Sodium Nitrate Price Trend and Forecast

Regional Price Overview

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

Sodium Nitrate Price Trend for the Q1 of 2024

Asia

The market behavior of sodium nitrate is usually dependent on the price trajectories of its feedstock materials caustic soda and nitric acid along with the downstream demands from the consuming sectors. In the Asian markets, particularly China, the prices observed a mixed trajectory.

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The first half of the quarter exuded some stability as the supply and demand outlooks were still largely balanced. However, the global slowdown in the fertilizer market showed its effect later on. Sodium nitrate prices started plummeting in the Chinese market as well in the latter phase of the quarter. In the wake of weakening demands India reduced its imports from Russia. According to some estimates, Russian exports to India decreased by some 37% within the first quarter; fertilizer products made a big part of these reductions. Peru and Brazil filled some of this gap, as imports rose from these countries.

Europe

In the European sodium nitrate market, the prices observed a sliding trend for the most period of Q1’24. Since the peak planting season was over in Europe, fertilizer consumption trampled notably in the region. Russia and Ukraine both saw a decline in production and supplies as the trade dynamics kept strangling as the war kept heating up more and more.

Rising energy and manufacturing costs were also taking a toll on the regional manufacturers. Demands were crashing in both domestic and international markets, and the production costs were weighing the suppliers' morals. Hence, the market responded with a reduction in production volumes. Overall, a depreciating price trend was observed.

North America

The American sodium nitrate market also mimicked its Asian and European counterparts during the said period of Q1 of 2024. The price graph was largely faced southwards. Farming activities were suffering because of the unseasonal weather interruptions as El Nino also affected the plantation patterns. Other consuming industries also did not respond in a very favorable manner to these changes. Heightening freight costs was another factor troubling the suppliers. Overall, weak market sentiments were observed for sodium nitrate during the first three months of 2024.

Analyst Insight

According to Procurement Resource, Sodium Nitrate price trends are likely to remain subdued for some time in the near future. The inventories are well capable of supporting whatever feeble demands the consumers are offering.

Sodium Nitrate Price Trend for the October - December of 2023

Asia

The sodium nitrate market trend were found to be largely uneven during the fourth quarter of 2023. Within the major Asian markets, the Chinese sodium nitrate market trend were more positive and had a better run at the price index than the Indian sodium nitrate market. These variations in the market behaviors were largely influenced by the availability and costs of the feedstock materials sodium hydroxide (caustic soda) and nitric acid.

Along with the feedstock cost support, the downstream demands also played a huge role in determining these price graphs. The downstream demands from the metal, fertilizers, dyes, pigments, food, etc. industries kept the market sentiments afloat for the majority of the discussed period.

Europe

The European market trend for sodium nitrate were largely mixed for the entire period of Q4’23. The market trend began on a high note at the beginning of the quarter. However, various global trade disturbances, along with the long holiday season in the latter half of the quarter, gradually brought the market trend down. Overall, variations were observed in the European market trend for sodium nitrate.

North America

The North American sodium nitrate market followed its European counterpart closely during the given period. The freight disturbances caused largely by the Israel-Hamas war, along with the regional economic struggles, made the sodium nitrate prices waver at the lower end of the curve during the said period.

Analyst Insight

According to Procurement Resource, the Sodium Nitrate price trend are anticipated to continue showing variations in the coming months; the prices are expected to waver within a limited range.

Sodium Nitrate Price Trend for the July-September of 2023

Asia

Despite the slower recovery of the Asian economy, the sodium nitrate price trend were able to trace a northward journey in the third quarter of 2023. The initial phase of the quarter, however, struggled with weak growth of demand and the negative influence of the disruptions in the supply-demand equilibrium of sodium nitrate. However, in the later stages, the trend stabilized with lowering inflation and appreciation in the Chinese currency in comparison to the US dollar.

This positive momentum of sodium nitrate prices was further escalated by the hike in the number of inquiries from the domestic as well as overseas industries. Additionally, the rise in the bulk orders and depletion in the level of inventories also had a significant impact on the sodium nitrate price trend.

Europe

The European sodium nitrate sector was able to maintain stability in its price trend as the manufacturing sector grew on account of a rise in the appetite of consumers. The industrial sector expanded after facing some struggles during the initial phase of the quarter. This helped in the overall growth of the market sentiments of sodium nitrate and the rates of procurement from the downstream industries. Further, the rise in costly imports from the Asian countries amid appreciating European currency also played a major part in keeping the sodium nitrate price trend upwards.

North America

The shift in consumer preferences worked in favor of sodium nitrate price trend during the third quarter of 2023. The pressure of inflation during this phase began to ease out, which led to a rise in the appetite of downstream industries. In addition to this, the inclination in the sales and market momentum of nitric acid, along with the escalation in the energy prices and export rates, kept the sodium nitrate prices in the green zone.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Nitrate are expected to maintain their inclining trajectory as the performance of the downstream industries seems to be improving.

Sodium Nitrate Price Trend for the First Half of 2023

Asia

The sodium nitrate prices surged in the first quarter of 2023, as the trend was supported by the rise in market activities and replenishment of inventories. The rise in feedstock prices also supported the hike in the market activities of sodium nitrate prices. The demand from the downstream industries also helped the production rates to rise as the Chinese economy made a strong comeback after the Lunar holidays and covid phase.

However, the market activities fell significantly in the second quarter due to a steep fall in demand from domestic and international consumers. The trade activities were also hampered, attributed to the fall in feedstock costs and decline in the movement of beverages, cosmetics, and preservatives sectors that eventually led to the decline in the price trend of sodium nitrate.

Europe

The sodium nitrate price trend surged in the first quarter of 2023 with support from the pharmaceutical and other related industries. Even the falling cost of nitric acid did not hamper the progress of the sodium nitrate market as the prices of another feedstock, sodium bicarbonate, surged. But the market activities in the second quarter were hit by the depreciating cost of feedstocks, ample supply of material, and falling demand from the downstream industries. The cost of energy and slow economic activities were other factors that hampered the price trend of sodium nitrate.

North America

A stable and stagnant approach was adopted by the sodium nitrate market in the North American sector, supported by the demand and high number of purchases from the pharmaceuticals and other related end-user industries, but the second quarter did not support this trajectory. The overall market conditions gradually worsened with the quarter as the procurement from the end-user industries declined significantly. The dipping oil costs and falling economic conditions further caused the price trend of sodium nitrate to fall into the negative zone.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Nitrate is estimated to showcase a declining trend as the slow momentum of downstream industries and a global recession will impact the sodium nitrate market negatively.

Procurement Resource provides latest prices of Sodium 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.