For the Quarter Ending June 2023

North America:

In the second quarter of 2023, the US Sodium Nitrate market experienced a significant price drop due to erratic fluctuations in supply and demand throughout the period. By the close of Q2 2023, the price had declined on average by 4.6%. These deteriorating market conditions can be attributed to the persistently low and stable sodium nitrate prices, coupled with generally average demand across most downstream sectors in recent times. Furthermore, upstream nitrate prices also exhibited a downward trend during this month. One contributing factor to this decline was the reduction in energy costs, a critical component in nitric acid production, which had been driven down by the global economic slowdown. Falling oil prices further exacerbated the downward pressure on sodium nitrate prices. Additionally, in response to seasonal changes, sodium nitrate in powder form was made available to help clear existing inventories, but this move also contributed to the overall market decline. As prices continued to fall, retailers became increasingly hesitant to place large bulk orders. It is anticipated that market leaders will implement further price reductions in the coming months, driven by oversupply and increased production, which have also impacted commodity prices.

APAC:

In the second quarter of 2023, the collective market price of Sodium Nitrate witnessed a significant decline in the Asia Pacific region, driven by weak domestic and international demand. At the conclusion of Q2 2023, the average quarterly decline in Sodium Nitrate prices stood at 4.2%. Notably, the Chinese Sodium Nitrate market exhibited a downward trajectory, primarily influenced by the declining Nitric acid prices, which serve as a critical feedstock. Despite sustained demand from downstream sectors like food and beverages, cosmetics, and preservatives, a combination of uncertain economic conditions and increasing inflation rates hindered trade processes. The market was further weakened by existing inventory levels, which remained high due to increased production rates. Suppliers of feedstock Nitric acid offered their products at lower prices in the spot market, consequently reducing the cost support for Sodium Nitrate. Major market players reported that buyers were cautious about placing significant orders, suspecting further price declines.

Get Real Time Prices of Sodium Nitrate: https://www.chemanalyst.com/Pricing-data/sodium-nitrate-1314

Europe:

In the second quarter of 2023, declining demand for Sodium Nitrate led to a decrease in market prices. Sodium Nitrate prices registered an average quarterly decline of 3.9%. Throughout Q2, the sodium nitrate market experienced a persistent downward pricing trend, primarily driven by falling costs of nitric acid and sodium bicarbonate feedstocks. The sluggish demand in downstream markets, coupled with weak and stabilizing prices for sodium bicarbonate and nitric acid, contributed to this decline. Additionally, ample raw material supplies and inventories held by suppliers further weighed down the Sodium Nitrate market. The upstream market also exhibited weakness, partly due to government regulations limiting energy prices and a reduction in wholesale prices as the global economy recovered from the disruptions caused by Russia's invasion of Ukraine. This led many energy suppliers to lower their costs. Moreover, Sodium Nitrate in powder form was readily available, and in consideration of seasonal changes, merchants opted to destock their inventories at reduced prices to prevent potential damage.

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