Price trend

According to data monitored by SunSirs, at the beginning of the year, the price of industrial grade first-class potassium nitrate in Shanxi was 5,925.00 RMB/ton, and at the end of the year, the price of industrial grade first-class potassium nitrate in Shanxi was 5,425.00 RMB/ton, a decrease of 8.44%. The highest price for the year was on February 25th, with a price of 5,960.00 RMB/ton. The lowest price for the year was on June 10th, with a price of 5,100.00 RMB/ton, a decrease of 14.43%.

Analysis review

In 2023, the potassium nitrate market in Shanxi Province first rose and then fell. From the above chart, it can be seen that the potassium nitrate market was in a downward trend for the first six months of the year, with the highest increase occurring in June, which was 6.37%. The largest decline occurred in May, with a maximum drop of 6.85%. The decline in the potassium nitrate market was due to high port inventory, increased market supply, and potassium nitrate manufacturers shipping according to orders. The potassium nitrate market had started to fluctuate with changes in market inventory, resulting in an overall decline in the market. The increase was mainly due to the fluctuation and rise of international crude oil prices, and the trading market was in a state of supply less than demand. Large traders, in order to control the supply of goods, were reluctant to sell, resulting in slow overall market transactions and a significant rise in the market.

In 2023, the potassium chloride market showed a trend of first falling and then rising. The domestic potassium chloride market had poor transactions throughout 2023, with abundant port inventory. In the first half of the year, the supply of potassium fertilizer for the China Europe freight train increased, and agricultural demand weakened, while industrial demand was average. Downstream enthusiasm for purchasing potassium chloride weakened. The market was declining. Although the autumn fertilizer preparation was launched earlier in the second half of the year, the improvement of the potassium fertilizer market was limited. Throughout the year, the decline was greater than the increase, which could not provide strong support for potassium nitrate.

Market outlook

Recently, port inventories had been high, and the market for potassium chloride was not optimistic. Downstream market demand was weak, and it is expected that the price of potassium nitrate will mainly decline in the short term. The long-term market still needs to wait and see.

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