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Nitric Acid Price Trend and Forecast

⟳ Weekly Update
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Historical Data Since 2015
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Forecast for 2026
  • Commodity Pricing

nitric acid Price Trends by Country

inIndia
saSaudi Arabia
keKenya
krSouth Korea
cnChina
beBelgium
deGermany

Global nitric acid Spot Market Prices, Trend Analysis and Forecast

Price-Watch™ provides price assessments for Nitric Acid across top trading regions:

 Asia-Pacific

  • Nitric Acid 68% Ex-Gujarat, India
  • Nitric Acid 98% Ex-Gujarat, India
  • Nitric Acid 68% FOB Nhava Sheva, India
  • Nitric Acid 68% Ex-Shandong, China
  • Nitric Acid 98% Ex-Shandong, China
  • Nitric Acid 68% FOB Busan, South Korea
  • Nitric Acid 68% CIF Nhava Sheva (South Korea), India


Europe

  • Nitric Acid 68% FOB Antwerp, Belgium
  • Nitric Acid 68% FD Hamburg, Germany 


Middle East & Africa

  • Nitric Acid 68% CIF Jebel Ali (India), UAE
  • Nitric Acid 68% CIF Dammam (India), Saudi Arabia
  • Nitric Acid 68% CIF Mombasa (India), Kenya


Note: In assessments structured as CIF [Importing Port] (Exporting Country), the country mentioned in brackets indicates the primary origin of supply (exporting country), while the named port refers to the destination port in the importing country. Other Incoterms (FOB, FD, EXW, etc.) should be interpreted in accordance with standard international trade definitions.

Nitric Acid Price Trend Q1 2026

On a quarter-on-quarter basis, the nitric acid industry grew by about 10 percent during the first quarter of 2026 as cost increase pressures continued, while demand remained relatively stable to steadily increased for downstream products.

The price of nitric acid has been influenced primarily by increased input costs (especially ammonia) that consists of a natural gas-based feedstock used in the production of nitric acid via oxidation. Feedstock ammonia costs have been increasing due to increased costs associated with the extraction of natural gas, which significantly increased the cost of producing nitric acid.

In addition to increased input prices, producers also faced upward price pressure as a result of geopolitical turmoil in the Middle East and exceptional energy and fuel price increases, as well as increased supply chain logistics costs associated with the distribution of nitric acid.

On a worldwide demand side, the demand for nitric acid has been stable to increasing due to consistent demand for fertilizers (primarily ammonium nitrate) and industrial uses (including explosives and chemicals).

The moderate adjustment in actual production of nitric acid during the quarter has been driven by feedstock price volatility and other suppliers’ inability to supply sufficient quantities. The price of nitric acid continued to increase in March 2026 due to the negative impact of the escalating conflict between the United States and Israel and Iran.

Overall, the impact of the first quarter on the nitric acid industry demonstrated solid demand fundamentals combined with moderate constraints from supply sources.

India: Nitric Acid Domestically Traded prices Ex Gujarat, India; Grade- Nitric Acid 68%

According to Price-Watch™, in Q1 2026, Nitric Acid prices in India registered a sharp increase of approximately 20% compared to the previous quarter, supported by elevated cost pressures and firm downstream demand.

The Nitric Acid price trend in India remained strongly bullish, driven by rising feedstock costs, particularly ammonia derived from natural gas, which significantly increased production expenses.

Demand stayed robust across fertilizer applications such as ammonium nitrate, alongside steady consumption from chemical and industrial sectors. Supply conditions tightened amid global uncertainties, geopolitical disruptions, and higher energy and logistics costs.

Producers adjusted operating rates in response to feedstock volatility, limiting availability. In March 2026, Nitric Acid prices in India surged by around 35% month-on-month, influenced by escalating geopolitical tensions and constrained supply dynamics.

China: Nitric Acid Domestically Traded Prices Ex-Works Shanghai, China; Grade – Nitric Acid 98%

In Q1 2026, Nitric Acid prices in China increased by approximately 10% compared to the previous quarter, supported by rising feedstock costs and firm demand conditions. The Nitric Acid price trend in China remained notably strong, driven by higher ammonia prices, which significantly elevated production costs.

Demand stayed stable to firm across fertilizer and chemical sectors, supporting improved consumption across both domestic and export markets. Supply conditions tightened slightly amid global uncertainties, geopolitical disruptions, and elevated energy and logistics costs.

Producers responded by maintaining controlled operating rates to manage cost pressures. In March 2026, Nitric Acid prices in China surged by around 38% month-on-month, influenced by escalating geopolitical tensions and tightening supply dynamics.

Saudi Arabia: Nitric Acid Imported Prices CIF Saudi Arabia, India; Grade – Nitric Acid 68%

In Saudi Arabia, the Nitric Acid market in Q1 2026 witnessed an increase of approximately 11% compared to the previous quarter, supported by rising feedstock costs and stable demand trends. Ammonia prices increased notably, elevating overall production costs.

Demand remained steady across fertilizer and industrial sectors, supporting consistent consumption levels. Supply conditions were moderately tight amid global supply uncertainty, geopolitical disruptions, rising energy and fuel costs, and higher logistics expenses. Production rates were maintained at balanced levels, aligned with domestic and export requirements.

Consumption remained stable with steady procurement activity. In March 2026, Nitric Acid prices increased by approximately 26% as compared to February, due to the escalating US–Israel conflict with Iran. Overall, the market reflected steady demand conditions with moderate supply-side pressure.

Kenya: Nitric Acid Imported Prices CIF Mombasa, India; Grade – Nitric Acid 68%

In Kenya, the Nitric Acid market in Q1 2026 witnessed an increase of approximately 7% compared to the previous quarter, supported by moderate cost pressures and stable demand fundamentals. Feedstock costs, particularly ammonia, increased slightly, contributing to higher production expenses. Demand remained steady across fertilizer and industrial applications, supporting consistent consumption.

Supply conditions were relatively balanced despite global supply uncertainty, geopolitical disruptions, rising energy and fuel costs, and higher logistics expenses. Production levels were maintained at moderate rates to meet domestic demand. Consumption remained stable with cautious procurement strategies.

In March 2026, Nitric Acid prices increased by approximately 25% as compared to February, due to the escalating US–Israel conflict with Iran. Overall, the market maintained balanced supply-demand conditions with stable consumption trends.

South Korea: Nitric Acid Export Prices FOB Busan, South Korea; Grade – Nitric Acid 68%

In the first quarter of 2026, Nitric Acid price trend in Korea rose about 9 percent when compared to Q4 of last year, as a result of increasing production costs coupled with stable demand conditions. Overall, the Nitric Acid pricing trend experienced a continuation of the previous quarter’s firm trend due to increasing costs of feedstock, particularly ammonia produced from natural gas, which increased all of the manufacturing costs associated with producing Nitric Acid.

Demand remained stable for both the chemical and industrial sectors leading to stable consumption levels. The available supply for distribution was moderately tight due to global uncertainties, geopolitical disruptions, and continuing elevated costs of energy and logistics.

In response to the fluctuating feedstock availability, producers made moderate changes to their operating rates. During March 2026, there has been a significant surge in Nitric Acid prices in South Korea with an increase of approximately 35 percent from the prior month. This increase is the result of tightening supply perceptions driven by the continuing escalation of geopolitical tensions.

Belgium: Nitric Acid Export Prices FOB Antwerp, Belgium; Grade – Nitric Acid 68%

In Q1 2026, Nitric Acid prices in Belgium increased by approximately 8% compared to the previous quarter, supported by moderate cost pressures and stable demand conditions. The Nitric Acid price trend in Belgium remained moderately firm, as slightly higher ammonia costs contributed to increased production expenses.

Demand held steady across fertilizer and industrial sectors, ensuring consistent consumption levels. Supply conditions ranged from balanced to slightly tight, influenced by global uncertainties, geopolitical disruptions, and elevated energy and logistics costs.

Producers maintained stable operating rates, aligning output with demand requirements. In March 2026, Nitric Acid prices in Belgium rose sharply by around 24% month-on-month, driven by tightening supply sentiment amid escalating geopolitical tensions.

Germany: Nitric Acid Domestically Delivered Prices FD Hamburg, Germany; Grade – Nitric Acid 68%.

In Q1 2026, the Nitric Acid market in Germany experienced significant growth, up 8% from the prior quarter due to increasing production costs and stable demand for product. Many feedstock prices, including Ammonia from Natural Gas, have been up moderately during this period, so manufacturers had to pay more to produce all goods produced in the facility.

Demand continued to be stable for both fertilizers and industrial applications, which contributed to a consistent consumption rate of product. Global Supply uncertainty, geopolitical events, increasing energy and fuel prices, and high Logistics costs created moderate tightness concerning supply conditions in the market.

Production rates were adjusted slightly due to feedstock volatility and cost pressure on the producer. Consumption was consistent, and purchasers were active in the market. The price of Nitric Acid rose about 22% in March 2026 from February 2026 due to the elevated levels of hostilities between the US and Israel. Overall, the market demonstrated stable consumption patterns, with moderate supply-side limitations.

Nitric Acid Price Trend Analysis: Q4 2025

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.

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, with prices averaging around USD 270 /MT, 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.

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 average price for Q2 settled at USD 374/MT, reflecting improved trading sentiment across key export corridors. 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.

Global:

According to Price Watch, in Q1 2025, the Nitric Acid 68% FD Hamburg market maintained its upward momentum, with quarterly prices averaging USD 517/MT, 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.

Nitric Acid Price Trend Analysis: Q4 2024

Global:

In Q4 2024, the Nitric Acid 68% FD Hamburg market experienced a shift toward a firmer trend, with the quarterly average price rising to USD 507/MT, marking a 3% increase compared to Q3. The improvement was supported by renewed procurement activity, as several industrial buyers resumed planned replenishment following earlier inventory drawdowns. Seasonal factors and tighter logistics capacity toward the year-end period added moderate upward pressure on supply.

Downstream demand from chemical processing, nitration applications, and industrial metal treatment remained healthy, helping stabilize market fundamentals. Feedstock ammonia remained steady, offering a balanced cost environment for producers. Sellers maintained disciplined offerings, focusing on improving margins while catering to reliable domestic offtake. Export flows demonstrated moderate activity, adding further support. Overall, the quarter reflected a firmer and more constructive market sentiment, signalling early signs of recovery after three soft quarters.

India:

In Q4 2024, the Nitric Acid 68% FOB Nhava Sheva market continued to face downward pressure, with prices falling by 3% from Q3. Although supply availability remained adequate, demand from fertilizers, nitration chemicals, and industrial applications slowed as end-users focused on end-of-year cost management and minimized fresh procurement. Export activity remained moderate but uneven, contributing to a cautious pricing environment.

Feedstock ammonia costs stayed largely unchanged, but weak downstream demand prevented any significant price support. Sellers maintained a flexible and competitive pricing approach to clear inventories while sustaining relationships with buyers. Overall, the market exhibited a mildly bearish tone, with participants closely monitoring potential restocking and industrial activity trends expected in Q1 2025.

Global:

According to Price Watch, in Q3 2024, the Nitric Acid 68% market in Hamburg continued its downward trajectory, with average quarterly prices recorded at USD 493/MT, reflecting a 2% quarter-on-quarter decline. Market pressure stemmed from softer industrial activity and conservative ordering patterns across chemical processors, metal treatment units, and specialty chemical producers. Despite steady regional production levels, demand failed to accelerate meaningfully, keeping inventory positions manageable but slightly burdensome for some distributors. While ammonia feedstock values remained stable, the overall slow-moving downstream environment offered little support for pushing prices upward. Sellers responded by maintaining flexible pricing strategies aimed at preserving liquidity and clearing volumes. Export-linked opportunities provided intermittent support, though not enough to shift the quarter’s sentiment. Overall, Q3 2024 carried a soft and moderately bearish tone, shaped by weak consumption patterns and cautious procurement behaviour.

India:

According to Price Watch, in Q3 2024, the Nitric Acid 68% market on FOB Nhava Sheva reversed direction, recording a 4% decline from Q2. Market activity was subdued as several downstream buyers, including fertilizer manufacturers and chemical processors, reduced spot purchases amid comfortable inventory positions and cautious budget planning. Export inquiries were intermittent, with buyers selectively sourcing material based on competitive pricing and logistics considerations.

Feedstock ammonia remained stable, but this did little to support pricing, as weaker buying sentiment dominated the market. Sellers responded with flexible and competitive pricing strategies to encourage movement while managing inventory levels efficiently. Overall, the quarter reflected a soft and mildly bearish tone, driven primarily by slower demand, conservative procurement behaviour, and a lack of strong upward catalysts. Market participants remained vigilant, anticipating potential seasonal recovery in Q4.

Global:

In Q2 2024, the Nitric Acid 68% FD Hamburg market extended its mild downward movement, with quarterly prices averaging USD 502/MT, marking a 2% decline from Q1. Overall market activity remained rather limited, as several downstream manufacturers continued to prioritize inventory optimization rather than fresh procurement. Industrial users from surface treatment, nitration chemicals, and intermediates maintained steady operations, but the cautious purchasing behaviour weighed on spot volumes.

Ammonia feedstock remained stable, indicating balanced cost conditions but offering no meaningful uplift for nitric acid margins. Domestic producers kept product availability consistent, ensuring that supply remained sufficient for routine demand. With market fundamentals leaning toward a comfortable supply–demand balance, sellers continued offering competitive prices to stimulate activity. Sentiment through the quarter stayed subdued and slightly bearish, with participants awaiting stronger consumption triggers that could support a shift in market direction.

India:

In Q2 2024, the Nitric Acid 68% market FOB Nhava Sheva continued its moderately firm trajectory, with prices advancing by another 2% compared to Q1. Demand from key downstream sectors including fertilizers, specialty chemicals, and nitration applications remained steady, providing consistent support to market fundamentals. Export-oriented trading activity strengthened, with regional buyers in the Middle East and East Africa replenishing stocks following earlier conservative procurement. Feedstock ammonia prices were largely stable, creating a predictable cost environment for producers while supporting margins. Sellers adopted disciplined offering strategies, focusing on maintaining supply reliability and capturing firm export demand. Despite the moderate upward pressure, overall price gains were restrained by steady supply and balanced inventories. The quarter ended with a cautiously positive market tone, as participants evaluated downstream consumption patterns and potential shifts in ammonia feedstock that could influence trends going into Q3.

Global:

According to Price Watch, in Q1 2024, the Nitric Acid 68% market on an FD Hamburg basis registered a mildly soft performance, with the quarterly average price settling at USD 513/MT, reflecting a 1% decline from the previous period. Demand from downstream sectors including industrial chemicals, metal treatment, electronics, and fertilizer intermediates remained steady but lacked strong upward momentum. Many buyers continued to operate with conservative procurement strategies, relying on previously built inventories to manage working capital more efficiently.

Feedstock ammonia prices were stable through the quarter, yet this stability offered limited cost support for nitric acid producers, keeping margins slightly compressed. Consumption in Germany’s industrial hubs was healthy but not strong enough to stimulate price gains. Sellers maintained balanced offering strategies, managing availability carefully while responding to routine spot inquiries. Overall, the market carried a soft-to-neutral sentiment, with participants watching for demand improvement in Q2.

India:

According to PriceWatch, in Q1 2024, the Nitric Acid 68% market on an FOB Nhava Sheva (India) basis exhibited a moderately firm upward trend, with prices rising by 2% from the previous quarter. The market saw improved activity as regional and international buyers resumed procurement following slower year-end purchasing. Downstream demand from fertilizers, chemical intermediates, and metal treatment applications remained stable, supporting a steady pricing environment.

Feedstock ammonia costs held relatively steady, providing a neutral to slightly supportive cost base for producers. Sellers maintained a measured offering strategy, balancing competitiveness with the need to preserve margins amid growing export inquiries. Export interest, particularly from Southeast Asia and the Middle East, showed modest improvement, contributing to firmer sentiment. Overall, the quarter reflected a cautiously optimistic tone, with participants monitoring downstream consumption trends and feedstock availability that could influence pricing heading into Q2.

Technical Specifications of Nitric Acid Price Trends

Product Description

Nitric Acid (HNO₃) is a highly reactive, strong mineral acid widely valued for its exceptional oxidizing capability and consistent performance across industrial chemical processes. It is produced through the catalytic oxidation of ammonia, resulting in a clear, highly corrosive liquid with excellent solubility and stable reactivity. Nitric Acid delivers superior efficiency in applications requiring nitration, metal dissolution, and synthesis of key intermediates, while providing reliable purity and controlled reaction behaviour. It offers strong compatibility with various organic and inorganic materials, enabling high yields and uniform chemical conversion.

Identifiers and Classification:

  • CAS No – 7697-37-2
  • HS Code – 28080010
  • Molecular Formula – (HNO₃)
  • Molecular Weight[g/mol] – 63.013


Nitric Acid Synonyms:

  • Hydrogen Nitrate
  • Aqua fortis
  • Azotic Acid


Grades Specific Price Assessment:

  • Nitric Acid 68%
  • Concentrated 98% nitric acid


Nitric Acid Global Trade and Shipment Terms

  • Quotation Terms (Product & Country Specific): 150-200 MT,25-30 MT,55-60 MT
  • Packaging Type (Product & Country Specific): Tanker, Drum


Incoterms Referenced in Nitric Acid Price Reporting

Shipping Term  Location  Definition 
Ex Gujrat    Gujrat, India  Domestically Traded Nitric Acid price in Gujrat. 
FOB Nhava Sheva  Nhava Sheva, India  Nitric Acid Export price from India. 
CIF Jabel Ali (India)  Jabel Ali, UAE  Nitric Acid import price in UAE from India. 
CIF Ad Damman (India)  Ad Damman, Saudi Arabia  Nitric Acid import price in Saudi Arabia from India. 
CIF Mombasa (India)  Mombasa, Kenya  Nitric Acid import price in Kenya from India. 
FOB Busan  Busan, South Korea  Nitric Acid Export price from South Korea. 
Ex Shandong   Shandong, China  Domestically Traded Nitric Acid price in China. 
FOB Antwerp  Antwerp, Belgium  Nitric Acid Export price from Belgium. 
FD Hamburg  Hamburg Germany  Domestically Traded Nitric Acid price in Germany. 
CIF Nheva Sheva (South Korea)   Nheva Sheva, India  Nitric Acid import price in India from South Korea. 

*Quotation Terms refers to the quantity range specified for the Nitric Acid being quoted or offered in a commercial transaction.

**Packaging Type refers to standard packaging size commonly used for Nitric Acid packing, ease of handling, transportation, and storage in industrial and commercial applications.

Nitric Acid Manufacturers

Manufacturer 
Deepak Fertilisers and Petrochemicals Corporation Ltd. 
Gujarat State Fertilizers & Chemicals Limited. 
Gujarat Narmada Valley Fertilizers & Chemicals Limited. 
Jiangsu Huaihe Chemical Co. Ltd 
Xinxiang Yongchang Chemical Co Ltd 
Anhui Jinhe Industrial Co., Ltd 
Hanwha Solutions Corporation 
Jiangsu Huachang Chemical Co. Ltd 

Nitric Acid Industrial Applications

Historically, several events have caused significant fluctuations in Nitric Acid prices

Why Price Watch™?

Price Watch™ is your trusted resource for tracking global nitric acid price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the nitric acid market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, Price Watch™ keeps you fully informed of market dynamics.

In addition, Price Watch™ provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With Price Watch™, you gain a competitive edge in understanding all the elements that influence nitric acid prices worldwide. Stay ahead of the curve with Price Watch’s™ reliable, accurate, and timely nitric acid market data.

Track Price Watch's™ nitric acid price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Nitric Acid Market Price Trend published by Price Watch™ reflect prevailing spot market conditions, derived from independent research, verified trade inputs, and proprietary market intelligence as of the publication date. Prices are published on the specified Incoterm and represent indicative base market levels, exclusive of applicable taxes, VAT, duties, tariffs, and other statutory charges. Actual transaction values may vary depending on volume, credit terms, contractual structure, and other negotiated conditions. Market prices are inherently subject to volatility, liquidity dynamics, regulatory changes, and evolving trade activity. The information provided is for reference and benchmarking purposes only and does not constitute an offer, recommendation, or guarantee of transactional outcomes. Users should exercise independent commercial judgment and assess their specific contractual, regulatory, tax, and application requirements before making business decisions. Price Watch™ assumes no liability for decisions taken based on this information.

Nitric Acid is a strong inorganic acid widely used in the production of fertilizers, explosives, and various industrial chemicals. Its price directly influences the cost of downstream products such as ammonium nitrate, calcium ammonium nitrate, and specialty chemicals. Price-Watch™ tracks Nitric Acid prices to help businesses monitor market movements and manage procurement costs effectively.

Nitric Acid prices vary by region, concentration level, and supply agreements. Prices are typically quoted per metric ton and fluctuate depending on feedstock ammonia costs, natural gas prices, and demand from fertilizer and industrial sectors. Price-Watch™ provides up-to-date Nitric Acid price assessments across major global markets.

Nitric Acid prices are mainly influenced by ammonia feedstock costs, natural gas prices, fertilizer demand, plant operating rates, and industrial chemical consumption. Seasonal fertilizer application, supply disruptions, and global trade dynamics can also impact market pricing trends.

Major consumers include fertilizer producers manufacturing ammonium nitrate and calcium ammonium nitrate, explosives manufacturers, chemical intermediates producers, and metal processing industries. Price-Watch™ monitors Nitric Acid consumption trends across these major downstream sectors.

Nitric Acid is produced through the catalytic oxidation of ammonia using the Ostwald process. Production plants are often integrated with ammonia facilities to ensure efficient feedstock supply. Major manufacturing regions include China, Europe, the United States, and India. Price-Watch™ tracks production trends across these regions.

Countries with large integrated chemical industries such as Germany, the United States, and China are among the key exporters of Nitric Acid. Export volumes vary depending on domestic demand, plant capacity utilization, and regional trade flows. Price-Watch™ monitors global Nitric Acid trade movements.

Overall global supply is generally balanced, but temporary shortages can occur due to plant maintenance shutdowns, ammonia supply constraints, or sudden increases in fertilizer demand. Price-Watch™ closely tracks global supply-demand dynamics to identify potential tightness in the market.

Nitric Acid is available in several concentrations, typically ranging from 55% to 68% for industrial applications, while higher concentrations are used in specialized chemical processes. Prices vary depending on purity levels, concentration, and specific end-use requirements. Price-Watch™ provides grade-based market insights.

When demand rises sharply, particularly from fertilizer or explosives manufacturing sectors, prices may increase and supply availability can tighten temporarily. Lead times may also extend until production adjusts to the higher demand. Price-Watch™ tracks such market shifts in real time.

Ammonia is the primary feedstock for Nitric Acid production and is produced from natural gas. Therefore, fluctuations in natural gas or ammonia prices can directly impact Nitric Acid production costs and market pricing. Price-Watch™ analyzes these feedstock cost relationships.

Regional price variations arise due to differences in feedstock availability, production capacity, energy costs, transportation expenses, and local industrial demand. Price-Watch™ tracks these regional price differentials across major Nitric Acid markets.

The price outlook for Nitric Acid depends on ammonia feedstock costs, fertilizer industry demand, energy price movements, and production capacity utilization. Price-Watch™ publishes regular market outlooks and forecasts to help businesses anticipate price trends.

Yes. Accurate price forecasts help companies plan procurement strategies, manage inventories, and negotiate supply contracts more effectively. Price-Watch™ forecasts support better budgeting and risk management for fertilizer and chemical supply chains.

Global events such as energy price volatility, geopolitical tensions, shipping disruptions, or regulatory changes can affect ammonia supply, production costs, and international trade flows. Price-Watch™ provides timely updates on such market-moving developments.

Price-Watch™ collects data from producers, traders, distributors, and end-users to publish transparent Nitric Acid price assessments, market reports, and forecasts, helping industry participants stay informed about evolving market conditions.

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