Sodium Nitrate Price Trend and Forecast

Sodium Nitrate Regional Price Overview

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

 

Sodium Nitrate Price Trend for the Q2 of 2024

Asia

In China, the market saw a notable price increase for sodium nitrate, primarily driven by the rising cost of nitric acid, a key raw material. Throughout the second quarter, several factors contributed to this trend, including a shortage of essential raw materials like ammonia and increased production rates driven by high demand.
 

Sodium Nitrate Price Chart

Sodium Nitrate Price Trends

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The resurgence in downstream derivative demand, especially for products like glyoxylic acid and aniline, further fueled the price surge. Additionally, peak downstream production during the summer season after the May Day holidays resulted in increased demand from the cosmetics and haircare markets and increased consumption from the automotive and textile industries. Further, labor shortages due to the recent Labor Day holiday in China compounded the supply issues, leading to a further tightening of the market.

Europe

In European countries, the cost support from the surging prices of feedstock commodities was insufficient in driving the momentum of the sodium nitrate market during the second quarter of 2024. The market participants increased their production volumes in anticipation of improvement in the commodity's procurement rates with the easing of inflationary pressure on consumers.

However, with the limited interest of downstream industries, this led to a significant growth in the inventories and pressured the sodium nitrate price trend. On the other hand, the export volumes suffered from the reduction of the number of overseas orders amid the growing tensions at the Red Sea and longer lead times.

North America

During the second quarter, the sodium nitrate market faced disruptions primarily due to logistical challenges in North America. The collapse of the Baltimore Bridge had a significant impact on the supply chain, particularly affecting the Port of Baltimore's role in international trade.

This incident forced companies to reroute operations and manage increased costs for various commodities, including sodium nitrate. The resulting logistical challenges led to a reconsideration of import strategies, with increased activity at ports on the West Coast to mitigate the disruption on the East Coast. This shift influenced the supply and pricing dynamics for sodium nitrate in the U.S. market heavily.

Analyst Insight

According to Procurement Resource, the price of Sodium Nitrate is expected to follow the trail of its feedstock commodities and shifting global trading dynamics in the forthcoming quarters.
 

Sodium Nitrate Price Trend for the Q1 of 2024

Product Category Region Price Time Period
Sodium Nitrate Chemicals USA 745 USD/MT March 2024
Sodium Nitrate Chemicals Europe 925 USD/MT March 2024


Stay updated with the latest Sodium Nitrate prices, historical data, and tailored regional analysis
 

Asia

The market behavior of sodium nitrate is usually dependent on the price trajectories of its feedstock materials caustic soda and nitric acid along with the downstream demands from the consuming sectors. In the Asian markets, particularly China, the prices observed a mixed trajectory.

The first half of the quarter exuded some stability as the supply and demand outlooks were still largely balanced. However, the global slowdown in the fertilizer market showed its effect later on. Sodium nitrate prices started plummeting in the Chinese market as well in the latter phase of the quarter. In the wake of weakening demands India reduced its imports from Russia. According to some estimates, Russian exports to India decreased by some 37% within the first quarter; fertilizer products made a big part of these reductions. Peru and Brazil filled some of this gap, as imports rose from these countries.

Europe

In the European sodium nitrate market, the prices observed a sliding trend for the most period of Q1’24. Since the peak planting season was over in Europe, fertilizer consumption trampled notably in the region. Russia and Ukraine both saw a decline in production and supplies as the trade dynamics kept strangling as the war kept heating up more and more.

Rising energy and manufacturing costs were also taking a toll on the regional manufacturers. Demands were crashing in both domestic and international markets, and the production costs were weighing the suppliers' morals. Hence, the market responded with a reduction in production volumes. Overall, a depreciating price trend was observed.

North America

The American sodium nitrate market also mimicked its Asian and European counterparts during the said period of Q1 of 2024. The price graph was largely faced southwards. Farming activities were suffering because of the unseasonal weather interruptions as El Nino also affected the plantation patterns. Other consuming industries also did not respond in a very favorable manner to these changes. Heightening freight costs was another factor troubling the suppliers. Overall, weak market sentiments were observed for sodium nitrate during the first three months of 2024.

Analyst Insight

According to Procurement Resource, Sodium Nitrate price trends are likely to remain subdued for some time in the near future. The inventories are well capable of supporting whatever feeble demands the consumers are offering.
 

Sodium Nitrate Price Trend for the October - December of 2023

Asia

The sodium nitrate market trend were found to be largely uneven during the fourth quarter of 2023. Within the major Asian markets, the Chinese sodium nitrate market trend were more positive and had a better run at the price index than the Indian sodium nitrate market. These variations in the market behaviors were largely influenced by the availability and costs of the feedstock materials sodium hydroxide (caustic soda) and nitric acid.

Along with the feedstock cost support, the downstream demands also played a huge role in determining these price graphs. The downstream demands from the metal, fertilizers, dyes, pigments, food, etc. industries kept the market sentiments afloat for the majority of the discussed period.

Europe

The European market trend for sodium nitrate were largely mixed for the entire period of Q4’23. The market trend began on a high note at the beginning of the quarter. However, various global trade disturbances, along with the long holiday season in the latter half of the quarter, gradually brought the market trend down. Overall, variations were observed in the European market trend for sodium nitrate.

North America

The North American sodium nitrate market followed its European counterpart closely during the given period. The freight disturbances caused largely by the Israel-Hamas war, along with the regional economic struggles, made the sodium nitrate prices waver at the lower end of the curve during the said period.

Analyst Insight

According to Procurement Resource, the Sodium Nitrate price trend are anticipated to continue showing variations in the coming months; the prices are expected to waver within a limited range.
 

Sodium Nitrate Price Trend for the July - September of 2023

Asia

Despite the slower recovery of the Asian economy, the sodium nitrate price trend were able to trace a northward journey in the third quarter of 2023. The initial phase of the quarter, however, struggled with weak growth of demand and the negative influence of the disruptions in the supply-demand equilibrium of sodium nitrate. However, in the later stages, the trend stabilized with lowering inflation and appreciation in the Chinese currency in comparison to the US dollar.

This positive momentum of sodium nitrate prices was further escalated by the hike in the number of inquiries from the domestic as well as overseas industries. Additionally, the rise in the bulk orders and depletion in the level of inventories also had a significant impact on the sodium nitrate price trend.

Europe

The European sodium nitrate sector was able to maintain stability in its price trend as the manufacturing sector grew on account of a rise in the appetite of consumers. The industrial sector expanded after facing some struggles during the initial phase of the quarter. This helped in the overall growth of the market sentiments of sodium nitrate and the rates of procurement from the downstream industries. Further, the rise in costly imports from the Asian countries amid appreciating European currency also played a major part in keeping the sodium nitrate price trend upwards.

North America

The shift in consumer preferences worked in favor of sodium nitrate price trend during the third quarter of 2023. The pressure of inflation during this phase began to ease out, which led to a rise in the appetite of downstream industries. In addition to this, the inclination in the sales and market momentum of nitric acid, along with the escalation in the energy prices and export rates, kept the sodium nitrate prices in the green zone.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Nitrate are expected to maintain their inclining trajectory as the performance of the downstream industries seems to be improving.
 

Sodium Nitrate Price Trend for the First Half of 2023

Asia

The sodium nitrate prices surged in the first quarter of 2023, as the trend was supported by the rise in market activities and replenishment of inventories. The rise in feedstock prices also supported the hike in the market activities of sodium nitrate prices. The demand from the downstream industries also helped the production rates to rise as the Chinese economy made a strong comeback after the Lunar holidays and covid phase.

However, the market activities fell significantly in the second quarter due to a steep fall in demand from domestic and international consumers. The trade activities were also hampered, attributed to the fall in feedstock costs and decline in the movement of beverages, cosmetics, and preservatives sectors that eventually led to the decline in the price trend of sodium nitrate.

Europe

The sodium nitrate price trend surged in the first quarter of 2023 with support from the pharmaceutical and other related industries. Even the falling cost of nitric acid did not hamper the progress of the sodium nitrate market as the prices of another feedstock, sodium bicarbonate, surged. But the market activities in the second quarter were hit by the depreciating cost of feedstocks, ample supply of material, and falling demand from the downstream industries. The cost of energy and slow economic activities were other factors that hampered the price trend of sodium nitrate.

North America

A stable and stagnant approach was adopted by the sodium nitrate market in the North American sector, supported by the demand and high number of purchases from the pharmaceuticals and other related end-user industries, but the second quarter did not support this trajectory. The overall market conditions gradually worsened with the quarter as the procurement from the end-user industries declined significantly. The dipping oil costs and falling economic conditions further caused the price trend of sodium nitrate to fall into the negative zone.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Nitrate is estimated to showcase a declining trend as the slow momentum of downstream industries and a global recession will impact the sodium nitrate market negatively.

Procurement Resource provides latest prices of Sodium Nitrate. 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.

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About Sodium Nitrate

Sodium nitrate is a white crystalline salt of sodium that is widely used in the agriculture industry as a fertilizer as it is a good source of nitrogen. In addition to this, salt also finds applications in the food industry as a curing agent and in the production of explosives and pyrotechnics as an oxidizing agent.

Sodium Nitrate Product Details

Report Features Details
Product Name Sodium Nitrate
Chemical formula NaNO3
Industrial Uses Fertilizers, Glass production, Pharmaceuticals, Corrosion inhibitor, Water treatment, Dyes and pigments, Oil recovery, Explosives and pyrotechnics, Food preservation
CAS Number 7631-99-4
Molecular weight 84.99 g/mol
HS Code 31025000
Supplier Database Alfa Aesar, UBE Industries LTD, American Elements, BASF SE, AG CHEMI GROUP S.R.O., Sumitomo Chemical Co Ltd
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.

Sodium Nitrate Production Processes

Under proper temperature and pressure, sodium hydroxide and nitric acid are combined to produce sodium nitrate compound. This reaction is the first step in the process. It is an exothermic reaction that produces a high temperature as it proceeds.

When sodium hydroxide reacts with ammonium nitrate under a controlled atmosphere, the breakdown reaction starts and gives sodium nitrate as the final product.

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).

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