In November 2024, Nitric Acid prices declined across global markets due to regional demand-supply imbalances, logistical issues, and external economic factors. Europe saw price reductions from weak demand, while China faced downward pressure from oversupply and limited export opportunities. The U.S. market also experienced a slight decline, impacted by the holiday season.

In Europe, Nitric Acid prices softened in November as ample supply levels met weakened demand. Farmers, constrained by low grain prices and reduced incomes, postponed fertilizer purchases, leaving warehouses stocked with unsold produce. Wholesalers expect these subdued sales to persist into early 2025, creating logistical challenges for distributors ahead of spring applications. However, a few regions witnessed a cautious return to the market, with farmers beginning to secure stocks in anticipation of potential Nitric Acid supply constraints and rising costs in Q1 2025. European nitrogen fertilizer producers, grappling with rising production costs and import difficulties due to a weak euro, are attempting to implement price increases despite limited demand.

China's Nitric Acid market faced persistent downward pressure as domestic inventories swelled in the absence of export opportunities. With export bans in place and soft local demand, supply chains struggled to clear stockpiles. Additionally, increasing feedstock ammonia prices and natural gas costs offered little support for Nitric Acid pricing. Supply reductions, following maintenance shutdowns in Shandong, Jiangsu, and Hubei, provided marginal relief to market sentiment, yet factory and port inventories remained elevated. Cautious downstream buying and a tepid trading atmosphere continued to weigh on market dynamics. In the northern regions, limited follow-up on price dips further exacerbated the challenges for producers.

In the U.S., Nitric Acid prices declined during November, driven by low market activity during the shortened Thanksgiving holiday week. While ammonia prices showed a modest increase, their impact on Nitric Acid pricing was minimal. Market participants exhibited limited engagement, with only sporadic bids and trades noted for late November and early December shipments. Weather disruptions, including drought followed by persistent rains, hindered fertilizer applications in key agricultural regions such as the southern plains and corn belt. The narrowing window of ideal conditions before ground freezing added further complications to the market.

Looking ahead, the global Nitric Acid market is expected to remain under pressure, particularly in Europe and China, where oversupply and weak demand will likely keep prices subdued. In Europe, early 2025 may see limited price adjustments due to logistics challenges and rising production costs. In China, the absence of export opportunities and high inventories could maintain downward pricing pressure, though supply reductions may provide some relief. The U.S. market, though less volatile, may face challenges from seasonal disruptions and weather conditions. Overall, regional disparities will continue to shape future market dynamics for Nitric Acid.