Product
Magnesium Nitrate Price Trend and Forecast
Magnesium Nitrate Price Trend and Forecast
Magnesium Nitrate Regional Price Overview
Get the latest insights on price movement and trend analysis of Magnesium Nitrate in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Magnesium Nitrate Price Trend for the Q1 of 2024
In the North American market, the downstream sectors of magnesium nitrate witnessed notable development, supporting the upward trend in its prices during the first quarter of 2024. This quarter saw a sustained inclination in magnesium nitrate prices, influenced by market dynamics and economic factors mirroring those affecting magnesium powder. The market's trajectory was significantly impacted by a surge in inquiries for magnesium nitrate from downstream industries, coupled with supply disruptions from exporting nations.
Magnesium Nitrate Price Chart
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The economic slowdown during the Lunar New Year and Spring Festival in China led to a temporary halt in production and transportation activities, causing delays in shipments and production. These disruptions affected the global industries reliant on Chinese suppliers, increasing expenses in the US market and influencing the overall market outlook.
Although Chinese factories resumed operations post-holiday towards the end of February, however, an insufficient supply of magnesium nitrate persisted due to labor shortages, reduced production momentum, and limited availability of raw materials, continuing the bleak condition of the supply chains. This scarcity further drove the price increases for magnesium nitrate. Additionally, geopolitical tensions, notably in the Middle East, disrupted global shipping lanes and impacted the freight charges and supply chains of magnesium nitrate throughout the first quarter of 2024. However, the central banks worldwide grappled with inflationary pressures, limiting consumer budgets, which might showcase its effect in the adjacent quarters.
Analyst Insight
According to Procurement Resource, the price of Magnesium Nitrate is expected to struggle with the uprising global trading challenges with the disruption of traditional routes and increased transportation expenditures.
Procurement Resource provides latest prices of Magnesium Nitrate. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.
About Magnesium Nitrate
Magnesium nitrate is a crystalline solid with high solubility in water. This soluble nature of the compound is well exploited in the agriculture sector where it is used to treat magnesium deficiencies in plants and also in the nourishment of soil culture to improve crop health and yield. Industrially, magnesium nitrate is valued for its role in the production of pyrotechnics and fireworks, where it serves as an oxidizing agent due to its ability to release oxygen upon decomposition. It also finds application as a catalyst in various chemical reactions and as a precursor in the synthesis of other magnesium compounds. Magnesium nitrate's hygroscopic nature makes it suitable for use in environments where humidity control is important.
Magnesium Nitrate Product Details
| Report Features | Details |
| Product Name | Magnesium Nitrate |
| Chemical Formula | Mg(NO3)2 |
| Industrial Uses | Agriculture, Firework production, Catalyst |
| Molecular Weight | 148.3 g/mol |
| Supplier Database | Avantor Performance Materials, Columbus Chemical Industries, GFS Chemicals, Cosmic Chemicals, Yara International |
| Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
| Currency | US$ (Data can also be provided in local currency) |
| Supplier Database Availability | Yes |
| Customization Scope | The report can be customized as per the requirements of the customer |
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Magnesium Nitrate Production Process
With water as the reaction medium, magnesium oxide is reacted with nitric acid. The mixture is then dehydrated via heating to produce anhydrous magnesium nitrate.
Methodology
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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