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For the quarter ending December 2023:

APAC

From October to December 2023, nitrogen prices in the APAC region showed mixed trends. The market is influenced by various factors such as supply and demand dynamics, factory closures, and the performance of certain countries such as India.

Three major factors impacting the nitrogen market in the APAC region are moderate to high demand from the fertilizer industry, rising production costs due to rising natural gas prices, and sectors such as food, pharmaceuticals, healthcare, and electronics. There is strong demand from In particular, India's fertilizer industry will play a key role in eliminating Jordan's urea industry by 2025 and increasing demand for nitrogen fertilizers. However, there are challenges such as a slowdown in demand for fertilizers such as urea and ammonia, and acquisition sentiment in the domestic market has subsided.

In India, nitrogen prices decreased by 3.4% month-on-month in December 2023, showing a downward trend. This decline was influenced by factors such as year-end inventory depletion, reduced international market demand, and increased inventory levels within the market. Still, prices are expected to recover in the coming months due to increased market activity, lower inventory levels, and increased inquiries from downstream industries. The quarter-end price for liquid nitrogen in India is $342 per tonne.

Check real-time nitrogen prices:  https://www.analystjapan.com/Pricing-data/nitrogen-2

North America

North America's fourth quarter of 2023 was influenced by several key factors. Increased demand in the automotive and electronics industries has created an imbalance between supply and demand. This surge in demand reduced inventory levels and put inflationary pressures on. Rising prices of raw materials such as natural gas also contributed to the rise in nitrogen prices.

Of all the countries in the region, the United States has experienced the most significant changes. A recovering economy, stable interest rates, and strong demand from the auto and electronics industries added to inflationary pressures. However, a slowdown in demand for products such as fertilizer and food packaging materials held back price increases.

Analysis of US price trends this quarter shows a correlation between increased demand and higher prices. U.S. nitrogen prices were down 27% year over year. Additionally, it was down 16% quarter-over-quarter. Comparing prices in the first half and second half of the quarter, there was a 13% decrease.

In conclusion, the North American region, especially the Americas, saw prices rise due to strong demand from the automotive and electronics industries.

Europe:

The fourth quarter of 2023 in Europe will see significant fluctuations in nitrogen gas prices, characterized by volatility, regional disparities and persistent uncertainty. The quarter started with lower prices due to lower demand from key downstream industries, particularly the fertilizer and chemical industries. Prices are reported to have fallen significantly in October, falling by 20-30% compared to the third quarter, and returning to pre-2023 levels in some regions. There was a slight uptick at the end of the quarter on expectations of seasonal storage practices and increased industrial demand in early 2024.

Rising production costs and prudent purchasing behavior due to reduced demand from fertilizer and chemical manufacturers played a major role in the price decline. Natural gas prices, a key component of nitrogen production costs, remained high but stabilized during the quarter, providing some reassurance to nitrogen producers. There were abundant nitrogen gas inventories during the quarter despite fluctuations in demand.

Check real-time nitrogen prices: https://www.analystjapan.com/Pricing-data/nitrogen-2 

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