For the Quarter Ending June 2025
North America
• The Nitric Acid Price Index in North America rose by 0.5% quarter-over-quarter in Q2 2025, driven mainly by persistent supply constraints in May and June, despite a weak April.
• Fertilizer-related demand showed moderate seasonal strength in mid-quarter, followed by a lull towards the end of quarter. Buyers advanced purchases amid trade uncertainties, though industrial offtake remained stable but uninspiring throughout.
• Domestic output remained steady but import flows from Asia and Europe were limited across the quarter due to logistical delays, higher overseas prices, and port-level bottlenecks, tightening the overall market.
• U.S. export competitiveness was undermined by cheaper Asian material and slow global trade recovery, capping outbound volumes despite a brief window of tariff relief.
• Overall, North America’s nitric acid market in Q2 2025 reflected supply-led firmness with demand fluctuations, as price movements leaned more on constrained availability than robust consumption.
Why did the price of Nitric Acid change in July 2025 in the U.S.?
• In July 2025, Nitric Acid prices in the U.S. declined due to a combination of seasonal demand weakness and easing supply-side pressure.
• Fertilizer demand remained soft post-summer fill, and industrial consumption showed little momentum, leading to low procurement activity.
• Supply conditions normalized as overseas shipments from Asia and Europe improved, while domestic production stayed stable. Improved import availability and flat feedstock costs kept inventories ample, further weakening price sentiment.
• Market participants exercised purchasing restraint amid surplus availability and no clear signals of price floor.
• With minimal cost inflation and muted downstream demand, sellers lowered prices to stimulate offtake and prevent inventory build-up.
Europe
• The Nitric Acid Price Index in Europe rose by 0.8% quarter-over-quarter in Q2 2025, supported by intermittent logistical bottlenecks, though demand remained largely muted.
• Fertilizer demand moderated by June-end after strong pre-buying in May; industrial uptake stayed flat. Export activity slowed into Eastern Europe due to geopolitical uncertainties.
• Output remained consistent in April and May but was increasingly restricted by June due to Rhine River low water levels and port backlogs.
• Export interest softened in the latter half of Q2 as buyers across Eastern and Central Europe grew cautious amid macroeconomic uncertainty and cautious inventory handling.
• Q2 pricing was primarily supported by temporary logistical friction and precautionary buying, rather than any broad-based improvement in downstream demand.
Why did the price of Nitric Acid change in July 2025 in Europe?
• Nitric acid prices in Europe fell in July 2025, as fertilizer demand declined post-application season and prior stockpiling limited new orders.
• Downstream buyers adopted a wait-and-see approach amid expectations of further price softening and no feedstock-driven cost pressure.
• As feedstock prices remained stable and export demand softened, sellers adjusted offers downward to sustain contract volumes.
APAC
• The Nitric Acid Price Index in APAC fell 1.8% quarter-over-quarter in Q2 2025, with slight gains in April and June offset by a more pronounced dip in May amid weakening downstream interest.
• Fertilizer demand showed limited strength, with April and June benefitting from seasonal crop cycles, while May faced drag due to low grain prices and distributor destocking.
• Supply availability improved progressively, aided by uninterrupted flows from key Northeast Asian producers.
• Imports continued steadily, though high intra-Asia freight costs in April and again in June prompted importers to adopt cautious restocking strategies.
• Overall, Q2 pricing stayed mildly bearish as intermittent seasonal demand and logistics friction failed to outweigh the broader impact of supply abundance and cost pass-through resistance.
Why did the price of Nitric Acid change in July 2025 in APAC?
• Nitric acid prices in APAC declined in July as fertilizer demand tapered following the end of peak seasonal application across Thailand, Vietnam, and the Philippines.
• Major buyers slowed procurement after completing pre-monsoon restocking in June, resulting in reduced spot activity, and mounting inventory at distributor levels.
• Stable supply from key exporters like South Korea and China continued amid no major production outages, keeping availability comfortable throughout the month.
For the Quarter Ending March 2025
North America
The North American Nitric Acid market saw a 2% quarter-on-quarter increase in Q1 2025. Early in the quarter, supply was disrupted due to extreme freezing temperatures that triggered a force majeure at OCI Beaumont LLC and maintenance shutdowns at key CF Industries plants, affecting ammonia availability—Nitric Acid’s primary feedstock. Logistics constraints in road and ocean freight further tightened raw material flows. Meanwhile, demand from the fertilizer sector surged as farmers accelerated purchases ahead of spring planting, driven by fears of shortages and anticipated tariff hikes. Industrial consumption remained strong, with proactive procurement by major agrochemical players.
By mid-quarter, production stabilized amid low ammonia prices, while buyers continued stockpiling nitrogen-based fertilizers to hedge against future uncertainties. The U.S. government’s proposed tariffs on imported fertilizers led to a shift toward domestically sourced materials, increasing Nitric Acid demand.
Towards the quarter’s end, North American nitric acid production aligned with seasonal fertilizer demand. A global ammonia oversupply reduced production costs, while falling freight rates eased logistics pressures. The quarter-end price for Nitric Acid DEL Texas was USD 277/MT, reflecting a balanced market with steady agricultural consumption.
APAC
The APAC Nitric Acid market registered a quarter-on-quarter decline in Q1 2025, driven by weak demand and reduced production across key regions. Early in the quarter, downstream sectors such as fertilizers and ammonium nitrate saw minimal activity, as many plants shut or cut operations ahead of the Spring Festival. On the supply side, several manufacturers paused production for adjustments, further tightening output. Following the holiday, operations gradually resumed, but demand recovery remained slow. Buyers focused on fulfilling backlogs rather than placing new orders, reflecting cautious sentiment. While ammonia prices held steady globally, improved vendor coordination enhanced supply chain efficiency, helping stabilize availability. The quarter closed weakly as ammonium nitrate plants in northern regions operated at reduced capacities, maintaining only essential purchases. Despite rising ammonia feedstock costs, ample inventories, and competitive imported nitric acid (aided by lower freight rates) forced domestic suppliers to adopt discounts. Thailand witnessed the most significant change with a noticeable drop of 4% in Q1 2025 compared to Q4 2024, with the quarter-end price settling at USD 310/MT CFR Phuket, reflecting lacklustre demand and limited buying interest.
Europe
The European Nitric Acid market registered a quarter-on-quarter price incline of 5.5% in Q1 2025, driven by firm seasonal demand and elevated input costs. At the start of the quarter, prices surged as soaring natural gas costs led producers like SKW to reduce ammonia output, tightening regional supply. The weak euro further inflated import costs, while fertilizer producers accelerated output ahead of the spring planting season, sustaining robust demand. Mid-quarter, prices remained high, supported by steady agricultural consumption and rising uncertainty around proposed sanctions on Russian fertilizer imports. This prompted buyers and traders to stockpile nitric acid, reinforcing demand and encouraging a shift toward localized production to offset expected import disruptions. By the quarter’s end, a decline in ammonia prices and reduced freight rates slightly eased production costs. However, consistent offtake from the fertilizer sector-maintained price stability despite the cost relief. Germany saw the sharpest movement, with prices rising 5.5% from Q4 2024 and closing the quarter at USD 447/MT FOB Hamburg, reflecting the overall tightness in supply and steady downstream demand.
For the Quarter Ending December 2024
North America
The North American Nitric Acid market experienced fluctuating price trends throughout Q4 2024, ultimately ending the quarter with a modest 1% increase compared to Q3 2024. Early in the quarter, the market saw price stability, even amid short supply. However, demand was dampened by Hurricane Helene’s impact, which destroyed significant portions of Georgia's peanut, cotton crops, reducing fertilizer demand, limiting nitric acid consumption.
As the quarter progressed, prices declined further due to higher inventories and cautious sentiment in the fertilizer sector. Rising feedstock costs, including ammonia and natural gas, provided little support, as adverse weather disrupted agricultural cycles. Persistent rains and drought in key regions delayed fertilizer applications, maintaining weak demand.
By the quarter’s end, the market showed signs of recovery driven by higher production costs due to elevated feedstock prices, along with supply constraints from logistical disruptions. Pre-buying activity from the agricultural sector, driven by expectations of a robust spring planting season with 92 to 94 million acres of corn, boosted demand. This late-quarter recovery highlighted improved sentiment, culminating in a slight price increase by quarter-end. According to ChemAnalyst, the quarter-ending price of Nitric Acid 98% FOB New York was USD 288/MT, reflecting the prevailing market conditions.
Europe
The European Nitric Acid market followed an upward trajectory in Q4 2024 increasing by 4% compared to last quarter, fuelled by constrained supplies, escalating production costs, and short-term demand surges. Early in the quarter, prices spiked due to sharply higher feedstock ammonia and natural gas costs, driven by geopolitical tensions and colder weather patterns. Production cuts, including Yara’s ammonia plant closure in Belgium, alongside logistical disruptions at Hamburg’s Container Terminal Altenwerder, exacerbated the supply squeeze. Despite weak demand from Germany's fertilizer sector due to low grain prices, reduced farm incomes, and delayed agricultural cycles, limited inventories kept the market firm. Mid-quarter, prices saw a slight dip as improved supply met subdued demand, particularly from Germany, where wholesalers faced slow sales amid full warehouses and logistical challenges. By quarter’s end, prices climbed again, supported by elevated production costs and a surge in agricultural procurement as farmers secured fertilizers ahead of spring planting. While demand remained cautious due to financial pressures, pre-emptive stocking bolstered the market, setting a positive tone for early 2025 amidst ongoing cost and logistical challenges. As per ChemAnalyst, the later quarter ending price of Nitric Acid FOB Hamburg stood at USD 422/MT.
APAC
The Asian Nitric Acid market experienced a significant price decline in Q4 2024, decreasing by 8% compared to Q3. Early in the quarter, demand remained subdued due to the seasonal slowdown and reduced fertilizer production, leading to muted domestic transactions and a weak trading environment. Exports to the European market also fell due to low demand, adverse weather, and reduced purchasing power. Mid-quarter, a slight uptick in prices was observed due to increased domestic demand during the winter storage season. This provided some temporary relief to manufacturers. However, this increase was short-lived, as subdued demand and ample supply persisted with stable production levels fulfilling domestic needs despite ongoing maintenance at smaller facilities. Particularly in China, elevated factory and port inventories reflected the challenges in clearing stockpiles amidst low export orders and soft local demand. While supply reductions following maintenance shutdowns offered marginal support to market sentiment, they were unable to counterbalance the prevailing downward pressure. By the end of the quarter, the price for Nitric Acid 98% FOB Dalian stood at USD 261/MT, reflecting the ongoing negative sentiment in the pricing landscape, and underscoring the challenges faced by the Nitric Acid market in the APAC region.
For the Quarter Ending September 2024
North America
The North American Nitric Acid market experienced fluctuating price trends throughout Q3 2024, primarily remaining on the lower end. Early in the quarter, prices saw a notable decline, driven mainly by weak demand from the key downstream fertilizer sector. Traders attempted to stimulate prices in anticipation of increased demand ahead of the planting season, but these efforts largely fell short.
Adverse weather conditions, including hurricanes, heavy rainfall, and storms, significantly impacted agricultural cycles and further restrained demand for nitric acid. While there was a modest price recovery in August 2024, it was primarily linked to supply shortages rather than a genuine resurgence in demand. The hurricanes caused considerable production disruptions, limiting the availability of nitric acid in the market, and exerting some upward pressure on prices.
However, by the latter part of the quarter, prices began to stabilize as the market adjusted to production setbacks. Despite this stabilization, demand remained relatively weak due to ongoing weather-related challenges. According to ChemAnalyst, the quarter-ending price of Nitric Acid 98% FOB New York was USD 288 per metric ton, reflecting the prevailing market conditions.
APAC
In Q3 2024, the Nitric Acid market in the APAC region experienced a steady decline in prices, driven by several key factors. The market faced a significant downturn, with prices falling sharply due to weak demand across various industries. Contributing factors included reduced procurement activities, lacklustre performance in end-user sectors, and adverse weather conditions. China, in particular, witnessed the most significant price fluctuations, mirroring broader regional trends. On the supply side, an increase in domestically produced Nitric Acid in China contributed to the downward pressure on prices. This heightened supply situation is primarily attributed to persistent global port congestion. Overall, the market recorded a 2% decline compared to the previous quarter. The latter half of the quarter showed a slight improvement, with a -1% change from the first half. By the end of the quarter, the price for Nitric Acid 98% FOB Dalian stood at USD 297/MT, reflecting the ongoing negative sentiment in the pricing landscape, and underscoring the challenges faced by the Nitric Acid market in the APAC region.
Europe
During Q3, the European Nitric acid market experienced a significant surge, particularly in Russia, the Netherlands, and the United Kingdom. This increase in prices was mainly attributed to a shortage of raw materials in the European market. The shortage stemmed from Ukraine’s incursion into Russia’s Kursk region, where the critical Sudzha gas transit station is located. Disruption at this key transit point created a ripple effect, impacting European gas supplies and further intensifying the regional shortage of upstream Natural Gas and feedstock Ammonia. To compound these challenges, a major Nitric Acid-producing unit, BASF's Ludwigshafen plant, declared force majeure due to an explosion at the facility. This disruption has further tightened the supply chain. The severe scarcity of this essential raw material directly affected nitric acid production, resulting in reduced output levels, and contributing to the rise in nitric acid prices. Demand for nitric acid remained moderate, driven by domestic requirements and orders from European importers. However, this demand was largely concentrated among smaller buyers within the region, reflecting a cautious market outlook. Additionally, the market faced further challenges due to fluctuating weather conditions, which impacted demand from the major downstream fertilizer sector. These unpredictable weather patterns made it difficult for farmers to forecast their fertilizer needs, creating a more volatile demand environment. As per ChemAnalyst, the later quarter ending price of Nitric Acid FOB Hamburg stood at USD 412/MT.
FAQs
1. What is the current price trend of Nitric Acid across major regions as of July 2025?
In July 2025, Nitric Acid prices softened across all three regions. In the U.S., post-season fertilizer demand and stable ammonia input costs weighed on prices. Europe saw further weakness amid reduced nitrate fertilizer output and continued destocking. APAC also witnessed price declines due to slow industrial demand and high regional inventories.
2. Which companies are the major producers of fertilizer-grade Nitric Acid globally?
Globally, major producers include BASF, Yara International, and OCI N.V. in Europe; Nutrien Ltd. in North America; and Deepak Fertilisers, and Hubei Yihua across key Asian markets. These firms support both domestic fertilizer manufacturing and inter-regional trade.
3. What downstream sectors shape Nitric Acid consumption trends?
Fertilizers account for the bulk of Nitric Acid demand, especially in the form of ammonium nitrate, CAN, and UAN. Other notable segments include mining explosives (notably in North America and Australia), and caprolactam production for nylon in APAC and Europe — although fertilizer remains the most seasonally sensitive sector.
4. What is the short-term price outlook for Nitric Acid in global markets?
Prices are expected to stay under moderate pressure in August 2025 across the U.S., Europe, and APAC, as fertilizer offtake remains in a seasonal lull and no significant feedstock or logistical disruptions are anticipated. Some stabilization may occur by late Q3, depending on fall restocking cycles and ammonia trends.
