Global Nitric Acid Prices Soar! Remarkable Increases in Early October, North America and Europe Facing Supply Crisis!

In the first half of October 2024, global nitric acid prices experienced significant increases, especially in North America and Europe, where the rise was particularly pronounced. This sharp price increase can be attributed to supply shortages and the rising costs of basic raw materials, particularly ammonia and natural gas. As the prices of these major raw materials increased, supply constraints further intensified, leading to an overall increase in the production costs of nitric acid, thereby limiting supply. Despite relatively moderate demand, the mild recovery of the downstream fertilizer market improved demand, further affecting price dynamics. Due to changes in demand trends, producers are facing dual challenges of supply and costs, and the convergence of these factors has led to significant upward pressure on global nitric acid prices.

In the European region, due to strong demand across the entire supply chain, especially from the agricultural sectors in Eastern and Northern Europe, nitric acid prices have faced enormous upward pressure. Farmers preparing for seasonal applications have driven an increase in demand, putting considerable pressure on the already limited supply of nitric acid and accelerating price inflation. In response, European producers have increased production to meet the growing demand; however, the rising costs