SunSirs: Nitric Acid Prices Decreased This Month (June 1-29)
June 30 2023 09:47:15 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, the average price of nitric acid on June 1st this month was 2,033 RMB/ton, and on June 29th it was 1,966 RMB/ton, a decrease of 3.28% in price.
Analysis review
As of the 29th, downstream demand for aniline was weak, coupled with sluggish demand in industries such as pesticides, dye intermediates, pickling, and military industry, which had no positive support for purchasing raw material acid. In the short term, demand is expected to remain weak, and the market urgently needed positive news to boost. On the supply side, acid companies had high inventory in their factories, and although some acid companies underwent maintenance, it is still difficult to alleviate the oversupply situation. The weather was hot and the goods shipments were light, and the market was showing a downward trend.
From June 1st to June 29th, upstream liquid ammonia fell by 10.56%. The downstream aniline fell 6.3%, the price of potassium nitrate rose 5.88%, and the price of ammonium nitrate rose 0.74%. The import 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 was weak, and prices may continue to fluctuate at low levels, and costs will remain low.
Market outlook
Nitric acid analysts from SunSirs predict that the price of nitric acid may be mainly volatile and weaker.
If you have any questions, please feel free to contact SunSirs with support@SunSirs.com.
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