How does hexamine fit into the RDX supply chain, and what does that mean for pricing?

How does hexamine fit into the RDX supply chain, and what does that mean for pricing?
Hexamine is the primary feedstock for RDX, produced mainly via direct nitration with fuming nitric acid. The reaction consumes six moles of nitric acid per mole of hexamine, and only about 40% of the formaldehyde input actually converts to RDX — the rest is lost as CO2 and water. That inefficiency keeps production costs structurally high and ties hexamine demand tightly to military ammunition cycles. With artillery consumption running at thousands of shells per day in active conflicts and Western producers targeting monthly output in the tens of thousands of rounds, hexamine offtake from the energetics sector is likely to stay firm, supporting prices even when pharmaceutical and resin demand soften.