Nitrogen Prices Trend and Forecast

North America

In the first quarter of 2023, the market sentiments of Nitrogen fluctuated in the North American region on account of demand strength and production cost. Nitrogen prices in the US market fell due to dropping upstream (natural gas) prices and weak demand for the product. The stock of inventories was adequate to meet domestic demand. Despite the low cost of domestic Nitrogen production, the overall market is declining. Domestic Nitrogen output in the US market remained limited since there was little upstream demand for the product in the fertilizer market. Average industrial outputs were produced, while production costs varied with natural gas prices.

APAC

In the first quarter of 2023, Nitrogen prices showcased mixed sentiments in the Asia-Pacific market owing to the fluctuating demand outlook. Towards the start of the quarter, the declining natural gas prices proportionally governed the Nitrogen prices in the Asian market. The commodity was scarce for the suppliers and end-user manufacturing plants. The decrease in Natural Gas prices lowered production costs towards the mid-quarter. Nitrogen market prices increased in the regional market due to increased demand from the packaging and fertilizer industries. According to market participants, prices increased in response to a jump in downstream demand from the local food and beverage businesses.

Europe

In the first quarter of 2023, Nitrogen prices inclined drastically in the European market due to the inclined demand outlook. In the first half of the quarter, Nitrogen prices declined, accompanied by natural gas (upstream) prices and slow demand. However, as the spring season approached, the demand for Nitrogen inclined significantly, inclining the overall market prices of Nitrogen in the European market. Furthermore, the packed food items and frozen edible things showcased a better demand outlook throughout the first quarter of 2023. The industrial activities in the regional market are inclined to showcase better productional rates and purchasing activities.

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