SunSirs: Nitric Acid Prices Had Decreased This Month (May 1-31)
June 01 2023 14:18:56 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, the average price of nitric acid on May 1st this month was 2,450 RMB/ton, and on May 31st it was 2,033 RMB/ton, a decrease of 17.01% in price.
Analysis review
As of May 31st, downstream demand for aniline was still acceptable, while demand in industries such as pesticides, dye intermediates, pickling, and military industries was sluggish, making it difficult to support the purchasing of raw acid. In the short term, demand was expected to remain weak, making it difficult to effectively boost the market. On the supply side, acid companies had high inventory in their factories, and although some acid companies underwent maintenance, it was still difficult to alleviate the oversupply situation. As of 31st, the pressure on the supply side of the concentrated nitric acid market was not decreasing, and the market showed a downward trend.
From May 1st to May 31st, upstream liquid ammonia fell by 7.22%. Downstream aniline decreased by 7.32%, potassium nitrate prices decreased by 6.39%, and ammonium nitrate prices decreased by 7.14%. The imported sources of raw material liquid ammonia market will gradually arrive at the port, and some new production capacity will be put into operation. The overall demand in the downstream market is average, and prices may continue to fluctuate at low levels, while costs will remain low.
Market outlook
Nitric acid analysts from SunSirs predict that the price of nitric acid may be mainly volatile and weaker.
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