For the Quarter Ending September 2025
North America
• In the USA, the Calcium Nitrate Price Index rose by 7.30% quarter-over-quarter, driven by imports.
• The average Calcium Nitrate price for the quarter was approximately USD 563.33/MT, reflecting agricultural procurement.
• Calcium Nitrate Spot Price tightened as low inbound volumes supported firmer Price Index and offers.
• Calcium Nitrate Price Forecast indicates modest upside from feedstock and freight driven Production Cost Trend.
• Calcium Nitrate Demand Outlook stays supportive for late summer applications, underpinning the Price Index firmness.
• Inventory drawdowns and distributor export demand tightened availability while major producers operated near normal capacity.
• Upstream feedstock volatility, notably nitric acid and calcium carbonate, influenced landed costs and Price Index.
• Port handling delays and vessel schedules intermittently constrained imports, amplifying short-term tightening in Price Index.
Why did the price of Calcium Nitrate change in September 2025 in North America?
• Seasonal agricultural demand strengthened buying, drawing down inventories and elevating CFR offers across distribution channels.
• Constrained imports from Norway and China reduced inbound supply, tightening availability and supporting price strength.
• Upstream cost pressures from nitric acid and freight elevated landed costs, reinforcing domestic price resilience.
APAC
• In China, the Calcium Nitrate Price Index rose by 3.56% quarter-over-quarter, driven by export demand.
• The average Calcium Nitrate price for the quarter was approximately USD 233/MT, reflecting balanced supply.
• Calcium Nitrate Spot Price firmed on tightened inventories and steady exports, supporting the Price Index.
• Calcium Nitrate Price Forecast suggests mild volatility as seasonal demand and feedstock changes affect offers.
• Calcium Nitrate Production Cost Trend softened as nitric acid eased while calcium carbonate remained stable.
• Calcium Nitrate Demand Outlook stays moderate domestically, exports toward India and Southeast Asia sustained volumes.
• Inventories tightened amid targeted procurement; port logistics remained efficient, thereby helping stabilise the Price Index.
• Major Chinese producers adjusted shipments to match steady overseas demand, avoiding surplus and protecting margins.
Why did the price of Calcium Nitrate change in September 2025 in APAC?
• Export inquiries from India and Southeast Asia tightened volumes, reducing domestic availability and supporting offers.
• Feedstock dynamics showed mixed signals as nitric acid eased then rebounded, influencing production cost pressures.
• Efficient port logistics and production schedules prevented surpluses, stabilising market balances amid seasonal demand shifts.
Europe
• In Spain, the Calcium Nitrate Price Index rose by 7.92% quarter-over-quarter, due to tight imports
• The average Calcium Nitrate price for the quarter was approximately USD 545.00/MT, reflecting supply tightness
• Calcium Nitrate Spot Price firmed as limited inbound volumes constrained supply, forcing distributors to cover
• Calcium Nitrate Price Forecast shows limited downside if import constraints persist and autumn demand remains
• Calcium Nitrate Production Cost Trend remained stable as lower calcium carbonate offset nitric acid pressures
• Calcium Nitrate Demand Outlook stays positive for horticulture and fertigation, underpinning sustained procurement into autumn
• Calcium Nitrate Price Index movements amplified by logistical delays and reduced supplier flexibility across imports
• Inventory drawdowns and export demand from Mediterranean markets tightened availability, prompting distributors' increased forward procurement
Why did the price of Calcium Nitrate change in September 2025 in Europe?
• Reduced import volumes from China and Benelux suppliers limited supply availability, elevating short-term price pressure
• Seasonal agricultural demand strengthened for late-summer and autumn applications, elevating offtake and reducing distributor inventories
• Logistical delays and constrained vessel allocations raised landed costs and limited replenishment of CFR inventories
For the Quarter Ending June 2025
North America
• The Calcium Nitrate Price Index in the USA rose by an average of 7.4% over Q2 2025, settled by USD 550/MT by late June, driven primarily by strong seasonal agricultural demand and tighter import availability amid shipping delays and elevated freight costs.
• The domestic supply is practically completely reliant on imports, logistics delays and freights heightened shipping from Norway therefore tightening supply despite adequate inventory.
• Why did the price of Calcium Nitrate change in July 2025?
A seasonal spike in agricultural demand and rising import costs reversed the prior downtrend.
• Import disruptions from China and Norway, compounded by tariffs and port delays, impacted freight reliability and sourcing strategies.
• Calcium Nitrate demand in Q3 may stabilize post-planting season, but localized restocking and weather-driven applications could keep consumption moderately firm.
• Calcium Nitrate production costs were mixed with nitric acid firming and calcium carbonate easing, yet net manufacturing remained costly due to energy and freight.
• Calcium Nitrate prices forecast for Q3 points toward steady-to-softening prices amid easing demand and potential improvement in logistics.
APAC
• Calcium Nitrate Price Index in Q2 2025, rose by approx. 3.6% vs Q1, settling at USD 228/MT by June, supported by seasonal agricultural demand and firm export activity.
• In China, steady manufacturing and stronger exports to Southeast Asia and India drove the uptrend, despite mild volatility in feedstock nitric acid and calcium carbonate.
• Why did the price of Calcium Nitrate change in July 2025?
Prices dipped slightly as nitric acid softened, lowering production costs amid steady but unspectacular global demand.
• No major oversupply risks emerged as Chinese producers balanced output with export orders; India and Southeast Asia absorbed volumes during peak fertilizer application.
• Spot prices firmed in May on intensified overseas procurement; smooth port logistics in China helped maintain margin stability.
• Calcium Nitrate production costs remained stable overall in Q2; production margins were moderately healthy with utilization rates steady amid consistent raw material supply.
• Calcium Nitrate demand outlook for APAC indicates steady-to-firm demand due to continued crop cycles in Southeast Asia and India; prices may hold near current levels under stable cost and supply dynamics.
• The Calcium Nitrate Price Forecast for Q3 2025 in APAC suggests stable-to-slightly firm pricing, supported by ongoing fertilizer application cycles, consistent export orders, and balanced production amid steady raw material availability.
Europe
• The Calcium Nitrate CFR Antwerp Price Index rose by approximately 13.4% in Q2 2025 compared to Q1, settling at USD 510/MT by June, driven by sustained fertilizer demand and import-side logistics disruptions in Belgium.
• While European-focused, the market was indirectly impacted by firm nitric acid pricing in exporting countries like the Netherlands and broader sustainability trends influencing procurement across the region.
• Why did the price of calcium nitrate change in July 2025?
Prices rose by 1.1% amid steady fertilizer demand for MAP and NPK blends, even as calcium carbonate feedstock prices declined slightly; procurement trends shifted toward traceable and CBAM-compliant imports.
• Tightened availability from key suppliers like the Netherlands due to port congestion and shipping delays limited calcium nitrate supply throughout the quarter, increasing market competition.
• Calcium Nitrate spot prices faced upward pressure as Antwerp port operations were affected by multiple strikes and logistical bottlenecks, which restricted inbound shipments despite softening raw material costs.
• Although upstream calcium carbonate prices fell marginally, firm nitric acid costs and freight challenges raised overall calcium nitrate production and import costs; utilization at export sources remained steady but constrained.
• Calcium Nitrate demand outlook for Q3 indicates continued firmness in Belgium’s calcium nitrate market as peak agricultural activity sustains demand and structural import reliance leaves prices vulnerable to supply-side shocks and regulatory-driven procurement shifts.
• Calcium Nitrate forecast for Q3 suggests sustained firmness in calcium nitrate prices in Belgium, supported by peak agricultural demand and continued reliance on imports amid supply-side risks and regulatory procurement changes.
For the Quarter Ending March 2025
North America
In Q1 2025, the U.S. Calcium Nitrate market faced a consistent downward price trend. In January, prices fell by 1.92%, primarily due to high inventories, reduced demand in the fertilizer sector, and global market conditions. China, a key supplier, also saw a significant price decline, further contributing to the bearish market sentiment. The winter season typically sees lower agricultural activity, and this, coupled with weak demand, resulted in a subdued market environment. However, with the spring planting season approaching, a potential price rebound was anticipated.
The downward trend continued in February, with prices decreasing by 1.96%. This was partly driven by supply constraints, particularly from China’s export restrictions, which tightened the supply of key fertilizers like calcium nitrate. Despite steady domestic demand for fertilizers, especially for crops like corn, high input costs and logistical challenges created uncertainty in the market. Farmers remained cautious, delaying purchases in anticipation of more favourable conditions.
In March, prices dropped by another 2.0%, largely due to competitive imports from Norway. Demand remained moderate, with steady usage in water-soluble fertilizers, and purchasing behaviour remained cautious amid fluctuating raw material costs and global uncertainties.
APAC
In Q1 2025, the Chinese Calcium Nitrate market experienced mixed trends, starting with a significant decline of 5.58% in January. The market was pressured by weak domestic demand, ongoing export restrictions, and a downturn in the Water-Soluble Fertilizer (WSF) sector. These factors contributed to inventory buildups and subdued market sentiment, despite stable production levels. Export activity remained steady, but key importing countries like India, Malaysia, and Chile faced challenges, leading to increased competition from alternative suppliers.
The bearish trend continued in February, with a further price drop of 3.64%. High inventory levels, weak international demand, and oversupply conditions continued to suppress prices. The export market remained steady, but overall global demand was sluggish, particularly in the Asia-Pacific region. Domestic demand remained moderate, with limited growth from the fertilizer and agrochemical sectors. Government policies aimed at stabilizing domestic agricultural input costs also kept supply chains constrained.
In March, however, the market saw a price rebound of 3.8%, driven by higher raw material costs, particularly calcium carbonate, and an increase in domestic demand due to the approaching spring planting season. Export growth continued, and geopolitical factors, such as Europe’s CBAM, added uncertainty, fuelling bullish price trends. The market showed signs of recovery, supported by improved agricultural activity and government policies.
Europe
In Q1 2025, the calcium nitrate market in Belgium experienced a consistent downward price trend, with monthly declines of 2.08% in January, 2.13% in February, and 2.2% in March. The bearish trajectory was largely driven by subdued demand and sufficient inventory levels, which dampened market sentiment. Farmers delayed purchases amid expectations of further price reductions, while competition from cheaper nitrogen-based fertilizers like urea and ammonium sulphate limited calcium nitrate uptake. Despite stable domestic production, the influx of intra-EU imports added to supply pressures, preventing any price rebound during the quarter.
Manufacturing activity across Belgium remained steady throughout the quarter, but logistical challenges, rising input costs—particularly for natural gas—and regulatory developments like the Carbon Border Adjustment Mechanism (CBAM) began influencing supply chain decisions. The shutdown of Yara’s Ferrara plant in Italy added some strain to nitrogen fertilizer availability, although alternative sources prevented major disruptions. Port congestion and compliance with new environmental standards also impacted trade flows and procurement strategies.
Demand remained muted during Q1 due to seasonality, as the agricultural sector awaited the full onset of spring planting. Additionally, declining global crop prices and cautious sentiment among farmers further reduced procurement activity. Nonetheless, expectations of increased field activity in Q2 suggest a possible recovery in demand.
For the Quarter Ending December 2024
North America
In Q4 2024, the Calcium Nitrate market in the North American region, particularly USA showed a mixed trend. October saw prices increase by 3.9%, driven by seasonal inventory build-up for the planting season and reduced credit costs boosting agricultural optimism. Increased imports from Europe supported supply, although rising raw material and energy costs put pressure on production levels.
While October showed strength, November and December presented a more bearish picture. Global logistical disruptions, particularly port congestion in Europe, led to higher landed costs and tighter supply. In November, moderate demand from the winter planting season in some European countries was tempered by supply chain issues and rising costs. December saw a marginal price decline in the US due to robust inventory levels and subdued demand from the fertilizer sector. However, this decline is expected to be temporary.
Market participants faced significant challenges. Rising raw material and energy costs, coupled with increased freight rates due to logistical disruptions, impacted profitability. The balance between supply from imports (and the related logistical challenges), domestic demand linked to the planting seasons, and global market trends created considerable price volatility throughout the quarter.
The quarter ended at USD 520/MT CFR New York, reflecting the December price dip. Despite the temporary bearish trend, significant price increases are anticipated in early 2025 due to announcements of price hikes from major European producers and expected increased demand during the spring planting season.
APAC
The APAC Calcium Nitrate market, particularly in China, experienced fluctuating trends in Q4 2024. Prices started strong in October, driven by increased agricultural demand during the rice harvest and favorable planting conditions. Ample domestic supply, supported by readily available calcium carbonate feedstock, contributed to this bullish trend. Increased exports to NE Asia further strengthened the market.
While China maintained stable production and inventory, global markets experienced varied dynamics. India, Belgium, Spain, and the USA faced supply-demand imbalances due to agricultural disruptions and logistical challenges. Port congestion in China increased shipping costs, impacting export efficiency. Domestic Chinese demand slowed due to seasonal factors, leading to limited spot trading and price volatility. A bearish trend emerged in December, with prices declining by approximately 1% due to weak fertilizer sector demand and export restrictions. Reduced export activities and inventory buildup led to slower production rates. However, the market anticipates a significant price hike in early 2025 due to supply adjustments and price increases from European producers.
Market participants faced several key challenges. Port congestion in China increased logistical costs and decreased export efficiency. Fluctuating global demand, coupled with seasonal impacts and export restrictions in China, created significant price volatility. The interplay of domestic supply, international market conditions, and government policies created uncertainty throughout the quarter, impacting pricing and overall market stability. The quarter ended with prices at USD 233/MT FOB Shanghai, reflecting the bearish trend of December.
Europe
In Q4 2024, the Calcium Nitrate market in the European market, particularly in Belgium showed a price increase in October, driven by strong demand for the upcoming planting season in Southern Europe. Belgium actively stocked up to meet this demand. However, supply remained moderate due to limited raw material availability and higher energy costs impacting production. While October showed a price increase, November and December reflected a more bearish global trend. Logistical disruptions in Europe, including port congestion and labor strikes, led to higher landed costs and tighter supply. Moderate demand in Belgium and Spain for the winter planting season was tempered by these supply chain issues and rising costs. December saw a marginal price decline due to subdued global fertilizer demand and inventory challenges.
Market participants faced numerous challenges. Rising raw material and energy costs, exacerbated by logistical disruptions and energy market volatility, significantly impacted production and profitability. The balance between meeting the strong demand for the planting season and dealing with supply chain issues and global market trends created considerable price volatility throughout the quarter. The interplay of domestic supply, international market conditions, and the timing of the planting season significantly influenced pricing and overall market stability.
The quarter ended at USD 480/MT CFR Antwerp, reflecting the December price dip. Despite this temporary decline, significant price increases are anticipated in early 2025 due to announced price hikes from major producers (like Yara) for related products (CAN) and the expected increased demand during the spring planting season.
