*China Fertilizer Industry Chain Morning Brief (August 1, 2025)
Phosphate Rock:
Downstream phosphate fertilizer companies are stocking up for autumn fertilizer production, combined with export order support. The industry’s overall operating rate remains around 60%, creating rigid demand for phosphate rock. Overall, under the combined effect of continuous environmental policy implementation and seasonal demand resonance, the phosphate rock market will maintain a tight supply-demand situation in the short term.
Sulfur:
Yesterday, the domestic port spot market maintained stable operations, with prices ranging from 2,370-2,380 yuan/ton, and mainstream reference prices unchanged from the previous trading day. While awaiting the release of bidding results from a certain refinery, there were sporadic negotiations around 2,370 yuan/ton in the market, with final results reportedly around 2,247 yuan/ton, which did not provide significant market stimulus. Domestic resources maintained stable operations, with Northeast China showing significant price increases due to resource shortages and external influences. Spot resource auction prices rose to around 2,250-2,270 yuan/ton, up approximately 100-130 yuan/ton from the previous period. Today’s sulfur spot market prices are expected to fluctuate slightly.
Sulfuric Acid:
Yesterday’s domestic sulfuric acid market showed regional differentiation. In Gansu, stable downstream demand combined with equipment maintenance at two major acid plants led to steady inventory decline at major acid companies in central Longzhong, with prices raised by 50 yuan/ton yesterday. In Henan, market supply increased significantly due to the resumption of previously maintained sulfur acid units and new capacity releases in Jiyuan area. Weak downstream demand performance led to light trading atmosphere and notable price declines in Jiyuan. Henan’s 98% smelting acid ex-factory transaction prices ranged around 520-600 yuan/ton. Gansu’s 98% smelting acid ex-factory prices were around 530-610 yuan/ton.
Urea:
Yesterday’s domestic urea market showed increasing stalemate atmosphere, with enterprises facing growing order pressure. Although downstream compound fertilizer plants maintained decent operating rates, actual urea consumption was limited. Downstream restocking enthusiasm remained cautious, traders were actively shipping, and prices lacked supporting momentum. The market is expected to maintain weak consolidation in the short term.
Synthetic Ammonia:
Yesterday’s domestic synthetic ammonia market continued its upward trend. Northern enterprises approached planned maintenance, market sentiment was high, and ex-factory ammonia prices rose strongly. Southern market prices remained high, and under northern market influence, some regions followed the upward trend. From subsequent trend analysis, the synthetic ammonia market retains overall upward momentum, and prices may continue to rise.
Ammonium Chloride:
Yesterday’s domestic ammonium chloride market showed good transactions. Ammonium chloride enterprises had strong intentions to hold prices at low levels, currently mainly executing previous pending deliveries. Downstream compound fertilizer companies continued just-in-time purchasing, but still resisted high prices. In the short term, low-level prices in the ammonium chloride market will move upward.
Potash Fertilizer:
The domestic potash fertilizer market maintained a temporarily stable situation. Potassium chloride traders basically maintained previous quotations, with small and medium-sized traders’ prices mainly following market trends. Port 62% white potash prices were mostly at 3,150-3,450 yuan/ton. Potassium sulfate plant operating rates continued to decline, with unsatisfactory sales conditions.
Phosphate Fertilizer:
Yesterday’s domestic monoammonium phosphate market trend remained strong, with Hubei 55% powder ex-factory around 3,430 yuan/ton. A few quotations remained high, and under rigid demand and cost support, some manufacturers still maintained strong bullish sentiment. Downstream temporarily showed cautious attitudes toward chasing higher prices, with limited high-price transactions.
Yesterday’s domestic diammonium phosphate market continued stalemate consolidation, with Hubei 64% ex-factory prices maintained at 3,800-3,850 yuan/ton, with actual orders remaining under negotiation. Market trading atmosphere was light, with downstream only maintaining small-lot purchases as needed. The market will continue shock consolidation in the short term.
Compound Fertilizer:
Yesterday’s domestic compound fertilizer market mainly stabilized and consolidated. With urea weakening, monoammonium phosphate remaining strong, and potash fertilizer fluctuations narrowing, compound fertilizer cost changes decreased. Enterprise adjustment intentions were low, mostly maintaining stable prices and waiting. Short-term compound fertilizer market fluctuations are expected to be limited. Focus should be on raw material trends and market shipment conditions.
Industrial Monoammonium:*
Yesterday’s industrial-grade monoammonium phosphate market continued weakness. Domestic 73% industrial-grade monoammonium phosphate mainstream market average price reference was around 6,000 yuan/ton, with actual transactions negotiated case by case. The market currently lacks positive factors, and operator enthusiasm is moderate. Current market demand is mainly from new energy, but this is insufficient to support the overall market. Short-term industrial ammonium market prices will continue declining, and future developments require attention to enterprise operations and raw material conditions.
Morning. Stand-off continued on Int'l paper y'day with India set to provide further mkt definition next week, Nola Urea Paper/Phys traded $458 (in-line +/-), while DAP was quiet after the recent run-up.
AG
Aug $480//$505
Sep $470//$490
Q4 $435//$470
Cfr Brazil
Aug $480//$490
Sep $480//$490
Oct $450//$490
Egypt
Aug $480//$500
Sep $460//$490
Nola
Phys: Aug traded $458
Paper:
Aug $458//$463– traded $458
Sep $458//$465
Oct $435//$445 – traded $445 (500st)
Nov $425//$440
Q4 $420//$445
Q1 $415//$435
DAP Nola
Aug $798//$805
Sep $802//$807
Q4 $710//$735
Q1 $675//$695
MAP Nola: Sep Phys traded $800
MAP Brazil
Aug $740//$765
Sep $735//$760
-UREA PRICES ARE AT A BREAKPOINT WITH INDIA SHOWING THE WAY ON AUGUST 4TH
-PROCESSED PHOSPHATE PRICES ARE TAKING A BREATHER EXCEPT FOR IN THE USA WHERE DAP PRICES ARE ON THE UP AWAITING TARIFF DECISION ON RUSSIA
-POTASH PRICES IN BRAZIL GOING DOWN FOR THE FIRST TIME IN ONE YEAR DUE TO AFFORDABILITY ISSUES
-AMMONIA PRICES ARE EXPECTED TO REMAIN STABLE FOLLOWING ON FROM A USD 70 PMT JUMP IN THE MOSAIC YARA AUGUST CONTRACT
UREA
The fundamentals in the urea market appear to be at a breakpoint. Question is – who will win – the supply or the demand side – which thereafter will decide the direction of the price.
The Indian urea tender closing on August 4th for 2 million MT will give the answer. Predictions are for L1 CFR price in the USD 510-515 PMT range. However, India is not a guarantor for increased urea prices worldwide since affordability is starting to kick in in major markets like Brazil.
On the supply side there is still a big question mark on exports from China despite the additional 1 million MT approved for exports to the end of September, some are even saying that the cutoff date for CIQ will be September 15th. Export activity seems to be very low with exports in 9.5kg bags banned from July 24th and only one cargo detected for exports and from Fudao reported to be destined for Australia. Petronas' Sipitang unit is down until September with the loss of around 150,000 MT. Brunei’s BFI is down for an announced maintenance until the 3rd week of August. Middle East producers are looking towards the announced 2 million MT India tender closing on the 4th of August with validity until the 8th of August and shipment by September 22nd.
Pupuk Indonesia’s granular urea tender resulted in 3 cargoes committed at USD 482.50 PMT FOB – destinations are a mystery at this price although Australia seems to be a possibility.
Russian producers will need to find replacement outlets now that the European Union has imposed import surcharges and the Trump administration is about to introduce tariffs which most likely will ban Russian products from entering the US. Iranian urea has been discounted with an additional USD 5 PMT and thus the official export price is set at USD 430 PMT FOB. Iran has sold well above 100,000 MT over the past two weeks and following tenders this week, Pardis has sold 30,000 t granular urea at $430/t FOB and Lordegan 25,000 t at $425.10/t FOB. Shiraz has also sold 30,000 t prilled urea at $435/t FOB. The tonnes were offered in a sales tender this week for prompt loading out of Bandar Abbas.
Dangote of Nigeria has sold two cargoes of granular urea for 2H August shipment in the low-to-mid USD 470s FOB Lekki. Most likely destination would be Brazil subject to prices in Brazil going up.
A game changer is about to develop in the urea trade in that Turkey has removed the 6.5% import duty on Qatar Urea. Turkey is one of the major import markets receiving 2.6 mill MT in 2024 and 3.16 mill MT the year before. In the past Iranian urea nominated as Oman urea has had a 55-60% import market share and with Egypt at about 30% share. Qatari urea showed up in the Turkish line-up in 2022 and 2023, with just 44,000 MT and 22,000 MT, respectively.
Demand in SE Asia Oceania appears to have dried up. Spot demand in both Australia bar contract tons and Thailand is non-existent. The Philippines is struggling with domestic issues on rice policy which favours imports vs domestic production and eventually could have an impact on future demand for urea. For the period January – June imports at 395,000 MT vs 314,000 MT Y/Y. Indonesia was the largest beneficiary with 121,000 MT followed by Malaysia at 79,000 MT and Qatar at 72,000 MT. Brazil has yet to show their true colours on imports of granular urea with huge volumes of ammonium sulphate imports as replacement for urea clouding the picture. Ammonium sulphate is more expensive than urea on a per N basis and will need to be applied at a higher rate. Brazil also has support from Iran at reduced prices vs conventional origins. In other words, there is a price ceiling in Brazil augmented by affordability and farmer credit issues. The latest confirmed business is from the Middle East at USD 480 PMT CFR but now bids are coming in around the USD 475 PMT CFR level with little or no interest. Some importers are holding out for sharper offers from China but with NDRC’s indecision it could be wise not holding one’s breath!
In summary, India alone cannot carry the urea price to higher levels – there is enough evidence to this fact from previous tenders when prices went down instead of going up as expected. Big import markets like Brazil will need to come into play with both Europe and the USA being outside the main season.
PHOSPHATES
Price increases are stalling in most markets except for DAP in the US which keep going up driven by Trump’s anticipated tariffs on Russian products.
Some MAP offers to Brazil continue to be reported around $750pt cfr this week following a slight softening in the market last week. Fresh confirmed bulk MAP spot sales to Brazil are lacking amid weak demand.
Brazil’s MAP prices were last week assessed down $2-3pt on average at $750-755pt cfr, with sales of 10,000t indicated by a trader at the upper end of this range. No sales are reported as high as $755pt cfr so far this market week.
Limited availability remains from Saudi Arabia for August loading following another 60,000t DAP deal to India at $810pt cfr or $800pt fob this week.
Deals to India from Saudi Arabia now total 240,000t DAP for August loading following roughly 250,000t sold to the market for July loading recently.
Previously concluded deals also for August loading from Ma’aden include 44,000t DAP to Bangladesh under formula prices, roughly 60,000t MAP to Brazil under formula, and 33,000t MAP to Canada under formula.
Latest Brazil MAP prices reflect no higher than $720pt fob Ras Al Khair while the Canada MAP deal is understood to be direct to eastern Canada which based on reported prices could reflect a netback as high as $795pt fob RAK.
DAP sales from China remain at a trickle with suppliers again noting limited quota availability and plans to target the imminent Bangladesh DAP tender for much of the remaining volumes.
DAP suppliers are holding higher offers for exports at $780-800pt fob with recent reports of small volume sales to Japan at the high end of the range.
Latest Southeast Asia DAP returns for bulk sales with July/August loading are still indicated at roughly $770pt fob, with some small volume sales heard as high as $780pt fob equivalent. The latest EABC Ethiopia deals from China for July loading are understood to reflect $775-780pt fob.
Some traders have indicated availability still as low as $765pt fob China but this has not been confirmed.
Dyno Nobel (Incitec Pivot) sold another roughly 50,000t DAP cargo to India (likely IPL) for August loading at prices reflecting around $810pt fob Australia.
The deal concluded well above the latest $810pt cfr India price but as usual is not included in the India assessment as it is duty free cargo. It meant as much as 2.5Mt DAP has been secured by India since the start of Q2 2025. Contractual agreements bring the planned volume for India's 2025/26 fertilizer year already to at least the 4.6Mt imported in 2024/25 before any new deals outside of Saudi Arabia/Morocco in the coming months.
Incitec Pivot previously sold another 50,000t DAP cargo to India for July loading at roughly $790pt fob.
POTASH
Potash prices in Brazil saw their first decline in nearly a year as Pupuk Indonesia finalised its latest tender at $383/t CFR, below expectations, while global potash demand remains limited. The Brazilian market experienced downward pressure this week, resulting in a modest $5/t price decline—the first since September 2024, on the back of slowing demand as the soybean season ends. As the corn season is still some time away, market activity remains subdued, with some participants expecting further price softening. A few producers have limited volumes available for August and September and are focusing on other markets to help support prices. While some believe this dip will be temporary, others express concerns over the Q4 demand outlook. The Southeast Asian MOP market finally gained clarity following the latest Pupuk Indonesia tender, which settled after several rounds of negotiations. The tender was awarded at $383/t CFR to four overseas suppliers: APC secured one cargo, BPC two cargoes, and UKT three cargoes, with each cargo sized at 25,000 t with a 10% tolerance. Redstone is believed to be the fourth supplier to secure part of the tender, although this has not yet been confirmed despite widespread reports. Although the settled price is lower than the initial producers' offers of $410–420/t CFR, it is expected to provide support to the market. However, with demand seasonally slow, the impact of this support may be limited. Following the tender, standard MOP prices rose to a range of $350–383/t CFR, with one producer reportedly offering up to $395/t CFR for smaller volumes. Granular prices remained unchanged week on week.
AMMONIA
Following a much-anticipated correction at Tampa for August, ammonia prices on both sides of the Suez remained more or less stable-to-firm this week amid a trickle of spot activity. The $487/t CFR Tampa settlement for August, a $70/t jump on the $417/t CFR fixed between Yara and Mosaic for July, was largely expected given recent capacity constraints west of Suez. Such output woes are likely to include planned maintenance at a major CF plant in the US Gulf through August, with FOB prices in the region also gaining ground following the latest settlement news from Florida. Prices in Trinidad were also revised upwards to reflect the latest upward moves in the Americas. Prices should remain steady-to-firm moving into August.
Pardis sold 30 Kt Granular @ 430
Lordegan sold 25 Kt Granular @ 425.1
Shiraz sold 30 Kt Prilled @435
2 x fudao Chinese sold to Australia @450 FOB
Brazil is USD 455 CFR for urea (combo cargo with amsul)
South Africa just bought (assume Iranian)
Morning. Urea mkts largely quiet in lead up to IPL tender close (and discovery) next week, but DAP Nola dominated activity y'day, as values continued to run higher, and exceeded $800/st. Mkts framed:
AG
Aug $480//$505
Sep $470//$490
Q4 $435//$470
Cfr Brazil
Aug $480//$490
Sep $480//$490
Oct $450//$490
Egypt
Aug $480//$500
Sep $460//$490
Nola
Paper:
Aug $458//$465
Sep $460//$470
Oct $442//$452
Nov $430//$445
Q4 $420//$445
Q1 $415//$435
UAN Nola
Aug $265//$305
Sep $255//$310
Oct $255//$315
DAP Nola
Phys: July traded $820, Aug $805, Sep $805
Paper:
Aug $795//$805 – traded $800
Sep $797//$805 – traded $880, $805
Q4 $710//$735
Q1 $675//$695
MAP Brazil
Jul $747//$765
Aug $740//$765
Sep $735//$765
*Longzhong Fertilizer Industry Chain Morning Brief (July 31, 2025)
Phosphate Rock:
Northern regions face upward price pressure due to anticipated environmental inspections; Sichuan and other areas experience tight phosphate resources due to logistics bottlenecks keeping inventories low. Combined with phosphate fertilizer companies maintaining 55-60% operating rates to prepare for autumn fertilizer season and increased procurement from new energy sector expansion, demand-side dual drivers support phosphate rock prices remaining stable at high levels.
Sulfur:
Yesterday, domestic port spot market prices fluctuated slightly, with reference price range of 2,370-2,380 yuan/ton, mainstream reference price down 5 yuan/ton from previous trading day. Port spot market trading was relatively quiet. Due to lack of directional news, overall market trend remains uncertain, with most traders inclined toward low-price inquiries for testing. Market atmosphere leans toward wait-and-see. For USD-denominated resources, Qatar announced August contract price at FOB $259/ton, up $1/ton from July contract price, with limited market boosting effect. Focus on today’s domestic large refinery sales tender results for market guidance.
Sulfuric Acid:
Yesterday’s domestic sulfuric acid market showed regional differentiation. Shandong market affected by demand, with individual sulfur acid plants narrowly reducing acid prices by 10 yuan/ton. Local refineries operated weakly stable, while other major acid companies remained stable supported by pending orders. Guizhou market showed upward shift in transaction focus due to price increases in surrounding Guangxi region transmission, with downstream purchases still mainly based on immediate needs. Currently, Guizhou region 98% smelting acid delivered price reference 650-700 yuan/ton. Shandong region 98% mineral acid ex-factory price 640-720 yuan/ton.
Urea:
Yesterday’s domestic urea market was lukewarm, with some companies reducing order intake after attempting price increases. Urea company inventories rising, export coordination proceeding slowly, spot market temporarily lacks strong supporting connections, short-term market trend weak with fluctuations, awaiting positive guidance support.
Synthetic Ammonia:
Yesterday’s domestic synthetic ammonia market showed stable with upward trend. Affected by factors including northern ammonia companies’ capacity constraints due to equipment failures and tightening supply in southern regions, market participants hold firm bullish expectations for synthetic ammonia prices. From subsequent trend analysis, synthetic ammonia market still has overall upward momentum, with possibility of further price increases.
Ammonium Chloride:
Yesterday’s domestic ammonium chloride market transactions remained stable. Ammonium chloride companies mostly executing previous pending orders, some factories temporarily suspended order taking, with strong intentions to await price increases. Currently downstream acceptance of high-level prices is limited, short-term ammonium chloride market mainly focused on digesting price adjustments.
Potash Fertilizer:
Yesterday, domestic potash fertilizer market maintained overall stable trend with limited price changes. Large traders still releasing goods normally and regularly, but small traders’ shipping prices remain high, with overall supply replenishment insufficient. Domestic potassium sulfate manufacturers’ facility operating rates less than 50%, facing sales difficulties.
Phosphate Fertilizer:
Yesterday’s domestic monoammonium phosphate market maintained firm operation. With pending order support and downstream immediate demand expectations, bullish expectations persist, though market fluctuations will be limited while guidance prices remain unchanged. Raw materials maintain fluctuations but costs remain at high levels, downstream cautious in raw material procurement.
Yesterday’s domestic diammonium phosphate market maintained consolidation trend, with companies signing orders as needed and ex-factory prices remaining mainly stable. Market trading atmosphere continues to be sluggish with few inquiries, maintaining only small-volume procurement as needed. Short-term market maintains stalemate consolidation operation.
Compound Fertilizer:
Yesterday’s domestic compound fertilizer market showed little fluctuation. Raw material prices consolidated within narrow range, but compound fertilizer costs changed little. Due to month-end/month-beginning factors, companies made few price adjustments, mainly promoting downstream goods acceptance. Therefore compound fertilizer market progressing steadily with limited short-term fluctuations.
Industrial MAP:*
Yesterday industrial-grade monoammonium phosphate prices declined weakly. Domestic 73% industrial-grade monoammonium phosphate mainstream market average price reference around 6,000 yuan/ton, with actual negotiations case-by-case. Market demand weak, downstream procurement at low levels, some manufacturers reducing operating loads. However, affected by demand, overall supply relatively sufficient. Short-term industrial ammonium market prices declining, future market needs attention to company operations and new energy production scheduling.
Morning. Int'l paper remained subdued y'day, with Nola mkts the focus of activity – Aug/Sep Urea (paper) traded $459-$465, while DAP saw further gains, as Sep values approach $800 mark (traded +$11 from Mon).
AG
Aug $478//$500
Sep $470//$490
Q4 $435//$470
Cfr Brazil
Aug $480//$490
Sep $480//$490
Oct $450//$480
Egypt
Aug $480//$500
Sep $460//$490
Nola
Phys: Jul traded $460
Paper:
Aug $458//$465 – traded $459, $460
Sep $460//$470 – traded $460, $465
Oct $435//$450
Nov $430//$445– traded $442.50 (500st)
Q4 $420//$445
Q1 $415//$435
UAN Nola
Aug $265//$305
Sep $255//$310
Oct $255//$315
DAP Nola
Aug $785//$795
Sep $792//$800 – traded $797
Q4 $710//$730
Q1 $675//$685 – traded $680
MAP Brazil
Jul $747//$765
Aug $740//$765
Sep $735//$760
In India, IPL has issued an import tender for 2 million tonnes of urea (1 million tonnes each for east and west coast), for shipment by 22 September. Tender closes on 4 August and validity is until 8 August.
250,000 tons of potassium chloride tender attracts international potash market attention
The private tender announcement issued by Bangladesh’s Ministry of Agriculture (250,000 tons of standard potassium chloride, deadline August 5th, shipment before September 20th) has become a focal point of attention in the international potash market.
This seems to confirm the strong demand for standard potassium chloride in the Indian subcontinent market, but Indonesia’s tender quotation dropped 4.3% to $383/ton, also revealing the complexity and uncertainty of market demand.
Bangladesh’s tender reflects the immediate demand for potash by local agricultural production. Historical data shows that Bangladesh’s annual potash import volume is approximately 800,000-1 million tons, and this 250,000-ton tender scale accounts for 25%-30% of annual demand.
Indonesia’s latest quotation for 246,000 tons of standard potassium chloride tender dropped from last week’s $400/ton to $383/ton (Jakarta delivery price), a decrease of 4.3%. This price adjustment may reflect intensified competition among suppliers or improved negotiating power of buyers.
Meanwhile, India’s 100,000-ton tender for Tur1 has not received any quotations yet. Fact canceled its 30,000-ton tender after receiving only one quotation, and NFL’s 60,000-ton tender also received only one quotation. The above tenders are “cooling down,” which may be related to sufficient domestic inventory, price negotiations entering deadlock, or expectations of future price declines.
Overall, the future trend of potash prices still has significant uncertainty. Besides paying attention to supply-side instability, attention should also be paid to how global economic slowdown may affect purchasing power for agricultural inputs, especially in developing countries.
Latest rumour : China will ban exports and allocate no quota after sept 15th
*China Fertilizer Industry Chain Morning Brief – July 30, 2025
❤ Sulfur: Yesterday, the domestic port spot market continued its upward trend, with price range reference at 2,375-2,380 yuan/ton, and mainstream reference price rising slightly by 5 yuan/ton compared to the previous trading day. Due to a major refinery not conducting sales tenders, port trading interactions mostly involved inquiries and probing, especially after concentrated terminal purchases on the previous trading day. Holders maintained a firmer wait-and-see attitude toward existing resources, while some traders continued opportunistic follow-up operations, pushing prices further upward. Domestic resources remained relatively stable, with sulfur prices in Shandong, East China, and North China regions rising significantly by 30-120 yuan/ton due to price transmission effects from rapid price increases at Shandong local refineries. Today’s sulfur spot market is expected to fluctuate slightly.
❤ Urea: Yesterday, with domestic urea enterprises lacking pending deliveries, quoted prices were lowered somewhat. Some enterprises achieved moderate order transactions. Market conditions temporarily stopped declining and stabilized, but close attention should still be paid to downstream procurement and export progress. In the short term, domestic urea prices are expected to remain weakly stable.
❤ Synthetic Ammonia: Yesterday, the domestic synthetic ammonia market was mainly stable with supplementary increases. With more northern ammonia plant failures and tight supply in southern markets, except for Jiangsu market being limited by increased supply, the synthetic ammonia market maintained an upward sentiment. Looking ahead, the synthetic ammonia market overall still has upward potential.
❤ Ammonium Chloride: Yesterday, the domestic ammonium chloride market saw negotiation focus shift upward, with some enterprises slightly exploring price increases. However, most are still executing previous pending orders. Downstream acceptance of high prices is limited, and short-term demand is unlikely to increase significantly, so the ammonium chloride market remains mainly stable.
❤ Ammonium Sulfate: Yesterday, the domestic ammonium sulfate market weakened and declined. With no apparent improvement in domestic and international terminal demand and poor market purchasing enthusiasm, raw material factories face increasing shipment pressure. Ammonium sulfate market is expected to continue declining in the short term.
❤ Melamine: Recently, the domestic melamine market has been running firmly. Near month-end, enterprises show low willingness to adjust prices. Market fundamentals are relatively strong in the short term, mainly featuring orderly shipments. Short-term market fundamentals are difficult to improve, with prices maintaining stable adjustments.
❤ Phosphate Fertilizer: Yesterday, the domestic monoammonium phosphate market waited and watched, with final guidance prices remaining unchanged – stable pricing remains the main theme. However, raw materials continue rising, costs keep climbing, and with sufficient pending deliveries and rigid demand still present, operations will continue to remain firm in the short term. Yesterday, the domestic diammonium phosphate market trend continued stable, with enterprise ex-factory prices showing no significant fluctuation. Hubei region 64% ex-factory price maintained at 3,800-3,850 yuan/ton, with actual orders remaining negotiable. Overall market trading activity is not high, with downstream maintaining small-scale restocking as needed. The market will continue consolidating in the short term.
❤ Potash Fertilizer: The overall supply of potassium chloride in the domestic market is at relatively low levels. Domestic potassium chloride manufacturers are mostly actively producing with significant shipment volumes, mainly shipping directly to downstream compound fertilizer factories. The potassium sulfate market trend is relatively weak, with Mannheim potassium sulfate 52% powder ex-factory prices mostly at 3,900-4,050 yuan/ton, with transactions subject to individual negotiation.
❤ Compound Fertilizer*: Yesterday, the domestic compound fertilizer market continued its consolidation pattern. With upstream raw material trends temporarily maintaining stability and compound fertilizer costs stabilizing, enterprises are not making major price adjustments, though some high-phosphorus ratio prices remain firm. Current downstream customer acceptance activity is limited, market shipments are average, and compound fertilizer will continue its consolidation pattern in the short term.
LONDON (ICIS)–In the US, the Tampa ammonia contract price has been settled for August at $487/tonne CFR. The price, agreed between contract partners Yara and Mosaic, represents a $70/tonne increase from the July settlement of $417/tonne CFR. Ammonia supply is tight due to maintenance and production issues in several countries.
Monday, 28 July 2025 (Acerto)
Urea
Nigeria : Dangote has sold two spot cargoes of 30,000t granular urea each in the low-mid $470s/t FOB Lekki for 2H August shipment.
It follows its 23 July tender award in the mid-high $460s/t FOB for 30,000t granular urea for mid-August loading.
Monday, 28 July 2025 (Acerto)
Urea
Egypt: NCIC has issued a sales tender closing 31 July for the following nutrients:
– 5,000t Urea
– 30,000t DAP
– 24,000t TSP
– 35,000t SSP
– 1,500t SOP
Shipment by end-August.