Maket review: The Chinese concentrated nitric acid market fitted the expectation. Prices moved down by RMB 50-100/mt. Dealing prices for concentrated nitric acid in Anhui and Jiangsu declined by RMB 25-75/mt. Previous prices were at a high level and units restarted. Some producers cut down prices to promote sales. The prices in Shandong and Henan declined by RMB 50/mt. Up to November 23, the average negotiation price for 98% nitric acid was around RMB 1,849/mt, down 0.96% from last week and up 51.93% from last year.
According to Echemi, the liquid ammonia market remained firm, which supported the nitric acid market. The demand from aniline, war industry, dyes and nitro salt was stable and thin. With the increasing supply, the prices were expected to move down.
Units running status: Units in Hualu Hengsheng, Shandong Haili, Dahua, Hongda Chemical and PetroChina Jilin Petrochemical were shut. The overall operating rate was in the range of 60%-70%.
Forecast: The nitric acid market is expected to move down RMB 50-100/mt. The overall trading will be weak. The supply will continue to increase. It is predicted that the dealing prices for 98% nitric acid in Shandong will be in the range of RMB 1,800-1,850/mt.
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