Nitric Acid Prices – Historical Graph

Real-time chart of historical daily nitric acid prices. The prices are shown in ton.
The current price is and is last updated on .
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Nitric Acid Prices Explained

Nitric acid exhibited decreasing trends in its regional markets as oversupply and low demand from end-user industries dominated the market. The domestic decline of fertilizer due to unfavorable weather conditions led to price reductions in the North American market. 

International demand from European countries, particularly in Norway and Spain weakened because of adverse weather conditions which affected the farmers’ planting schedule. Another contributing factor to the downward trend was the value reduction of ammonia (the commodity’s essential feedstock), resulting in an oversupply of the market. 

In APAC, the region experienced short-term price increases as customers stockpiled for the rice and cotton planting seasons. Also, Adipic (nitric acid’s essential downstream derivative) posted robust performance in the downstream sector which contributed to the commodity’s elevated prices.

Why are nitric acid prices fluctuating?

1. Raw Material Costs

Raw materials like natural gas and ammonia are big factors in nitric acid prices in the market as their availability is the determining factor of nitric acid value. The U.S Energy Information Administration data show that demand for natural gas remains modest, charging a pessimistic outlook in the nitric acid market.

While short fluctuations spark temporary increases in demand, the overall trajectory of its performance points downward because of the declining feedstock prices. Also, the increasing use of non-toxic alternatives like citric acid contributes to the falling nitric acid marketability.

2. Agricultural Issues

Changes in weather conditions affected the demand for fertilizers. Nitric acid is a key ingredient in manufacturing fertilizer. The severe rains and unfavorable weather in Europe made production even harder which translated to increased domestic prices of nitric acid.

Also, the unpredictable weather conditions caused by global warming made farmers, particularly in the UK, France, and Germany cautious about buying fertilizers. The successive heatwave in the region influenced the farmers’ agricultural activity which delayed their planting season, resulting in surplus supply.

3. Supply Chain Restraints

Prolonged drought conditions and rebel attacks trouble the commodity’s logistic operations. Shipping limitations in the Panama Canal (an important trading route in the North American market) and the rerouting of merchant vessels to avoid Houthi attacks in the Red Sea created delayed shipments, piling inventories, and oversupply in the American market.

4. European Policy

The European Green Deal’s Chemical Strategy for Sustainability aims to reduce reliance on chemicals to promote human and environmental health. The region urges the government and non-government organizations to purchase, use, and produce chemicals that are safe and sustainable by design. Several industries answered the call.

Yara (a Norwegian chemicals company) announced a 2-month suspension of ammonia and nitric acid production to assess its ecological footprint. In Germany, demand for aniline (a nitric acid derivative) from the automotive industry decreased to give way to EV production. Thus, these factors contribute to the bearish nitric acid market.

Which variables impact the price of nitric acid?

  • Raw Material Costs
  • Agricultural Issues
  • Supply Chain Restraints
  • European Policy
  • Geopolitical Factors
  • Seasonal Variations

Where does nitric acid come from?

Alchemists refer to this chemical as ‘strong water’. It is a corrosive and toxic substance used in synthesizing organic and inorganic nitrates, nitro compounds, fertilizers, dye intermediates, explosives, and other organic molecules.

Wilhelm Ostwald pioneered the production of nitric acid in the early 20th century. Ostwald’s process of manufacturing nitric acid involves 3 steps:

1. Ammonia Oxidation –  Ammonia gas is mixed with air and passed over a platinum-rhodium catalyst at high temperatures. This method converts ammonia into nitric oxide.

2. Nitric Oxide Oxidation – The oxygen in the platinum-rhodium catalyst (with a temperature of around 450°C) oxidizes the nitrogen, creating a nitrogen dioxide chemical.

3. Nitric Acid Formation – The last step in the process includes absorbing nitrogen dioxide in the water by distillation to produce nitric acid.

What are the uses of nitric acid?

Nitric acid is a strong chemical compound which found extensive application in many industries because of its versatility and reactivity.

1. Agriculture – The largest consumer of this commodity. The production of fertilizers needs nitric acid to improve crop yields. Ammonium nitrate, urea, and calcium nitrate are manufactured by reacting ammonia with nitric acid.

2. Chemical Industry – Nitric acid is an important raw material in producing various chemical products.

Explosives – Under strict and regulated measures, the security sector utilizes this commodity in making nitroglycerin and trinitrotoluene. These chemicals are an important ingredient in creating dynamites and missiles. In the medical field, they are used as vasodilators in easing cardiac pain.

Nylon – Nylon is a synthetic fiber used in textiles, carpets, and plastics. Its production needs adipic acid which comes from nitric acid.

Dyes and Pigments – Its ability to oxidize chemical compounds to produce various colors and shades makes it an important ingredient in making dyes and pigments.

3. Metal Industry – Metalworkers use this chemical to clean metals like platinum, gold, and silver to remove impurities, such as grease, scale, and corrosive products. This ensures steady coating and plating of metals. Additionally, nitric acid is used to neutralize stainless steel to create a protective layer on its surface to avoid corrosion.

4. Rocket Propellants – Space explorations rely on rockets and satellites to study the solar system, monitor weather forecasts, and navigate with Global Positioning System (GPS). To propel the rocket, it needs nitric acid and fuel to oxidize its propellants, ignite, and produce a powerful thrust to lift the rocket upward.

5. Water Treatment – Nitric acid’s strong oxidizing properties and the ability to react with contaminants are important in water treatment and industrial waste management.

Disinfection and pH Regulation – It’s used in manufacturing chlorine to disinfect water by killing harmful bacteria, viruses, and microorganisms. Also, it balances water pH to ensure the effectiveness of the water treatment process.

Industrial Waste Management – It neutralizes acidic or alkaline industrial wastewater and reduces its toxicity to protect marine life and prevent pipe corrosion.

Overall, nitric acid’s contribution to agriculture, chemical manufacturing, and the metal industry improves the well-being and economic development of our modern society.

What is the future price of nitric acid?

The global nitric acid is expected to reach $41.68 billion by 2033, growing at a CAGR of 3.6% from 2024 to 2033. While the market posted modest trends, the demand from the agriculture and metal industry remained its price driver.

The growing population drives higher demand for food production which increases fertilizer consumption. Also, rapid industrialization from emerging countries, particularly in the Asia Pacific region will fuel nitric acid demand for manufacturing processes.

For instance, Gujarat Narmada Valley Fertilizers & Chemicals Limited in India installed its 4th CAN (Concentrated Nitric Acid) plant with a 50,000 metric ton annual capacity to reduce import reliance on Chinese nitric acid. The country increased its cotton, wheat, and potato production.

On the other side of the world, Casale (a Swiss industrial equipment supplier) and Agropolychim (a Bulgarian chemical plant) struck a deal to engineer an advanced dual-pressure nitric acid plant to enhance local green energy production.

This sustainable investment and technological innovation will drive the adoption of energy-efficient nitric acid production processes and provide market expansion for the commodity.

On the supply side, its prices largely rely on the fluctuating ammonia and energy costs. Its logistical availability depends on the Red Sea and Panama Canal conditions. Additionally, the increasing utilization of citric acid as a natural alternative to nitric acid is an emerging restraint on its marketability.

Overall, industry experts estimated a positive nitric acid market in 2030 with a tag of $875 per ton.

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