Sodium Nitrate Prices Today, Price Chart and Forecast Analysis | Procurement Resource

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In the initial quarter of 2023, there was a notable upswing in sodium nitrate prices across Asia, attributed to heightened market activities, inventory restocking, and elevated feedstock costs. Robust demand from downstream industries, particularly in China following the Lunar holidays and the post-Covid-19 period, bolstered production rates. However, the second quarter witnessed a significant downturn in the market, driven by diminished demand from both domestic and international consumers, coupled with impeded trade activities.

In Europe, the first quarter experienced a price surge propelled by the pharmaceutical and related industries, despite fluctuations in feedstock costs. Nevertheless, challenges emerged in the second quarter due to declining feedstock prices, oversupply concerns, and sluggish demand from downstream sectors. North America initially saw stability but encountered a decline in the second quarter, influenced by reduced end-user procurement, falling oil prices, and weakened economic conditions.

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Definition

Sodium nitrate (NaNO₃) is a chemical compound. It exhibits a white crystalline form and is soluble in water. Sodium nitrate is used in various industrial applications, including fertilizers, food preservation, and pyrotechnics. Its properties include oxidizing capabilities, supporting combustion, and being a source of nitrogen for plants. It’s also used in the production of nitric acid and as a corrosion inhibitor. In pyrotechnics, sodium nitrate imparts an oxygen supply necessary for burning. In summary, sodium nitrate is a versatile compound with uses spanning agriculture, chemistry, and diverse industries.

Key Details About the Sodium Nitrate Price Trend:

Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Sodium Nitrate in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.

Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.

The Sodium Nitrate Price chart, including India Sodium Nitrate price, USA Sodium Nitrate price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.

Industrial Uses Impacting the Sodium Nitrate Price Trend:

Sodium nitrate, represented as NaNO₃, plays a crucial role in various industries due to its versatility. In agriculture, it functions as a fertilizer rich in nitrogen, supporting the growth of plants. Within the food industry, it serves as a preservative, preventing bacterial growth and extending the shelf life of processed meats. Its role as an oxidizing agent is pivotal in pyrotechnics and fireworks. In manufacturing, sodium nitrate contributes to the production of nitric acid, a key component in the synthesis of various chemicals. Additionally, it serves as a corrosion inhibitor, protecting metals from degradation. These diverse applications underscore the significance of sodium nitrate in agriculture, food preservation, chemical production, and pyrotechnics, highlighting its broad impact on modern industries.

Key Players:

  • Alfa Aesar
  • UBE Industries LTD
  • American Elements
  • BASF SE
  • AG CHEMI GROUP S.R.O.
  • Sumitomo Chemical Co Ltd

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