For the Quarter Ending June 2024
North America
In Q2 2024, the Sodium Nitrate market in North America experienced significant price volatility due to a combination of economic and industrial factors. Key drivers included a decrease in raw material costs, particularly for nitric acid, and reduced production costs in major manufacturing regions. These changes, coupled with heightened competition among suppliers leveraging lower production expenses, led to aggressive pricing strategies that substantially influenced market dynamics.
The U.S. market, in particular, faced pronounced price fluctuations. Increased export prices prompted U.S. buyers to defer new purchases, exacerbating supply-demand imbalances and contributing to a downward trend in prices. This was further compounded by inventory liquidations aimed at minimizing storage costs and mitigating product degradation risks, which resulted in market oversupply.
Despite an overall declining trend, a slight price increase of 2% was observed between the first and second halves of the quarter. The quarter-ending price of USD 588/MT CFR New York, reflecting an average quarterly decline of 1.96%, highlights a predominantly negative pricing environment. The market's fluctuations underscore the challenges of maintaining pricing power amid shifting global supply trends and domestic conditions.
Asia Pacific
In Q2 2024, the Sodium Nitrate market in the APAC region demonstrated a stable pricing environment, driven by a balance between supply and demand dynamics. Regional manufacturers skillfully managed production levels, aligning output with demand to prevent market saturation. Consistent prices of raw materials, particularly nitric acid, played a crucial role in maintaining cost stability, averting significant price fluctuations. Despite elevated freight charges, subdued international demand tempered any potential price increases.
China experienced the most notable price changes within the region. The market showed strong seasonality effects, with manufacturers adjusting inventories ahead of summer shutdowns to prevent quality degradation. This proactive inventory management resulted in a 0% price change between the first and second half of the quarter, indicating stability.
The quarter concluded with Sodium Nitrate priced at USD 468/MT FOB-Shanghai, with an average quarterly decline of 2.49%, reinforcing a stable market sentiment. However, the overall pricing environment leaned towards a negative outlook due to sustained price reductions, influenced by weak international demand and strategic inventory management by Chinese producers.
Europe
In the second quarter of 2024, the Sodium Nitrate market across Europe has experienced a notable decline in prices. This downward trend has been primarily driven by reduced production costs, attributed to falling raw material prices, particularly Nitric Acid. Producers have leveraged these lower costs to offer more competitive pricing. Additionally, weakened demand from international markets has resulted in an oversupply situation, exerting further downward pressure on prices. Geopolitical tensions have compounded these effects by disrupting trade routes and increasing freight costs, which have further suppressed international demand.
Germany, in particular, saw the most significant price fluctuations, with a sharp decline reflective of the broader European trend. The seasonal slowdown during the summer months exacerbated this drop, resulting in a 2% decrease between the first and second halves of the quarter. These fluctuations highlight the impact of seasonal factors on pricing dynamics within the region.
By the end of the quarter, Sodium Nitrate was priced at USD 800/MT FOB Hamburg, marking a quarterly decline of 0.61%. This figure underscores the ongoing negative pricing environment driven by supply-demand imbalances and external economic pressures. Overall, the second quarter has proven challenging for the Sodium Nitrate market in Europe, with Germany mirroring the regional trend of decreasing prices.
For the Quarter Ending March 2024
North America
During the first quarter of 2024, the Sodium nitrate market in North America experienced notable price fluctuations influenced by several factors, resulting in a volatile pricing environment. The quarter concluded with Sodium nitrate priced at USD 628/MT CFR New York, showing an average quarterly decrease of 3.38%.
In January 2024, the sodium nitrate market experienced a significant downturn, characterized by dropping prices and a unified market sentiment. The USA played a pivotal role in this shift by implementing strategies to maintain competitiveness globally, thereby impacting prices worldwide. Other contributing factors included a decrease in nitric acid costs in Germany and a decline in manufacturing activity within the USA. In March, the US market witnessed another price decline, propelled by reduced freight charges and the strength of the US dollar against other currencies. These factors, coupled with resumed trade activities, led to increased commodity availability, alleviating concerns regarding supply shortages. However, challenges such as subdued demand, sluggish purchasing, and low consumer confidence persisted. Market participants responded by adopting aggressive pricing strategies to stimulate demand and manage inventories, with the goal of establishing a more sustainable trading environment.
However, the prices did increase marginally in the middle of Q1, as the US sodium nitrate market experienced a notable price surge driven by global supply chain challenges such as production slowdowns, export restrictions, and high freight charges. These challenges were aggravated by low inventories, Chinese production halts, increased demand post-holidays, geopolitical tensions, and rising container freight rates. Conversely, nitric acid prices declined due to abundant domestic supply and market inertia, prompting cautious procurement.
Asia Pacific
In Q1 2024, the Sodium nitrate market in the APAC region, particularly in China, experienced notable price fluctuations but maintained a pessimistic trend, with prices steadily dropping down. By the end of the quarter, Sodium nitrate's price in China reached USD 508/MT FOB Shanghai, showing an average quarterly decrease of 3.34%.
In the beginning of the year, sodium nitrate prices in China saw a consistent decrease because of lower demand and surplus stock caused by year-end destocking. Key reasons for this included strategic inventory cuts and reduced demand from various industries, aggravated by declining nitric acid prices and fewer orders from Western and Northern markets. Competition among producers intensified due to oversupply, driving prices down further. Normalized freight charges, previously inflated due to geopolitical tensions, also eased, contributing to the price decline. Despite the relief from past supply issues, ongoing weak demand remains a significant challenge to market stability. Industry insiders suggest that domestic producers ramping up operations after turnarounds and outages partly contribute to the improved supply situation.
However, in February 2024, Sodium nitrate prices surged marginally due to increased demand, low inventories, halted production during the Chinese Lunar New Year, rising freight charges, and currency depreciation. Post-holiday purchasing sprees and strategic currency utilization boosted market confidence, with suppliers adjusting prices accordingly. Increased nitric acid prices also supported Sodium nitrate costs, highlighting the need for stakeholders to navigate uncertainties with strategic decisions amidst market fluctuations.
Europe
During the first quarter of 2024, the European market for Sodium nitrate, particularly in CFR Hamburg, Germany, experienced pricing fluctuations influenced by several factors. Despite concluding at USD 815/MT with a modest 4.23% quarterly incline, the market generally trended upwards due to heightened demand from downstream sectors. This demand surge, along with global supply chain disruptions, especially in the Red Sea region, caused shipment delays and material shortages, thereby driving prices up. Currency fluctuations, such as the Euro's depreciation against the dollar, further complicated matters, impacting import costs and freight charges.
The German Sodium nitrate market experienced a significant recovery, marked by rising prices and a balanced supply-demand scenario. This resurgence was fueled by increased regional orders and a gradual reduction in inventory levels by merchants. Additionally, the rise in prices of crucial raw materials and the Euro's devaluation against the dollar played roles in shaping market dynamics.
Germany's position as a major importing hub contributed to market conditions, closely linked to exporting nations' trends. The resumption of production in exporting countries after holiday breaks and the easing of trade disruptions further supported market resilience across importing nations. Overall, the Sodium nitrate market in Europe experienced fluctuations driven by demand spikes, supply chain disruptions, and currency fluctuations, with Germany's market playing a pivotal role in regional dynamics.
For the Quarter Ending December 2023
North America
In the final quarter of 2023, significant shifts in Sodium Nitrate pricing were observed in the North American region, specifically in the United States. Notably, the USA experienced a marked decrease in Sodium Nitrate prices, primarily influenced by a global trend of declining prices in major exporting countries. The reduced prices in Chinese provinces, a key player in the Sodium Nitrate market, had a cascading impact on the overall pricing structure in the USA as an importer. As of the current quarter, the latest price of Sodium Nitrate CFR New York in the USA stands at USD 700/MT, reflecting an average quarterly decline of 3.98%.
This decline in pricing can be attributed to a combination of factors, including diminished international market demand, prompting Chinese provinces to lower their export prices. Furthermore, the Sodium Nitrate market in the USA saw price reductions due to the accumulation of surplus inventory among suppliers. This surplus not only affected pricing but also highlighted the challenges faced by suppliers in efficiently managing their inventories. Additionally, the decrease in prices of the raw material Nitric acid further supported this downward trend. However, prices experienced an increase at the end of Q4.
One of the main factors influencing the market was the rise in input-cost inflation, encompassing higher raw material Nitric acid costs and increased production expenses. This led to an uptick in Sodium Nitrate prices, creating difficulties for suppliers to meet the demand. The decrease in import volume from key exporting nations, such as China, exacerbated the limited supply, resulting in higher prices. Another contributing factor was the inflationary pressures in the US, including elevated wages and energy costs, which had a ripple effect on the supply chain and contributed to higher Sodium Nitrate prices.
Asia Pacific
The Sodium Nitrate market in the APAC region during the current quarter has been affected by various factors. Initially, there was limited demand in the downstream sector, leading to potential destocking activities due to an oversupply of the material in the market and the sluggish performance of downstream industries. This declining trend was influenced by multiple factors, including the decreasing prices of the raw material, nitric acid, resulting in lower production costs. Despite the subdued importing market, the Sodium Nitrate market overall remained in a state of weakness and consolidation. Market participants, holding substantial domestic inventories, further contributed to the prevailing weak market sentiments. In response to competitive market conditions and destocking initiatives, companies opted to strategically lower their prices to secure higher order volumes by the year-end. Overall, the APAC Sodium Nitrate market, particularly in China, witnessed a decline in prices due to a subdued demand outlook, abundant supply, and low production costs. The quarter-ending price of Sodium Nitrate FOB-Shanghai in China for Q4 2023 was USD 565/MT, reflecting an average quarterly decline of 5.83%.
Europe
In the last quarter of 2023, the pricing dynamics of the European Sodium Nitrate market experienced various influences. While there was a general depreciation in prices throughout Q4, a noticeable increase occurred in the middle of the quarter, specifically in November. Overall, the European Sodium Nitrate market, particularly in Germany, witnessed a decline in prices due to a subdued demand outlook, abundant supply, and low production costs. In terms of price analysis, the current quarter's Sodium Nitrate price in Germany stood at USD 720/MT, reflecting an average quarterly decrease of 1.72%.
The primary factor behind this decrease was the ample supply of Sodium Nitrate in the domestic market. Compounding this situation, the main raw material for Sodium Nitrate, Nitric acid, showed recent weakness. Moreover, industries such as pharmaceuticals, textiles, and food, which are significant consumers of Sodium Nitrate, increasingly opted for just-in-time purchases. Additionally, Sodium Nitrate prices experienced a decline due to the accumulation of surplus inventory among suppliers. This surplus resulted from heightened production activities, leading to an imbalance between supply and demand.
Nevertheless, prices saw an increase primarily driven by heightened demand for Sodium Nitrate from downstream industries. This surge prompted restocking activities and substantial orders, placing strain on supply chains and causing prices to rise. Additionally, the market grappled with escalating production and energy costs, further contributing to the upward price trend.
For the Quarter Ending September 2023
North America
During Q3 of 2023, the CFR New York rates for Sodium Nitrate increased, going from $725 per metric ton to $800 per ton. This rise had a positive impact on the third-quarter outcome. The upward price shift demonstrated a clear preference for higher price levels, with an average quarterly increase of 2.08%. At the start of Q3, prices decreased due to weak nitric acid prices, a key raw material. However, in August, the domestic Sodium Nitrate market in the United States began to improve, driven by increased demand across various industries. Limited to moderate inventory levels prompted sellers to gradually raise their prices each month, bolstering the optimistic price trend for Sodium Nitrate in the United States. Additionally, exchange rate fluctuations between the US dollar and the Yuan led to increased import costs in the latter part of the quarter. While inflation slowed somewhat in the third quarter of 2023 due to significant changes in the US economy, market participants remained cautious due to the Federal Reserve's decision to raise interest rates. Moreover, Nitric acid prices in the Chinese export market rose due to escalating energy costs, further contributing to the upward trajectory of Sodium Nitrate prices. Consequently, commodities like Sodium Nitrate experienced price hikes due to increased inventory management and storage expenses. In summary, importing nations likely followed a similar path to exporting countries during this period.
Asia Pacific
In the third quarter of 2023, the cost of Sodium Nitrate exhibited a significant upturn. It climbed from $605 per metric ton in July to $680 per metric ton FOB Shanghai by September. This trend pointed towards a clear preference for higher prices, indicating an average quarterly increase of 2.54%. China, the second-largest global economy, experienced a slower growth rate than initially expected in the first half of 2023, which extended into the latter part of the year, casting a negative shadow at the beginning of the third quarter. The Sodium Nitrate prices decreased during the first month of Q3 due to supply and demand balance issues and a weak nitric acid raw material market. However, as August commenced, prices began to rise due to worsening deflation, increased youth unemployment, and subdued foreign demand. Numerous factors contributed to the price surge of Sodium Nitrate in China during this quarter, with the most influential being the strengthening of the Chinese Yuan (RMB) against the US dollar and heightened local demand from end-user businesses. Simultaneously, Nitric acid prices in the Chinese market rose due to increasing energy costs. Market dynamics unveiled supply constraints as acid factories maintained low inventories. While maintenance companies gradually resumed production, demand did not see a significant improvement, leading to substantial market pressure. The appreciation of the Yuan and the depreciation of the US dollar raised export costs, impacting both local and international markets. In response to general demand, market participants kept their supplies relatively low, and manufacturing production remained consistent throughout the period. The heightened demand and disruptions in the supply chain created an imbalance, resulting in upward price pressure. In the final weeks of September, just before the Golden Week holidays, both freight and manufacturing experienced a slight increase due to a spike in demand and inquiries. Another factor contributing to the price surge was market participants strategically placing bulk orders to replenish their inventories. The heightened demand prompted many buyers to accelerate their Sodium Nitrate procurement, intensifying overall demand during the holiday season.
Europe
During the third quarter of 2023, Sodium Nitrate prices followed a consistent trend, experiencing a modest increase from $665 per metric ton in July to $760 per metric ton FOB Hamburg by September. This trend marked a noticeable price surge, resulting in an average quarterly rise of 3.30%. In July, as the economic situation stabilized and began to recover, German Sodium Nitrate suppliers initiated substantial orders to replenish their stocks and meet the growing national demand. However, industry experts noted that the German manufacturing sector still faced challenges in the early part of the third quarter. In response to heightened demand from downstream businesses, importing the raw material Nitric acid from Asia, particularly China, remained a favorable choice throughout the quarter. The devaluation of the Euro also played a significant role in driving up prices in Germany, as the robust US dollar forced local enterprises to pay higher import costs from China. Economic factors, such as high inflation and a challenging manufacturing environment in Germany, continued to hinder growth, prompting market investors to adopt a cautious "wait-and-see" strategy. Furthermore, raw material Nitric acid prices in the Chinese export market increased due to rising energy costs, further contributing to the upward trajectory of Sodium Nitrate prices.
For the Quarter Ending June 2023
North America
In the second quarter of 2023, Sodium Nitrate prices in the US market fell significantly due to sporadic fluctuations between supply and demand during the month. The price was valued at the end of Q2 2023, representing an average quarterly decline of 4.6%. The worsening market conditions are due to low and stable sodium nitrate prices, with most of the downstream markets seeing average demand recently. Upstream nitrate prices also trended lower this month. Energy costs, a key input cost factor for nitric acid production, have fallen in recent months due to the slowdown in the global economy, with falling oil prices further supporting the downward trend in sodium nitrate. Sodium nitrate is also available in powder form to help clear existing inventories due to seasonal changes, but this has also led to a market downturn. Falling prices have also made retailers reluctant to place bulk orders. Market leaders are expected to cut prices further in the coming months. Commodity prices also fell due to oversupply and increased production.
APAC
The market price of Sodium Nitrate collectively declined significantly in the second quarter of 2023, driven by weak domestic and international demand. The price was valued and acquired at the end of Q2 2023, with an average quarterly decline of 4.2%. The Sodium Nitrate prices showcased a downward momentum in the Chinese market owing to the relapsing feedstock Nitric acid price trajectory. Due to sustained demand for Sodium Nitrate from the downstream food and beverages, cosmetics, and preservative industries declined amid uncertain economic conditions and the increasing inflation rate halted the trade process. Also, the providers' existing inventories weakened the market condition. The inventory level of Sodium Nitrate was at a higher edge as they increased their production rate. The feedstock suppliers were offering Nitric acid at a cheaper price in the spot market which reduced the cost support for Sodium Nitrate. According to the major market players, the buyers were shying away from placing large orders as they suspected a further decline in price.
Europe
In the second quarter of 2023, the demand for Sodium Nitrate decreased, leading to a decline in market prices. Sodium Nitrate prices fell by an average quarterly declination of 3.9%. Throughout Q2, there was a depreciated pricing trend for the sodium nitrate market. Prices decreased because of falling nitric acid and sodium bicarbonate feedstock costs. Recently, the downstream market demand was sluggish and prices for sodium bicarbonate and nitric acid were weak and consolidating. Additionally, the suppliers had adequate raw material supplies and inventories, which kept the sodium nitrate market weak. Moreover, the upstream market also remained weak. Several factors contribute to the depressed market situation, including government regulations that limit energy prices and a drop in wholesale prices as the global economy recovers from the turmoil sparked by Russia's invasion of Ukraine. As a result, many energy suppliers have lowered their costs. Also, as the sodium Nitrate is present in powder form and due to seasonal changes, the merchants decide to destock their inventories at a lower price to avoid damage.
For the Quarter Ending March 2023
North America
Sodium Nitrate's price trend showed steady growth in the first quarter of 2023. Due to merchant supply to meet demand and continued purchases from the pharmaceutical end-user sector, prices increased at the beginning of Q1 2023 and remained up until the end of January. Later with the commencement of February, the prices stabilized on the back of consistent demand. Furthermore, in the US market, the cost of feedstock Nitric Acid decreased considerably because of lowering upstream ammonium nitrate prices around the world. In addition to this, the price of another feedstock, Sodium bicarbonate, stabilized, which impacted the sodium nitrate market by keeping the prices firm. At the termination of Q1 2023, the settlement price of Sodium Nitrate accessed at USD 870/MT CFR New York with an average quarterly inclination of 0.78%.
Asia
In the first quarter of 2023, Sodium Nitrate prices in the APAC area showed signs of improvement as domestic and foreign markets demand surged at the commencement of a new quarter in order to replenish their inventories with fresh stock. Also, the feedstock nitric acid prices increased on the back of rising upstream Ammonium nitrate prices across the globe. Another Feedstock sodium bicarbonate price rose steadily, further affecting the market situation for Sodium Nitrate. The market situation remained stable thanks to increasing production activity as well. Following the Lunar New Year holiday, the Chinese pharmaceutical markets technically made a strong comeback with consistent orders from the domestic and international markets. Factory and port operations started up as soon as the market was restored. At the termination of Q1 2023, the settlement price of Sodium Nitrate accessed at USD 720/MT FOB Shanghai with an average quarterly inclination of 3.64%.
Europe
Sodium Nitrate's price showcased an optimistic trajectory in the first quarter of 2023. Merchant supply to meet demand and continued purchases from the pharmaceutical end-user sector kept the prices on the upper end. In the European market, despite the fact that the decrease in the cost of feedstock nitric acid decreased considerably, the prices surged throughout the quarter on the back of increased feedstock Sodium bicarbonate prices in the European market. Increased production eventually affected the market situation. At the termination of Q1 2023, the settlement price of Sodium Nitrate accessed at USD 780/MT FOB Hamburg with an average quarterly inclination of 2.23%.
For the Quarter Ending December 2022
North America
The price of CFR New York significantly decreased from $945/mt to $850/mt in Q4 2022 from October to December as a result of the protracted market volatility in the US. Due to the Chinese holiday known as Golden Week, imports got restricted during the first week of October. Despite the fact that demand-related offtakes in the end-user sectors remained on the lower side throughout the quarter, the domestic suppliers were able to meet the total demand thanks to the sufficient stocks on their shelves. However, there was a gradual improvement in the second half of the year as the economy began to grow, and the ports had a significant decrease in ship backlogs after a lengthy port backlog.
Asia Pacific
In the Asia Pacific region, Sodium Nitrate prices in the domestic Chinese market fell slightly during the fourth quarter of 2022 as FOB Shanghai values declined from $657/mt and $647/mt, respectively, from October to December. Due to industrial facilities being closed for the Golden Week, China's industry that produces Sodium Nitrate had a continuous reduction in orders during the first week of October. It was challenging for the market to catch up to the small gain seen in various downstream industries during the first half of Q4 because Chinese traders had to deal with a range of contradicting signals after a one-week break. Domestic producers and suppliers were able to meet the demand for the entire quarter because of large inventories.
Europe
In Europe, the prices of Sodium Nitrate showed a downward tendency in the fourth quarter of 2022, with FOB Hamburg values dropping from $738/mt to $730/mt from October to December. Along with the rising energy and raw material prices, demand in Germany remained on the stable side during the quarter, making it challenging for the food and beverages industries to plan ahead and stay afloat. Germany's industrial production got slightly better in October despite rising energy prices and supply-chain worries. Nevertheless, the circumstances in Russia and Ukraine as well as COVID-19 cases all continued to have a detrimental effect on output.
For the Quarter Ending September 2022
North America
The domestic North American market of Sodium Nitrate displayed a declining trend in Q3 2022. China, a significant supplier, implemented a "zero-covid tolerance" policy that severely restricted the import of certain food chemicals, including sodium nitrate, into the United States. Many Chinese production facilities had to shut down in the second half of Q3 due to the heat wave and power deficit, and plants that produced food chemicals went under maintenance, which had a negative effect on US commerce. Many firms and industries blamed the decline in demand in the country on a variety of problems, including inflation, supply constraints, rising interest rates, and growing economic insecurity. Lack of consumer demand has been a major factor in the US's declining demand trend. The CFR New York prices decreased over the months of July through September, falling from $985/mt to $930/mt.
APAC
The Asia Pacific as a whole had a dip in the third quarter of 2022, with FOB Shanghai discussions in the domestic Chinese market falling from $710/mt to $655/mt between July and September. A few of the factors that have influenced this price trend are fluctuating raw material costs, changing consumer spending, and delayed end-user sector demand. Due to the weak offtakes and lackluster downstream demand during the first half of Q3, big suppliers refrained from making large orders. However, some manufacturing facilities underwent maintenance when the markets resumed operations in the final week of July following the shutdown, which had an effect on the availability of the product for both domestic and foreign suppliers. Extreme weather and power outages had a further detrimental effect on China's market dynamics this quarter.
Europe
The CFR Hamburg discussions for Sodium Nitrate in Germany dropped from $710/MT to $655/MT between July and September, indicating a negative trend for the third quarter of 2022. This quarter's port congestion and ongoing transportation delays caused logistical problems that made the economic situation in Germany worse. Along with the upheaval in Russia and Ukraine, the persistent port restrictions in China have deteriorated the business environment in Europe. Offtakes in the end-user industries during this quarter ranged from low to stable on the demand front. Additionally, there was a lackluster demand from the end-user sector for food and beverages throughout this quarter.
For the Quarter Ending June 2022
North America
In the second quarter of 2022, the domestic sodium nitrate market in the US demonstrated a favourable development. The resurgence of COVID in China's commercial districts significantly worsened the flow of sodium nitrate into the US, which was already experiencing substantial port congestion. Due to several factors, including the US's skyrocketing inflation, the geopolitical upheaval in Russia and Ukraine, and the constantly shifting nature of oil prices, domestic traders and customers continued to voice their concerns about the high cost of food chemicals during the entire quarter. The downstream food and confectionary sectors in the area had sustained high demand.
APAC
The price of sodium nitrate fell substantially during the first half of the second quarter of 2022 in the Asia Pacific region before stabilizing in the second half. During the first part of the quarter, there was little demand for the product from the end-user food and beverage industries, but during H2, things got a little better. A spike in COVID cases in the major provinces of China had a detrimental impact on the supply of sodium nitrate into and out of the country, and the nation's zero-COVID policy compelled the ports to close, producing port bottlenecks. The tolerance policy continued to cause supply and manufacturing to be disrupted throughout the quarter. As a result of the restrictions, moving products across the border was also extremely difficult.
Europe
The second quarter of 2022 saw a positive trend in the sodium nitrate market of the European region. Over the quarter, offtakes in the end-user food and beverage sectors remained steady on the demand front. Local traders in the European market had a large supply of goods to match the downstream demand. Although the crisis between Russia and Ukraine largely hampered the flow of goods into Europe, exporting countries found it harder to conduct business. Due to the serious disruption of global trade caused by a lack of empty cargo containers and Russia's invasion of Ukraine, the cost of moving goods from China to Europe increased even further.
For the Quarter Ending March 2022
North America
Sodium Nitrate prices soared in the North American market during the 1st quarter of 2022, backed by strong downstream demand. Due to the increased consumption of Sodium Nitrate in the Fertilizer industry, demand for the product escalated. Furthermore, enhanced offtakes of Sodium Nitrate from the processed food industry also propelled its prices. Meanwhile, increased prices of crude oil, increase in freight charges, and material shortage added to the already surged Sodium Nitrate price value. Hence, in USA, the CFR prices of Sodium Nitrate settled at USD 830/MT in January, which increased to USD 970/MT during the month of February.
Asia Pacific
Asia-Pacific region witnessed an upward trajectory in the prices of Sodium Nitrate during quarter 1 of 2022, on account of firm demand from end-user industries. Substantial demand for Sodium Nitrate increased during the considered period from fertilizer segment. Besides, the demand for Sodium Nitrate from the meat processing industry fuelled its prices even more. Furthermore, escalated feedstock prices soared upstream and led to the rise in Sodium Nitrate prices. In addition, consistent rise in Crude oil prices and freight charges amidst Russia-Ukraine war tensions further propelled the prices of Sodium Nitrate. Conclusively, prices of Sodium Nitrate in the Indian market were assessed at USD 1080/MT in February.
Europe
Prices of Sodium Nitrate surged in the European market during the 1st quarter of 2022 again due to the same reasons as in North America and Asia-Pacific region. The prime factor which soared the price value of Sodium Nitrate was robust demand from downstream sectors like processed food and fertilizer. Meanwhile, enhanced prices of raw material Sodium Bicarbonate also influenced the price value of Sodium Nitrate. Thus, the prices of Sodium Nitrate in Germany settled at USD 1640/MT FD Hamburg during February, which kept on propelling till March.