzene prices.

Nitrobenzene Prices (Q1-Q3 2021)

Asia

In the Indian market, the price increased by more than 25% in the quarter, hovering around 1153.9 USD/MT in March. During this quarter, the Asian market had reasonable demand for the chemical, owing to improving economic conditions and the product's seasonal upswing. During second quarter, demand for nitrobenzene from local aniline and agrochemicals producers remained consistent, supporting its price trend. Thus, in June 2021, its price in China and India was roughly 878 USD/MT and 937 USD/MT, respectively. Because of rising upstream benzene prices and high freight costs, price in China effectively climbed. Despite strong demand for derivative aniline in India, delayed nitrobenzene offtakes from the automotive and rubber industries eclipsed its strong demand as an aniline feedstock. Prices rose from 1289 USD/MT to 1367 USD/MT in Q3 2021, continuing an upward trend. FOB Shanghai (China) evaluations stabilized at 943 USD/MT in early September.

Europe

Following the second wave of COVID-19, the European market saw a drop in downstream demand as industrial output decreased due to staffing shortages and lockdown limitations. Prices improved little throughout the quarter, but upstream benzene settlements improved significantly. Nitrobenzene prices rose as benzene prices rose owing to worldwide shortages and fewer imports from main producing countries. Furthermore, higher freight costs contributed to the total price increase of the chemical during this quarter. As a result, dealers raised their product prices to defend their margins in order to keep their profits. Due to the high pricing environment for upstream chemicals and ongoing tightness in regional supplies, the European price curve of the chemical gained in the third quarter of 2021, drawing cues from solid Asian stocks. In Q3, margins were stable, bolstered by high sales, although supply remained scarce as customers resorted to Chinese suppliers. Increases in raw material pricing and logistical expenses have been passed on to end consumers, according to a trader. In Q3 2021, rising freight costs exacerbated the pricing trend across the area.

North America

Market mood for the chemical in the United States remained positive throughout the quarter, bolstered by strong demand from regional and worldwide markets. However, sub-freezing weather interrupted domestic output in the United States, as key upstream units experienced force majeure in mid-February. While benzene supply remained critically low due to unforeseen plant shutdowns, strong demand from downstream industries such as aniline and MDI pushed regional nitrobenzene bids higher. Despite regional shortages, the chemical saw reasonable demand in the North American market this quarter, backed by strong offtakes from downstream derivative makers. The price of nitrobenzene increased across the United States as benzene costs rose due to a protracted material scarcity following the winter disaster. Demand for downstream products like aniline and other agrochemicals remained strong. Asia's supply remained constrained, with players unable to build up significant supplies. As a result, price increased dramatically in the North American region in the third quarter.

Nitrobenzene Prices Overview 2020

Asia

Due to hurricanes Delta and Laura in October of 2020, there were considerable logistics interruptions, resulting in a huge gap in nitrobenzene demand and supply across Southeast Asia. Prices increased by twofold in Q4 2020 as a result of supply constraints. The increase in prices of benzene owing to persistent increases in crude values impacted the increase in prices of nitrobenzene in the quarter ended December. CFR price in India averaged 618.75 USD/MT in the fourth quarter of 2020.

Europe

The price of nitrobenzene increased in the fourth quarter of 2020 because benzene prices were high due to a lack of supply vs strong demand across the area. Although demand in Q4 of FY20 was lower than previous year because to fears of a new coronavirus and a second lockdown across the area, it was still higher than the entire year of 2020. Traders were confident about a significant return in crude prices in Q1 2021 as the price of petroleum rose.

North America

In Q4, the petrochemical industry appeared to have entered a recovery phase after months of poor demand for Benzene. During Corona, supplies that were stalled due to lockdown and a shortage of labour were rushed to their target in the final quarter. Owing to a steady rise in oil prices and limited supplies into the region due to a series of storms, benzene demand remained strong in December. As a result of the market fundamentals, the increase in benzene prices impacted supply, demand, and pricing for nitrobenzene in the region.

Procurement Resource Database

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Procurement Resource provides latest prices of Nitrobenzene. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

Chart Description:

Procurement Resource provides prices of Nitrobenzene for several regions around the globe, which are as follows:

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

About Nitrobenzene

The organic compound nitrobenzene has the chemical formula C6H5NO2. It's a pale-yellow oily insoluble in water which smells a bit similar to almonds. Greenish-yellow crystals form when it freezes. It is made on a as a precursor to aniline from benzene on an industrial level. It is occasionally employed as a solvent in the laboratory, particularly for electrophilic reagents.

Chemical Formula:

  • C6H5NO2

Molecular Weight:

  • 123.11 g/mol

Synonyms:

  • Nitrobenzol
  • Oil of mirbane

Industrial Uses:

  • Aniline Production
  • Dyes and Pigments
  • Pesticides
  • Intermediate in Pharmaceuticals
  • Solvent
  • Explosives

Production Processes:

  • Nitrobenzene Production from Benzene and Nitric Acid

Nitration of benzene using a combination of intense sulfuric acid, water, and nitric acid produces Nitrobenzene. This combination is also known as "mixed acid." Because of the exothermicity of the reaction, nitrobenzene synthesis is one of the most hazardous processes in the chemical industry.

Supplier Database:

  • BASF SE
  • The Chemours Company (DuPont)
  • Covestro AG
  • Huntsman International LLC
  • Wanhua

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.

Methodology:

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).

Procurement Resource also provides the detailed production cost analysis of Nitrobenzene See more

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