Global:
According to Price Watch, in Q1 2025, the Nitric Acid 68% FD Hamburg market maintained its upward momentum, representing a 2% increase from previous Quarter. Demand from major downstream sectors such as pharmaceuticals, intermediates, metal finishing, and specialty chemicals remained steady, offering a supportive base for producers.
Procurement volumes improved slightly as market participants replenished stocks following year-end consumption cycles. Feedstock ammonia prices were stable, maintaining a balanced cost environment that facilitated smoother operating margins. Supply conditions within Germany and neighbouring regions remained consistent, ensuring timely availability for routine and contract buyers.
Sellers focused on disciplined pricing strategies, capitalizing on stable demand while managing manageable inventories. With industrial sentiment broadly positive across Europe, the nitric acid market in Q1 carried a moderately firm tone, laying groundwork for stable conditions heading into Q2.
India:
According to PriceWatch, in Q1 2025, the Nitric Acid 68% FOB Nhava Sheva market showed a slight softening, with prices decreasing by 1% from Q4 2024. Demand from key downstream sectors, including fertilizers, chemical intermediates, and metal treatment, remained steady but cautious, reflecting conservative procurement after the year-end period. Export-oriented buying from Southeast Asia and the Middle East was moderate, providing only limited support to overall pricing.
Feedstock ammonia prices held relatively stable, maintaining a neutral cost environment for producers. Sellers continued to implement measured offering strategies, balancing the need to maintain margins while catering to routine orders. Despite minor price weakness, the market sentiment remained neutral to mildly bearish, with participants closely watching downstream consumption trends and potential feedstock shifts that could influence pricing direction in the coming quarter.
Global:
According to Price Watch, in Q2 2025 the Nitric Acid 68% market, on a CIF Jebel Ali basis for Indian-origin material, has been witnessing a steady upward trend, reflecting a 6% increase from the previous quarter. The market has been experiencing moderately improved trading activity as regional buyers gradually stepped-up procurement, supported by healthier demand across fertilizers, metal treatment, and industrial chemical applications.
Downstream consumption has remained stable, providing firmer support to overall price levels as distributors and end-users sought to rebuild inventories after earlier conservative purchasing patterns. Feedstock Ammonia costs in India have been relatively stable, yet improved export sentiment and tighter supply arrangements from key producers have contributed to upward pricing momentum.
Sellers have maintained disciplined offering strategies, focusing on value-driven negotiations and securing premium deals amid strengthening regional demand. Import inquiries have shown better consistency compared to the previous quarter, with increased buying interest from major industrial hubs in the UAE. Overall, the market has been maintaining a firm and mildly bullish tone, with participants closely monitoring supply availability and potential shifts in Ammonia feedstock costs that could shape price direction in the coming months.
India:
According to Price Watch, in Q2 2025, the Nitric Acid 68% market, on an FOB Nhava Sheva (India) basis, recorded a firm upward trend, with prices rising by around 7% compared to the previous quarter. The market experienced steady recovery in procurement activity, as overseas buyers resumed spot and contract purchases after a period of cautious stocking in Q1.
Demand from downstream sectors including dyes & pigments, nitration processes, agrochemicals, specialty intermediates, and explosives manufacturing remained consistent, providing moderate upward support to market fundamentals. Feedstock ammonia and sulphur prices maintained a relatively stable profile throughout the quarter, creating a neutral cost environment for producers.
However, the combination of steady export inquiries, tighter producer availability, and better plant operating rates contributed to firmer pricing. Sellers followed a disciplined offering strategy, focusing on export market liquidity while maintaining competitive pricing to capture incremental regional demand.
Export activity toward Southeast Asia, the Middle East, and East Africa showed improved momentum, reinforcing positive sentiment. Overall, the market maintained a cautiously firm tone, with participants monitoring potential shifts in feedstock ammonia prices, seasonal demand patterns from downstream chemical units, and broader global fertilizer-chemical sector movement that may influence pricing direction heading into Q3.
In Q3 2025 the Nitric Acid market has exhibited a continued downward trajectory, registering a 7% decline from the previous quarter, as muted demand from fertilizer blenders and industrial chemical consumers persisted across major Asian regions.
The sector has been operating under sustained pressure due to restrained procurement activity and cautious purchasing strategies from downstream segments. Feedstock Ammonia prices have remained relatively steady, providing limited cost support for producers amid weaker market fundamentals.
Operating rates at several facilities have been moderately curtailed to manage inventory build-ups in the face of sluggish off take. Export appetite has remained modest, with regional buyers delaying bookings amid sufficient availability and competitive offers.
Despite stable upstream dynamics, overall sentiment has trended bearish, weighed down by ample supply, thinning margins, and reduced transactional interest. The Nitric Acid market has largely maintained a subdued tone through the quarter, reflecting conservative buying behaviour and an oversupplied environment.
India: Nitric Acid Domestically Traded prices Ex Gujrat, India; Grade- Nitric Acid 68%
In Q3 2025 the Nitric Acid market in India has been experiencing a gradual softening, reflecting a 11% decline compared to the previous quarter. Demand sentiment from downstream fertilizer, dyes, and explosives manufacturers has remained moderate, as buyers continued to follow cautious procurement strategies amid steady plant operating schedules.
Consumption in the agrochemical and nitration-based chemical segments has been stable but insufficient to lift overall market momentum, resulting in balanced yet slightly pressured trading conditions. Producers have been maintaining controlled production rates to avoid inventory build-ups as market fundamentals evolved through the quarter.
Feedstock Ammonia values have stayed largely range-bound, offering neutral cost influence for nitric acid manufacturers. Export activity has been limited, with only selective inquiries emerging from neighbouring South Asian markets.
In September 2025, domestic nitric acid prices registered a mild dip of around 2%, driven by weaker restocking interest and competitive offers in key trading hubs. Overall, the market has retained a restrained tone, supported by adequate supply, disciplined operations, and steady but subdued participation from downstream consumers.
Saudi Arabia: Nitric Acid Imported Prices CIF Saudi Arabia, India; Grade – Nitric Acid 68%
In Saudi Arabia, the Nitric Acid 68% price trend CIF Saudi ports offered from India has been witnessing a notable decline of around 7% during Q3 2025, continuing the downward trajectory observed toward the end of Q2.
Throughout the quarter, the market reflected steady yet slightly pressured trading conditions, as demand from key downstream sectors including fertilizers, industrial chemicals, metal treatment, and water purification remained moderate. Order inflows from distributors and end-users have remained cautious, driven by conservative procurement patterns and comfortable availability in the regional market.
The persistent weakness in prices has been influenced by stable Ammonia feedstock costs in India, balanced production rates among major nitric acid suppliers, and subdued restocking interest from importers in the Gulf region. Expectations of improved demand post-holiday periods did not materialize, keeping overall sentiment neutral to mildly bearish.
In September 2025, Nitric Acid 68% prices delivered to Saudi Arabia recorded a further month-on-month decline of roughly 2%, supported by competitive export offers from India, gradual inventory adjustments, and restrained purchasing activities across key industrial hubs.
Kenya: Nitric Acid Imported Prices CIF Mombasa, India; Grade – Nitric Acid 68%
In Kenya, the Nitric Acid 68% price trend CIF Mombasa offered from India has been witnessing a moderate decline of around 3% during Q3 2025, following the mild downward movement observed toward the end of Q2.
Throughout the quarter, the market reflected steady yet slightly pressured trading conditions, as demand from fertilizer blending units, mining-related chemical users, textile processors, and water treatment operators remained stable but unsupportive of firmer pricing.
Order inflows from importers and industrial buyers have been cautious, influenced by conservative procurement strategies and consistent product availability across the regional market.
The persistent softness in prices has been shaped by steady Ammonia feedstock costs in India, balanced production levels among major nitric acid manufacturers, and subdued restocking appetite from Kenyan buyers. Expectations of improved demand after seasonal business cycles did not materialize, keeping overall sentiment neutral to mildly bearish.
In September 2025, Nitric Acid 68% prices delivered to Mombasa registered a further month-on-month decline of nearly 1%, supported by competitive export offers from India, gradual inventory adjustments, and restrained purchasing activities across Kenya’s key industrial segments.
South Korea: Nitric Acid Export Prices FOB Busan, South Korea; Grade – Nitric Acid 68%
In South Korea, the Nitric Acid 68% price trend FOB Busan has been witnessing a mild decline of around 2% during Q3 2025, continuing the soft movement observed toward the end of Q2.
Throughout the quarter, the market reflected steady yet slightly pressured export conditions, as demand from overseas buyers in Southeast Asia, the Middle East, and Africa remained moderate. Order inflows from traders and industrial consumers have been cautious, shaped by conservative procurement strategies and adequate availability across major importing regions.
The persistent weakness in pricing has been influenced by stable Ammonia feedstock costs, balanced operating rates among Korean nitric acid manufacturers, and restrained restocking interest from key export destinations.
Expectations of firmer demand following seasonal maintenance periods did not materialize, keeping overall sentiment neutral to mildly bearish. In September 2025, Nitric Acid 68% prices offered from Busan recorded a further month-on-month decline of around 2%, supported by competitive Korean export offers, controlled inventory positions, and subdued purchasing activity across primary regional markets.
China: Nitric Acid Domestically Traded Prices Ex-Works Shanghai, China; Grade – Nitric Acid 98%
In China, the Nitric Acid 98% price trend Ex-Works Shanghai has been witnessing a mild decline of around 2% during Q3 2025, continuing the soft movement observed toward the end of Q2.
Throughout the quarter, the market reflected steady yet slightly pressured trading conditions, as demand from key downstream segments including metal finishing, specialty chemicals, electronics-grade processing, and nitration applications remained moderate.
Order inflows from domestic distributors and industrial buyers have been somewhat cautious, driven by conservative procurement patterns and comfortable availability across major producing hubs.
The persistent weakness in pricing has been influenced by stable Ammonia feedstock costs, balanced operating rates within the Chinese nitric acid sector, and limited restocking momentum from end-users. Expectations of improved consumption following seasonal industrial activity did not materialize, keeping overall sentiment neutral to mildly bearish.
In September 2025, Nitric Acid 98% prices Ex-Works Shanghai held stable on a month-on-month basis, supported by controlled production, steady inventory positions, and restrained purchasing behaviour across the domestic market.
Belgium: Nitric Acid Export Prices FOB Antwerp, Belgium; Grade – Nitric Acid 68%
In Belgium, the Nitric Acid 68% price trend FOB Antwerp has been witnessing a noticeable decline of around 5% during Q3 2025, extending the downward trajectory observed toward the end of Q2.
Throughout the quarter, the market reflected steady yet slightly pressured export conditions, as demand from key downstream sectors including fertilizers, industrial chemicals, explosives intermediates, and metal treatment remained moderate across European and global markets.
Order inflows from traders and overseas buyers have stayed cautious, influenced by conservative procurement behaviour and adequate product availability from major European producers.
The persistent softness in prices has been shaped by relatively stable Ammonia feedstock costs, balanced operating rates among nitric acid manufacturers in the region, and subdued restocking sentiment from import-dependent markets. Expectations of improved demand following summer slowdowns did not materialize, keeping overall pricing sentiment neutral to mildly bearish.
In September 2025, Nitric Acid 68% prices offered FOB Antwerp registered a further month-on-month decline of nearly 2%, supported by competitive export offers, disciplined inventory management, and restrained purchasing activities across major destination markets.
Germany: Nitric Acid Domestically Delivered Prices FD Hamburg, Germany; Grade – Nitric Acid 68%.
According to Price-Watch AI, In Germany, the Nitric Acid 68% price trend FD Hamburg has been witnessing a mild decline of around 3% during Q3 2025, continuing the subdued movement observed toward the end of Q2.
Throughout the quarter, the market reflected steady yet slightly pressured trading conditions, as demand from key downstream sectors including fertilizers, industrial chemicals, metal treatment, and specialty manufacturing remained moderate. Order inflows from distributors and end-users have stayed cautious, influenced by conservative procurement behaviour and comfortable domestic availability across major industrial hubs.
The persistent softness in prices has been shaped by stable Ammonia feedstock costs, balanced production rates among European nitric acid suppliers, and limited restocking sentiment within the local market. Expectations of firmer demand following the summer slowdown did not materialize, keeping overall sentiment neutral to mildly bearish.
In September 2025, Nitric Acid 68% prices delivered FD Hamburg recorded a month-on-month increase of nearly 2%, supported by slightly tighter supply conditions, firmer regional inquiries, and incremental improvements in purchasing activity across the German chemical sector.
In Q4 2025, the Nitric Acid market recorded a marginal 1% increase from the previous quarter, supported by steady demand from downstream fertilizer and chemical sectors. Nitric acid is primarily produced through the Ostwald process using ammonia as the key feedstock, which is derived from natural gas.
During the quarter, ammonia prices remained relatively stable, providing moderate cost support to nitric acid producers and contributing to slight firmness in market pricing. Demand was mainly driven by the fertilizer industry, particularly for the production of ammonium nitrate and calcium ammonium nitrate, as agricultural consumption remained stable across major producing regions.
On the supply side, production levels were maintained at balanced operating rates, with manufacturers aligning output with downstream consumption to avoid excess inventories. Global supply remained adequate, while trade activity stayed cautious as buyers preferred need-based procurement. Overall market sentiment remained stable, supported by balanced demand-supply fundamentals and stable feedstock conditions.
China: Nitric Acid Domestically Traded Prices Ex-Works Shanghai, China; Grade – Nitric Acid 98%
In China, the Nitric Acid price trend in Q4 2025 recorded a slight upward trend, reflecting a 1% increase compared to the previous quarter. The price improvement was mainly supported by stable demand from downstream fertilizer and chemical sectors, particularly for ammonium nitrate and calcium ammonium nitrate production.
Nitric acid production continued to rely on ammonia as the primary feedstock, which is typically derived from natural gas through the Haber–Bosch process. Feedstock ammonia prices remained relatively stable during the quarter, providing moderate cost support to nitric acid manufacturers.
On the supply side, producers maintained balanced operating rates, ensuring steady production levels and adequate market availability. Consumption remained stable as fertilizer manufacturers maintained regular procurement to meet agricultural sector requirements.
Export activities were moderate, with buyers adopting cautious, need-based purchasing strategies amid sufficient supply conditions. In December 2025, Nitric Acid prices in China remained stable due to balanced demand and sufficient supply availability in the domestic market.
India: Nitric Acid Domestically Traded prices Ex Gujarat, India; Grade- Nitric Acid 68%
According to Price-Watch™, in India, the Nitric Acid price trend in Q4 2025 witnessed a softening trend, reflecting a 5% decline compared to the previous quarter. The downward movement was largely influenced by moderate downstream demand from fertilizers, explosives, and chemical intermediates, which resulted in cautious procurement patterns among buyers.
Feedstock ammonia prices remained relatively stable during the quarter, as steady natural gas availability helped maintain balanced production costs for manufacturers. Nitric acid production levels were maintained at stable operating rates, ensuring sufficient supply availability across the domestic market.
Consumption from fertilizer-grade ammonium nitrate and industrial applications remained steady but lacked strong momentum, which limited upward price support. Market participants reported comfortable inventory levels, reducing urgency for additional spot purchases.
In December 2025, Nitric Acid prices in India remained stable due to balanced supply conditions and consistent feedstock ammonia pricing. Overall, the market maintained a soft to stable sentiment supported by adequate production and moderate consumption trends.
Saudi Arabia: Nitric Acid Imported Prices CIF Saudi Arabia, India; Grade – Nitric Acid 68%
In Saudi Arabia, the Nitric Acid price trend in Q4 2025 experienced a mild downward trend, reflecting a 3% decline compared to the previous quarter. The price softening was mainly attributed to balanced supply conditions and moderate downstream demand from fertilizer and industrial chemical sectors.
Nitric acid production relies primarily on ammonia as the key feedstock, which is derived from natural gas. During the quarter, relatively stable natural gas and ammonia prices kept production costs largely steady, providing limited upward pressure on market prices.
Demand from ammonium nitrate, mining explosives, and chemical manufacturing remained consistent but did not show significant growth, leading to cautious purchasing activity among buyers. Producers maintained stable operating rates to ensure adequate supply and prevent excessive inventory accumulation.
In December 2025, Nitric Acid prices in Saudi Arabia remained stable due to steady ammonia feedstock costs and balanced supply availability in the regional market. Overall, the market reflected stable production dynamics and moderate consumption trends.
Kenya: Nitric Acid Imported Prices CIF Mombasa, India; Grade – Nitric Acid 68%
In Kenya, the Nitric Acid in Kenya in Q4 2025 witnessed a slightly soft market trend, reflecting a 1% decline compared to the previous quarter. The marginal decrease was largely attributed to moderate demand from downstream fertilizer blending and mining-related explosive applications.
Nitric acid production is primarily dependent on ammonia as the key feedstock, which is derived from natural gas through the Haber process. During the quarter, relatively stable ammonia prices provided limited cost pressure on manufacturers, keeping production economics balanced.
Supply availability remained adequate as producers maintained steady operating rates to align output with prevailing regional consumption patterns. Demand from fertilizer manufacturers and industrial chemical sectors remained consistent but cautious, with buyers preferring need-based procurement strategies.
In December 2025, Nitric Acid prices in Kenya remained stable due to balanced supply conditions and steady ammonia feedstock costs. Overall, the market maintained a stable to slightly soft tone supported by steady production and moderate consumption trends.
South Korea: Nitric Acid Export Prices FOB Busan, South Korea; Grade – Nitric Acid 68%
In South Korea, the Nitric Acid price trend in Q4 2025 witnessed a mild downward trend, reflecting a 3% decline compared to the previous quarter. The softening price movement was primarily influenced by moderate demand from downstream sectors such as fertilizers, explosives, and industrial chemicals.
Nitric acid production relies heavily on ammonia as the primary feedstock, which is derived from natural gas through catalytic oxidation processes. During the quarter, relatively stable ammonia prices provided limited cost support to producers, keeping production economics balanced.
Supply levels remained comfortable as manufacturers maintained steady operating rates and ensured sufficient product availability across domestic markets. Consumption from fertilizer intermediates and electronics-related chemical applications remained stable but cautious, as buyers preferred need-based procurement amid adequate inventories.
In December 2025, Nitric Acid prices in South Korea declined by approximately 2% as compared to November, due to weaker downstream purchasing activity and comfortable supply availability in the domestic market. Overall, the market reflected balanced supply conditions and moderate consumption trends.
Belgium: Nitric Acid Export Prices FOB Antwerp, Belgium; Grade – Nitric Acid 68%
In Belgium, the Nitric Acid price trend in Q4 2025 experienced a slightly bearish trend, reflecting a 2% decline compared to the previous quarter. The marginal price decline was mainly attributed to moderate downstream demand from fertilizer intermediates, explosives, and industrial chemical sectors across the European market.
Nitric acid production relies primarily on ammonia as the key feedstock, which is derived from natural gas through catalytic oxidation. During the quarter, relatively stable ammonia prices provided limited cost pressure for producers, maintaining balanced production economics.
Supply levels remained comfortable as manufacturers maintained steady operating rates and ensured sufficient product availability to meet regional consumption requirements. Demand from fertilizer producers and chemical manufacturing industries remained stable but cautious, with buyers adopting need-based procurement strategies amid adequate inventories.
In December 2025, Nitric Acid prices in Belgium declined by approximately 1% as compared to November, due to subdued downstream demand and sufficient supply availability across the regional market. Overall, the market reflected balanced supply-demand dynamics and stable production activity.
Germany: Nitric Acid Domestically Delivered Prices FD Hamburg, Germany; Grade – Nitric Acid 68%.
In Germany, the Nitric Acid price trend in Q4 2025 witnessed a mild downward trend, reflecting a 3% decline compared to the previous quarter. The price movement was influenced by moderate downstream demand from fertilizers, explosives, and industrial chemical sectors across the European market.
Nitric acid production relies primarily on ammonia as the key feedstock, which is derived from natural gas through catalytic oxidation. During the quarter, relatively stable natural gas and ammonia prices provided limited cost pressure on manufacturers, resulting in steady production economics.
Supply levels remained adequate as producers maintained balanced operating rates to align output with prevailing consumption patterns. Demand from fertilizer intermediates and chemical manufacturing sectors remained stable but cautious, as buyers preferred need-based procurement amid sufficient inventories.
In December 2025, Nitric Acid prices in Germany declined by approximately 1% as compared to November, due to subdued downstream purchasing activity and comfortable supply availability across the market. Overall, the market reflected balanced supply-demand fundamentals and steady production trends.
