Oxalic Acid Price Trend and Forecast

Oxalic Acid Regional Price Overview

Get the latest insights on price movement and trend analysis of Oxalic Acid in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Oxalic Acid Price Trend For the Q3 of 2024

Asia

In Q3 2024, the Asian oxalic acid market experienced a fluctuating trend with a general downward bias. Key feedstock dynamics played a crucial role, with nitric acid prices remaining low yet consolidated, while sugar prices fell due to off-season in China and increased exports from Thailand and Brazil.
 

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This combination led to a complex scenario where lower sugar prices provided some relief on production costs, but the market simultaneously faced reduced demand, particularly in textile and leather processing industries. As a result, oxalic acid prices in Asia showed an oscillating pattern, generally trending lower throughout the quarter.

Europe

The European oxalic acid market in Q3 2024 showed a relatively stable trend with slight downward pressure. Demand from key sectors remained steady, but the market felt the impact of increased imports from Asia. Producers in the region focused on operational efficiency to maintain competitiveness in the face of cheaper imports.

North America

North America's oxalic acid market in Q3 2024 mirrored global trends, with prices showing a slight decline. The market was characterized by adequate supply and moderate demand from industrial applications. Producers in the region closely monitored international price trends to adjust their strategies accordingly.

Analyst Insight

According to Procurement Resource, the Oxalic Acid market is expected to remain sensitive to feedstock price fluctuations and global trade dynamics. The recovery of demand in key Asian markets could provide some stability to prices.
 

Oxalic Acid Price Trend for the Q2 of 2024

Asia

The price of oxalic acid during the second quarter of 2024 exhibited a bearish pattern as the depreciation in the cost of feedstock commodities exerted a negative influence on the market. Amid this meek support from the raw materials sector, the downstream industries also presented frail procurement rates of the commodity. This trend of the end-user industries was, in turn, influenced by the rising cost of production and declining economic parameters.

The fall in the economy of the region not only hampered the demand sector of oxalic acid, but also the production volumes. Further, after the conclusion of spring festivities, the overall industrial activities of the market improved at a slower pace in China, reflected in the declining trend of oxalic acid prices.

Europe

Diverging from the trend observed in the Asian countries, the prices of oxalic acid during Q2’24 in the European countries inclined. This surge in the market momentum of the commodity was influenced by the complex interplay of several factors. Primarily, the fall in production rates due to labor shortages and fluctuating raw material prices challenged the smooth functioning of oxalic acid supply chains. Meanwhile, the downstream industries presented positive procurement rates, a significant improvement from the past quarters, which eventually widened the supply-demand gap of the market and thus provided room for the traders to increase their quotations of oxalic acid.

North America

The pricing trajectory of oxalic acid in North America mimicked the trend observed in European countries. The prices of oxalic acid here also were driven by the imbalance of supply and demand of the commodity. However, instead of low domestic production, the region struggled with the loss of Asian imports. This, in turn, was a consequence of escalating cost of production and freight charges throughout the second quarter of 2024. While the production costs inclined on the back of a tight supply of feedstock chemicals, the transportation delays and rising geopolitical tensions asserted a significant influence on driving the transportation costs. Therefore, the traders of the region opted for a wait-and-see approach, depreciating the inventories.

Analyst Insight

According to Procurement Resource, the price of Oxalic Acid is estimated to show gradual improvement as the inclining cost of production and shipment delays might reduce the global stockpiles of the commodity while its demand is expected to expand further.
 

Oxalic Acid Price Trend for the Q1 of 2024

Stay updated with the latest Oxalic Acid prices, historical data, and tailored regional analysis
 

Asia

In the Asian market, the prices of oxalic acid witnessed a fluctuating trend in the first quarter of 2024, closely resembling the trajectory of its feedstock, nitric acid. The nitric acid prices kept wavering throughout the quarter due to humble downstream demand amid the ample supply in the market. This had a negative effect on the prices of oxalic acid as its prices got limited cost support.

This exerted downward pressure on oxalic acid prices. Along with this, challenges such as the heightened freight costs and uncertainty in the energy sectors due to geopolitical tensions and the ongoing war between Russia and Ukraine further challenged the chemical sectors.

Europe

The prices of oxalic acid in Europe remained elevated in the first quarter of 2024. The geopolitical tensions arising from the ongoing wars had made the upstream market very uncertain. Stakeholders grew cautious, leading to low downstream procurement. However, the heightened freight costs and yed deliveries had added to the production costs, which ultimately reflected in the price elevations. Supply chain hindrances emerged as the biggest hurdle in European trade dynamics during the said time period.

North America

The prices of oxalic acid in the North American market resembled the trends of the Asian market. The price showed a zig-zag pattern influenced by fluctuating feedstock prices. The market began steadily, with subdued industrial activities in the early days of the New Year holiday season. As the months progressed, however, the market faced mounting shipping and logistical challenges arising from geopolitical uncertainties regarding the supply of oxalic acid and other commodities.

Apart from this, the United States faced significant logistical challenges in the harsh winter months. Icy roads and turbulent maritime environments complicated logistics, and safety adjustments were required to ensure safe cargo deliveries.

Analyst Insight

According to Procurement Resource, the prices for oxalic acid are likely to experience volatility, reflecting mixed performance driven by weak demand from downstream sectors and geopolitical challenges in the upcoming quarters.
 

Oxalic Acid Price Trend for the Second Half of 2023

Asia

The volatility in the pricing patterns of oxalic acid derivatives and feedstock materials was evident in its pricing patterns. During the third quarter, the market momentum increased with the rise in demand from the downstream industries and limited supply from the overseas players.

However, the consumers reduced their spending appetite in the next quarter due to the frail condition of the Asian economy and stagnancy in its industrial growth. The skepticism of investors further grew with the rising tensions on the export routes to the European countries, leading to consistent oscillations in the prices of oxalic acid.

Europe

The first half of the third quarter showcased significant growth in the prices of oxalic acid as strong demand and disruptions in the supply chains, along with the rise in the prices of energy production, favored the incline in the momentum of the oxalic acid prices. However, from then onwards, the market started experiencing several challenges from the manufacturing as well as consumer side. The influx of low-cost crude oil in the markets further reduced the cost of production and, in turn, the prices of oxalic acid.

North America

In North America, the pricing trajectory of oxalic acid followed a similar trend as was observed in the Asian and European countries. The prices were able to maintain stability in the first half of H2 of 2023 but nosedived in the latter when the market obstacles rose enormously.

The first challenge came in the form of a double-digit percentage depreciation in the cost of crude oil, and then the domestic fall in the number of inquiries, along with slowed economic recovery of the market, resulted in the southwards journey of oxalic acid prices.

Analyst Insight

According to Procurement Resource, the price trend of Oxalic Acid is expected to be based on the limited approach of the consumers and the decline in the cost of feedstock materials.
 

Oxalic Acid Price Trend for the First Half of 2023

Asia

The price trend of oxalic acid is highly dependent on the market dynamics of its feedstock materials. In the first quarter, the feedstock market was weak initially due to subdued demand from the end-user industries and ample availability of the product in the market. But soon after the Lunar holiday season, the market activities gained momentum as the demand for oxalic acid inclined, resulting in the positive growth of the oxalic acid price trend.

However, the market activities took a dip again in the second quarter, where the price trend of oxalic acid was challenged by the high rates of production and feeble demand from the downstream industries. The overall consumption rates of consumers also slid, and the rising inflation hampered the growth of the oxalic acid market.

Europe

In European countries, the feedstock market of oxalic acid showcased positive growth in the first quarter of 2023 as the downstream industries increased their number of orders and helped the prices of feedstock and, in turn, oxalic acid to grow positively.

During the end phase of the first quarter and throughout the second quarter, the price trend of oxalic acid slumped under the pressure of high inflation, weak consumption rates, and declining demand from the downstream industries. The purchasing appetite of consumers further declined ahead of the summer holiday season, and with the strong supply of feedstock materials in the region, the price trend of oxalic acid faced southwards in Europe.

North America

The price trend of the feedstock of oxalic acid in North America declined in the first quarter of 2023 as the demand from the downstream industries declined and with the sliding economic conditions of the region. However, the trajectory improved slightly in the mid and end phases of the first quarter.

The market activities during this period were supported by the positive market sentiments of the downstream industries and restricted supply. In addition to this, the shutting down of several production plants in the region resulted in a shortage of products that supported the growth in the price trend of oxalic acid. But the months of May and June did not follow this trajectory as with falling demand and a strong supply of feedstock materials, the price trend of oxalic acid took a dip.

Analyst Insight

According to Procurement Resource, the price trend of Oxalic Acid is estimated to showcase a falling trajectory as the prices will be affected by the subdued demand and high level of inventories.
 

Oxalic Acid Price Trend for the Second Half of 2022

Asia

The first half of 2022 saw a decline in the price of oxalic acid in the Asia-Pacific region due to the surge in COVID-19 cases and restrictions employed by many countries. The prices of glyoxylic acid that uses oxalic acid in production, however, surged in the third quarter as the demand for products where it is used as a raw material rose.

China was the major driver of this market as it exported the majority of the products formed using this acid as a raw material into the Asian markets. The prices then stabilized during the end of the fourth quarter due to a dip in demand and destabilized economic conditions of the Asian market.

Europe

During the first two quarters of 2022, the prices for Oxalic Acid saw an uprising trend due to the high demand from the paints, chemicals, and home care markets. The market, however, stabilized towards the end of the quarter as the feedstock prices in Europe surged. The third quarter was favourable to the rise in the prices of the commodity. The disruptions in the supply chains and steady demand from the end-user industries such as glyoxylic acid etc., aided the rise in the prices of the commodity.

North America

The North American market saw a mixed price trend in the prices of Oxalic Acid during the third and fourth quarters of 2022. The surge in demand is majorly attributed to trade restrictions and high demand from the end-user industries. The glyoxylic market that uses oxalic acid as a raw material saw an uprising trend in the prices in the third quarter.

The major reason for this is the persistent high demand for this acid from the textile and agriculture market accompanied by a restricted supply from the producers. The fourth quarter also saw the same trend in the prices. The market for glyoxylic acid also supported the rise in prices as the demand from the nitric acid industry surged. The prices, however, stabilized towards the end of the quarter.

Analyst Insight

The prices of Oxalic Acid are likely to increase during the coming month given the strong demand from the end-user industries and limited supply from the market.
 

Oxalic Acid Price Trend For the First Half of 2022

Asia

The increasing covid cases in China affected the production levels of the country. Many industries halted production due to the zero-tolerance covid restrictions placed by the government which affected the demand-supply dynamics of the market which was already reeling under the pressure of heightened feedstock prices.

Hence, the price trend of oxalic acid tipped towards the lower side of the scale owing to the baulking of buyers amid the fears of global recession, contractionary policy by central banks and runaway inflation. The price of industrial-grade oxalic acid (94%) averaged 4700 RMB/MT in Jiangsu, China. The price of 99.9% oxalic acid averaged 4900 RMB/MT in Shandong towards the end of said period.

Europe

The price of oxalic acid remained strong throughout the first quarter owing to the robust demand from the downstream paints, chemicals, and home care markets. However, the prices stabilized towards the second quarter as the feedstock sugar prices stabilized throughout Europe because of the valuable imports from India.

USA

The price trend for oxalic acid in the US domestic market were in line with the global outlook. The price of oxalic acid recorded an oscillating trend during the year’s first half. Owing to the trade restrictions and booming demand the prices soared initially, however, due to the mismatch in the market dynamics the prices declined towards the end of the second quarter.

Procurement Resource provides latest prices of Oxalic acid. 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.