Oil prices closed down nearly $1 on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine.
Brent crude futures settled 99 cents, or 1.5%, lower at $65.85 a barrel, while U.S. West Texas Intermediate crude futures eased $1.16, or 1.8%, lower at $62.80.
Trump has said he believes Russia is prepared to end the war, but he has also threatened to impose secondary sanctions on countries that buy Russian oil if there is no progress with peace talks.
Putin also arrived in Anchorage. Kremlin spokesman Dmitry Peskov said Russia expects the talks to bring results, Russia's Interfax news agency reported.
"President Trump will likely threaten further tariff pressure on India and possibly China as far as oil imports from Russia if the meeting stalemates, which is keeping a nervous trade to crude," said Dennis Kissler, senior vice president of trading at BOK Financial.
"If a ceasefire announcement is made, it will be taken as a negative to crude near-term," Kissler added.
For the week, WTI dropped 1.7%, while Brent eased 1.1%.
Weaker economic data from China, meanwhile, raised concerns over fuel demand.
Chinese government data showed factory output growth slumped to an eight-month low and retail sales growth expanded at its slowest pace since December, weighing on sentiment despite stronger oil throughput in the world's second-largest crude user.
Throughput at Chinese refineries rose 8.9% year-on-year in July, but that was down from June levels, which were the highest since September 2023. Despite the increase, China's oil product exports last month were also up from a year ago, suggesting lower domestic fuel demand.
Forecasts of a growing oil market surplus also weighed on sentiment, as did the prospect of higher-for-longer U.S. interest rates.
Oil rig count, an indicator of future supply, rose by one to 412 this week, Baker Hughes data showed.
Bank of America analysts said on Thursday that they were widening their forecast for the oil market surplus, citing growing supplies from the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries, Russia and other allies.
The analysts now project an average surplus of 890,000 barrels per day from July 2025 through June 2026.
That forecast follows this week's International Energy Agency predictions saying the oil market looks "bloated" after the latest increases to OPEC+ output.
*China Fertilizer Industry Chain Morning Report (August 18, 2025)
Phosphate Rock:
The domestic phosphate rock market maintained overall stable operation. Main production areas in southern Yunnan, Guizhou, and Hubei maintained steady supply with basically balanced market supply and demand. Northern production areas experienced supply contraction due to increased environmental inspection efforts, with some mines reducing production for rectification, leading to slight upward price trends. Demand remained strong, with downstream phosphate fertilizer enterprises maintaining operating rates above 60%, combined with new demand from wet-process purified phosphoric acid capacity additions, jointly providing rigid support for phosphate rock prices.
Sulfur:
Last week, the domestic sulfur spot market mainly fluctuated at high levels with continued market follow-through. Port spot market transaction prices rose to highs of 2,525-2,530 yuan/ton. However, terminal factories did not follow up with purchases, showing weak buying sentiment and a wait-and-see attitude dominating the market. Holders need to maintain caution and rationality when entering the market. Domestic resources moved sideways. Shandong liquid resources first rose then fell with weak expectations, while local refinery resources declined slightly and downstream purchasing remained cautious. This week, focus on spot market transactions and the impact of industry conferences on market direction.
Sulfuric Acid:
Last week, the domestic sulfuric acid market showed regional differentiation. Raw material sulfur prices rose narrowly recently, while pyrite remained high and firm, providing cost support. Driven by market increases in Anhui and Hubei, Fujian, Zhejiang, and Hunan acid prices all adjusted upward last week. Shandong region continued weakness, with major acid enterprises increasing negotiation discounts to ease inventory pressure, while local refineries saw poor sales recently and acid prices declined. Currently, 98% smelting acid delivered prices in Hubei region hover around 750-780 yuan/ton. 98% mineral acid ex-factory prices in Shandong region hover around 630-660 yuan/ton.
Urea:
Last week, the domestic urea market adjusted downward. Agricultural demand remained weak, industrial demand showed slight local increases, but downstream buyers remained cautiously purchasing moderate amounts at low prices. Export sales provided limited pressure relief, with overall rigid demand insufficient. Currently, positive support in the market is temporarily hard to find, and prices may continue weak operation in stalemate.
Synthetic Ammonia:
Yesterday, the synthetic ammonia market continued weak decline. Downstream operating rates remained low, while supply-side enterprises that underwent maintenance earlier gradually resumed production. The ammonia market had loose supply-demand balance, with ammonia plants mainly reducing prices for sales. With prices at low levels, some factories reduced production. The synthetic ammonia market is expected to rebound from low levels.
Ammonium Chloride:
Last week, the domestic ammonium chloride market operated weakly stable. Ammonium chloride enterprises mainly executed previous pending orders, with poor new order intake. Downstream compound fertilizer enterprises showed low inquiry intentions, purchasing only for rigid demand. As some units restart but demand remains difficult to increase, the market is expected to continue weak and stable trends this week.
Potash Fertilizer:
Last week, the domestic potash market performed stably overall. Supply guarantee and price stabilization policies remained in effect. Domestic potassium chloride manufacturers also continued previous pricing policies, but available market inventory was limited, with high-end prices still showing slight upward trends. Potassium sulfate manufacturers’ unit operating rates declined further, with inactive new order transactions.
Phosphate Fertilizer:
Last week, the domestic monoammonium phosphate market remained in stalemate. Although raw material sulfur prices continued rising and costs continued increasing, downstream demand performance was average with limited new order follow-through. Market transaction centers remained stable with minor adjustments. Short-term focus continues on downstream purchasing sentiment, maintaining consolidation operation overall.
Last week, the domestic diammonium phosphate market consolidated stably, with enterprise ex-factory prices remaining mainly stable. Market trading atmosphere continued sluggish, with low-content prices loosening narrowly while high-content prices remained firm. Downstream maintained minimal on-demand purchasing, with the market maintaining weak consolidation short-term.
Compound Fertilizer:
Last week, the domestic compound fertilizer market operated relatively stably. Among upstream raw materials, urea showed some loosening while phosphorus and potash remained relatively stable. Compound fertilizer costs were stable to slightly down, but with limited magnitude insufficient to justify price adjustments. However, shipping atmosphere remained unimproved, with some enterprises showing inventory pressure. Short-term focus on compound fertilizer enterprise policy adjustments, with compound fertilizer continuing narrow-range consolidation.
Industrial MAP:*
Last week, the industrial-grade monoammonium phosphate market operated weakly. Domestic 73% industrial-grade monoammonium phosphate mainstream market average price referenced around 5,900 yuan/ton, with actual negotiations case-by-case. Market trading atmosphere was cold, with no positive support from domestic demand. Upstream sulfur prices continued rising, market wait-and-see sentiment was strong. Industrial ammonium market prices expected to maintain weak stability short-term. Future market developments require attention to enterprise operations and raw material conditions.
Iranian urea producers have set the new price at $435 per ton, reflecting a $5 decrease compared to last week.
India S&D-Urea Demand +4 mil Mts India by Jan 1, brazil amsul taken 1mts of demand away from urea
4 mil hectares of extra rice planted in India, increasing urea demand 500kt
Urea nfl tender coming today 2 sep closing LSD 30 Oct
Private sector in sri lanka bought bss china fob netback at USD 400-405 levels
-INDIA REMAINS A PREMIUM PRICE MARKET AND UNHINGED WITH OTHER MARKETS LOOKING TO BUY AT MUCH LOWER PRICES
-PROCESSED PHOSPHATE PRICES ARE HOLDING WITH INDIA BUYING STEADY AT USD 810 PMT CFR
-POTASH PRICES ARE EXPECTED TO SOFTEN
-AMMONIA MARKETS APPEAR TO BE WELL BALANCED
UREA
The international urea market has gone into hibernation after the euphoria and panic developed associated with the IPL India urea tender closing on August 4th with shipments on or before September 22nd. A total in excess of 4 million MT was offered and around 2.6 million MT was committed at the prevailing L1 prices of USD 530 PMT CFR and USD 532 PMT CFR, respectively east and west coast India. In an unusual move IPL cut off commitments at 2 million MT thus leaving 600,000 MT “un-homed.” Frustration erupted and trading companies left out of the 2 million MT descended on New Delhi to convince IPL to award up to 2.6 million MT. The end result was IPL sending LOIs to 2.075 million MT. Of this, it is expected that the Middle East will ship around the 600-700KT range, a combined Black Sea and Baltic Sea volume of around close to 500 KT. The big unknown is how much China will supply and there is speculation that as much as 500KT could find its way to India but with a guarantee of no less than 300KT. Pricing is also a big unknown from Chinese supplies with some say no less than USD 490 PMT FOB, however, some companies are said to be shipping at USD 470 PMT FOB.
Since April 8th this year India has imported 4.5 million MT vs 1.9 and 2.4 in the previous two years. Still some indicate that India will need to import another 3 million MT by end of January 2026.
Consequently, with the current India tender out of the way – the market has gone into hibernation exhausted from all the events taking place during the IPL tender. All eyes are now on when the next tender will take place with “betting” that a tender could take place next week or latest at the end of September.
With India now acting as the premium market in the world for urea – and another tender appears to be forthcoming – big question is what will happen to the urea price in other markets. Iran, which has exported 1.86 million MT January-July this year, down from 3.3 million MT year on year, is struggling to sell at a floor price of USD 440 PMT with offers coming in the middle of the USD 420 PMT mark. Egypt is trying to hold prices at USD 505/506 PMT FOB but no takers at this point. European markets are on holiday and low season has taken its toll in the USA with NOLA September bids hovering between USD 474-485 PMT CFR. For the moment, FOB values in the east and west stand at multi-year highs. Middle East spot prices are either side of $510pt FOB while Nigerian granular has been sold in the $490s pt FOB and Baltic urea achieved around $465pt FOB in India. However, away from India, all other markets have been targeting far lower. Argentina has been targeting little over $500pt cfr with Brazilian quotes still comfortably sub-$500pt cfr, some $30pt below India. The latter reflects sub-$475pt fob Middle East equivalent
Exports of urea from Malaysia for the January-June period were 1.04m. tonnes, up from 905,000t in January-June last year. Of this, 232,000t were exported to Thailand, 186,000t to Australia and 101,000t to Chile. June exports were 192,000t, up from 98,000t in June last year. Of this, 56,000t were exported to Japan, with 32,000t each to Australia and Thailand.
Qafco’s ammonia and urea plants ran at 94.1% nameplate capacity in the second quarter of 2025 versus 98.1% in Q2 2024 and 96% in Q1 2024, parent Industries Qatar (IQ) has revealed in its results for Q2 2025. Urea production of 1.36m. tonnes was down 11.1% year-on-year, and up 9.7% quarter-on-quarter, with an average selling price of $375pt – IQ did not state an Incoterm for the figure – 28.9% higher than the year-ago period and 1.3% lower than Q1 2025.
Qafco’s Mesaieed production hub has six ammonia plants and the same number of urea units, featuring an annual capacity of 3.84m. tonnes and 5.96m. tonnes, respectively.
In summary, the unknowns are how much China will export to India in the expected forthcoming tender, and at what price which currently is set at USD 490 PMT FOB plus when India will tender.
As of August 14, 2025 (the 33rd week), the inventory of urea at Chinese ports was 464,000 tons, a decrease of 19,000 tons compared to the previous period, representing a decline of 3.93%. During this period, the ports experienced normal fluctuations. The granular urea from Yantai Port was continuously leaving the port. Small amounts of granular urea were seen being gathered at ports such as Longkou Port, Jinzhou Port, and Rizhao Port. Prilled urea was being gathered at ports like Longkou Port, Qinhuangdao Port, and Zhenjiang Port. At most ports, both departures and arrivals were observed, resulting in a slight decrease in the overall port inventory.
Urea prices will react either way subject to above – what is clear is that other markets will need to step up in addition to India – and Brazil comes to mind – in order for prices to hold.
PHOSPHATES
DAP/MAP prices were again mostly stable this week as buyer resistance to high prices strengthened despite persistently tight overall availability. The most notable assessment change was an increase in the spot assessment for DAP sales from China to $790-820/t FOB from $770-780/t, though fresh offers and deals for DAP exports were scarce due to limited remaining quota allocation. The Indian buying of DAP continues at relentless speed. However, they are holding firm on prices. Saudi Arabian phosphates producer Ma'aden has reported selling a total of 600,000t of DAP to three Indian buyers at $810/t cfr for shipment across September and October. The volume will be evenly split, with around 300,000t to be shipped each month. The price nets back to the low $800s/t fob Ras Al-Khair. This is in line with the latest sale of Russian DAP by a trading firm, concluded earlier this week, as well as with several sales of Saudi Arabian DAP concluded throughout July for shipment in July and August.
DAP/MAP market activity in Argentina remains subdued amid limited demand at current prices, which are pegged at roughly $800pt cfr in the absence of any fresh sales.
Argentina’s MAP prices continue to command a significant premium over those in Brazil, where latest indications remain around $750pt cfr. This, combined with weak demand, is pressuring Argentina’s prices, though no declines have yet been reported.
Last week, Argentina’s DAP prices were assessed at $790-795pt cfr, with MAP at $800-805pt cfr.
Pakistan’s DAP import demand remains slow despite a reported increase in domestic prices. Most import price indications remain at $800-810pt cfr pending fresh sales.
Some market participants cite DAP indications as high as $840pt cfr from traders, while offers from China to the market have recently been suggested around $800-805pt fob.
There are mixed views as to whether Pakistan’s importers would accept DAP prices around $840pt cfr, with some saying that there is no demand to support activity at this level and others suggesting that some buyers may be willing to pay up to secure any remaining requirements for the current season.
The countervailing duty (CVD) rate for phosphate fertilisers from Russia’s PhosAgro to the US from 20 November 2020 to 31 December 2021 was revised higher on 4 August. The Department of Commerce (DOC) announced that it had increased the PhosAgro rate to 49.64% from 28.50% in its Final Remand Determination. On 5 August, the DOC also reported that it has now set preliminary countervailing subsidy rates for the full calendar year 2023 against PhosAgro at 64.27% after a number of delays in the process.
In early July 2025, the DOC effectively maintained its countervailing duty rate for Morocco for the November 2020 through December 2021 period at 2.11% compared with 2.12% previously.
The final countervailing duty rate for Moroccan phosphate fertilisers to the US market for the full year 2022 was revised in late 2024 to 16.60% from 16.81% after an administrative review to correct a ‘ministerial error’. A provisional or final CVD rate for 2023 has yet to be confirmed for Morocco.
A price ceiling may now be in sight as buyer resistance to high prices grows across the globe. Still, some further upside is expected over the coming weeks before declines begin within Q3 as supply improves and buyers become relatively more comfortable. Scarce supply is likely to limit any price downside when the market direction reverses
POTASH
Potash benchmarks in Brazil, northwest Europe, and the US South declined this week amid weak demand, while prices elsewhere held steady, though downside risks remain. The Brazilian MOP market slipped $5/t this week to $355–365/t CFR amid mounting downside pressure. While $365/t CFR offers remained, their firmness was questioned as most quotes hovered between $360–365/t. Liquidity stayed thin, with few confirmed deals, and bids softened to $350–355/t CFR amid subdued buyer interest. With the corn season still months away, further price declines are anticipated. Malaysia's muriate of potash (MOP) imports reached 1.07mn t in January-June, the highest volume on record and surpassing the previous high of 1.01mn t in 2011, latest GTT data show.Indonesia, another key MOP importer and crude palm oil exporter in the region, also posted a sharp increase in MOP deliveries in the same period owing to favourable palm oil prices, which made MOP more affordable in the region. The prices for palm oil futures were mainly above $1,000/t in January-April before dipping to around $875.91/t in mid-May and rebounding to $942.16/t by the end of June. This range was higher than the same period a year earlier. Meanwhile, the uptrend of standard MOP prices in southeast Asia has been more gradual compared with the same period a year earlier. Malaysia's total MOP imports rose by 43pc on the year in January-June, supported by record-high deliveries from Russia. Imports labelled as Russian origin accounted for 618,500t, up sharply from 290,600t a year earlier. This likely included both Russian and Belarusian products. Belarusian potash distributor BPC now ships most of its exports from Russian ports, which could explain why these products are declared as Russian origin. Total deliveries from Former Soviet Union (FSU) suppliers in the first half of the year have surpassed that from Canada, whose imports were broadly stable on the year at around 231,700t. Deliveries from Jordan fell by 18pc on the year to 45,900t.
Potash prices are expected to remain flat to soften in the coming weeks as demand stays weak. The Brazilian market faces heightened downside risk following the close of the soybean season, with a $10/t CFR decline seen already in recent weeks.
AMMONIA
The recent trend of the market being well balanced in the East, but far tighter in the West on limited exports from North Africa continued for another week. With many players in the Northern Hemisphere now on holiday, activity was relatively muted, though higher spot numbers were heard in Northwest Europe. Suppliers say European import demand is showing signs of life and material from across the Atlantic is likely to change hands soon for September arrival. The latest upward price pressure could be short-lived given export availability from Algeria is heard greater for next month, especially given strong run rates at plants in Trinidad and the US Gulf. In the East, cargoes are heard offered out of Iran into Turkey at a discount to last done, with such volumes also expected to find a home in India. While demand in the latter is very healthy, spot buyers throughout Northeast Asia remain on the sidelines for now on soft industrial conditions. Ahead of the next confirmed business, prices are generally assessed as unchanged.
*china Fertilizer Industry Chain Morning Report 2025-8-15
❤ Urea: Yesterday, the domestic urea market remained largely deadlocked. Although most factories maintained relatively stable quoted prices, traders showed increasing concerns about future market prospects, and low-price situations began to emerge in the market. On the demand side, concerns about potential impacts of military parades on compound fertilizer industry operations led to relatively cautious market sentiment. With no positive support in the short term, the market mainly operated in a deadlocked and loosening manner.
❤ Synthetic Ammonia: Yesterday, the synthetic ammonia market continued its downward trend. With downstream operations at low levels, the ammonia market showed loose supply-demand conditions. Ammonia plants focused mainly on active shipments, and ammonia prices continued to decline. No new guidance emerged from market news, and the synthetic ammonia market is expected to continue its weak decline.
❤ Ammonium Sulfate: Yesterday, the domestic ammonium sulfate market remained deadlocked with narrow movements, facing pressure in high-level shipments. At present, price inversions still exist between domestic and international markets as well as upstream and downstream sectors. Downstream manufacturers showed lackluster purchasing sentiment. With no improvement on the demand side, the ammonium sulfate market is expected to continue its weakness in the short term.
❤ Ammonium Chloride: Yesterday, the ammonium chloride market operated stably. Ammonium chloride enterprises received fewer new orders than expected, downstream compound fertilizer factories showed low enthusiasm for goods reception, and most traders adopted a wait-and-see approach. With short-term demand unlikely to improve, the ammonium chloride market is expected to operate in a weak but stable manner.
❤ Melamine: Yesterday, the domestic melamine market operated firmly. Supply-side positive factors showed expectations of reduction, and the market lacked clear directional drivers. However, with enterprises having certain pending orders as support, market conditions may remain temporarily stable, with various enterprises flexibly adjusting prices according to their individual situations.
❤ Potash Fertilizer: Yesterday, the domestic potassium chloride market trend remained relatively stable. Market circulation volume was limited, with small quantities still quoted at relatively high levels. Port prices for 62% white potash were mostly at 3,150-3,550 yuan/ton, with actual transactions mainly negotiated case by case. Potassium sulfate manufacturers continued to reduce operations, raw material procurement remained difficult, and the market was still in an inverted state.
❤ Phosphate Fertilizer: Yesterday, domestic monoammonium phosphate continued consolidating operations. Hubei 55 powder was priced around 3,400-3,430 yuan/ton ex-factory. Factories continued mainly executing pending orders, downstream buyers made only small purchases as needed, and new order trading atmosphere was average. However, with costs continuing to rise, traders mostly held high-cost inventory, and autumn just-in-time demand still exists, leading to short-term deadlocked and wait-and-see operations. Yesterday, the domestic diammonium phosphate market showed weak consolidation, with cost pressures continuing and no obvious fluctuations in enterprise ex-factory prices. Market trading atmosphere remained consistently light. For 57% content products, prices showed narrow loosening due to abundant supply, while downstream maintained purchases mainly as needed. The market is expected to continue its consolidating trend in the short term.
❤ Compound Fertilizer*: Yesterday, the domestic compound fertilizer market stabilized and consolidated. The market remained in a game-playing stage, with autumn fertilizer shipment volumes mostly falling short of expectations. However, as preparation time continues to shorten, market trading activity will continue to improve. The compound fertilizer market is expected to focus on order shipments in the short term, with limited price fluctuations. Key attention should be paid to raw material trends, supply-demand conditions, and changes in market sentiment.
The October surprise came early this year for #corn.
A double revision of acreage and yield estimates in the #USDA's monthly #WASDE crop report forecast US corn production at a record 16.7 billion bushels, signaling further price pressure on farmers squeezed by high costs.
The 7% upward supply shift was driven in part by a 2.1 million-acre expansion in US corn planted area—reflecting a move to earlier and larger supply-side revisions from the WAOB, with more reliable acreage data from the Farm Service Agency.
Whether or not the 97.3 million corn acres are here to stay is a test for October — when the WAOB normally made its large-scale acreage revisions.
As of August 14, 2025 (the 33rd week), the sample inventory level of urea at China's ports stood at 464,000 tons, a decrease of 19,000 tons or 3.93% from the previous period. The inventory level experienced normal fluctuations during this period as cargo continued to be loaded and shipped from the ports. The large-particle urea at Yantai Port was gradually being shipped out, while there were small amounts of large-particle urea at Longkou Port, Jinzhou Port, and Rizhao Port. Small-particle urea was being stockpiled at Longkou Port, Qinhuangdao Port, and Zhenjiang Port. Most ports experienced a mix of cargo being shipped out and stockpiled, resulting in a relatively small decrease in the overall inventory level at the ports. <This message was edited>
China urea market analysis for today
Today, the domestic urea market is weak, with signs of price loosening, and most manufacturers still have several days’ worth of orders, so their quotes are mostly stable. However, as market pressure continues to build, the situation might return to the previous low level around the weekend or next week, seeking further support.
*China Fertilizer Industry Chain Morning Report 2025-8-14
❤Sulfur: Yesterday, the domestic sulfur spot market at ports continued its upward trend but with insufficient momentum. Although the market showed bullish sentiment with some individual downstream companies making procurement to replenish stocks, holders were reluctant to sell, leading to steady upward movement. The spot reference price was 2,480-2,490 yuan/ton, up 10 yuan/ton from the previous day. Market news yesterday indicated that a new sulfur-to-acid terminal in Hubei successfully ignited and started operations, signaling increased sulfur demand in the Hubei region going forward. Domestic resources maintained stable pricing for shipments. In Shandong, liquid resources saw slight relief from tight supply conditions as more ships arrived at ports. Although the market maintained high-price operations, activity was less vigorous than the previous day, with spot auction transactions ranging 2,610-2,620 yuan/ton, while downstream procurement remained cautious. Today’s focus is on the Dalian Hengli sulfur tender results and spot market transactions.
❤Urea: Yesterday’s domestic urea market remained lukewarm, with only individual companies receiving decent orders. Downstream industrial demand progressed slowly, urea plants faced limited order continuity and inventory pressure, leaving short-term quotations without upward momentum, maintaining a temporary stalemate with narrow fluctuations.
❤Synthetic Ammonia: Yesterday’s synthetic ammonia market declined in tandem. Overall market supply was excessive, and with ammonia companies under inventory pressure, new lows continued to emerge, with companies primarily focusing on price-cutting shipments. It’s expected that the synthetic ammonia market will continue declining in the short term without new guidance.
❤Ammonium Chloride: Yesterday’s ammonium chloride market operated steadily. Compound fertilizer companies continued just-in-time restocking, while traders mostly remained on the sidelines. Ammonium chloride companies mainly executed previous pending orders, with poor new order intake. With weak demand, ammonium chloride market negotiation prices may face potential loosening.
❤Ammonium Sulfate: Yesterday’s domestic ammonium sulfate market mainly declined, with high-price shipments under pressure. Current domestic and international price inversions persist between upstream and downstream, dampening downstream procurement sentiment. The ammonium sulfate market is expected to continue its weak state in the short term.
❤Melamine: Yesterday’s domestic melamine market remained largely stable. Previously maintenance-affected facilities show recovery expectations, with capacity utilization rates trending upward, potentially weakening supply-side benefits. However, supported by companies’ existing pending orders, the market will likely remain firm for now, with flexible adjustments based on individual circumstances.
❤Phosphate Fertilizer: Yesterday’s domestic monoammonium phosphate market maintained stalemate consolidation with no significant price changes. Hubei 55% powder mainstream ex-factory prices referenced around 3,400-3,430 yuan/ton, with transactions based on actual negotiations. Overall downstream demand remained moderate, though raw material sulfur prices continued rising, providing cost and pending order support, likely leading to consolidation in the short term. Yesterday’s domestic diammonium phosphate market continued with light trading atmosphere, with Hubei 64% ex-factory prices maintaining 3,800-3,850 yuan/ton for actual order negotiations. Market sentiment remained mostly cautious, with downstream maintaining only small-batch procurement as needed, keeping the market in narrow fluctuation patterns short-term.
❤Potash Fertilizer: Domestic potassium chloride manufacturers maintained stable pricing, primarily supplying downstream compound fertilizer plants, with limited marketable inventory. Import potassium chloride replenishment remained low, with slow high-price transactions. Domestic potassium sulfate facility operations remained at low levels, though plants had inventory available for normal sales at varying prices, with transactions negotiated individually.
❤Compound Fertilizer*: Yesterday’s domestic compound fertilizer market showed little fluctuation. With stable raw material prices, compound fertilizer costs stabilized, with companies mainly promoting shipments. However, distributor purchasing sentiment remained moderate, creating a somewhat subdued trading atmosphere. Short-term focus continues on company policy adjustments, with compound fertilizers maintaining consolidation patterns.
Official – A big step forward for a new class of nitrogen fertilizer
Last week at the Association of American Plant Food Control Officials (AAPFCO) meeting, members voted to make a revised definition for ammonium sulfate nitrate official. This broader definition now includes the specific ammonium sulfate nitrate used in URALINKS™ fertilizer, a new product I’ve been helping to develop.
Unlike urea-based products, ammonium sulfate nitrate is not subject to ammonia volatilization. Published research has shown improved nitrogen use efficiency and increased crop yields when compared to urea and urea treated with NBPT.
URALINKS fertilizer is nonhazardous, was used by thousands of farmers this spring, and will be more widely available this fall.
Sulphur Update:
CHINA
– low/mid-280s offers heard, maybe higher after Indonesia deal
INDIA
– PPL heard discussing AG cargo at $278
INDONESIA
– Lygend bought at $288 CFR
– QMB and Huayou in the market
MED
– Heard there is demand in Lebanon for late-August delivery
– Crushed lump offers $250s to Egypt. Buyers want $240s
– $250-255 CFR Med
https://investors.mosaicco.com/press-releases/news-details/2025/Mosaic-Announces-Agreement-for-Sale-of-Potash-Mining-Operations-in-Brazil-to-VL-Minerao/default.aspx