Good day – closing marks from the week ending April 18th.
AG
Apr $380//$392
May $380//$395
Jun $360//$385
Brazil
Apr $370//$382
May $385//$395 – traded $385
Jun $360//$385
Q3 $365//$385
Egypt
Apr $380//$390
May $375//$385
Jun $360//$380
Nola
Phys: Apr $415, $420, $422, $424
May $405//$410 – traded $405
Jun $355//$370 – traded $365 (500st)
Jul $345//$360
Aug $345//$355
Sep $355//$360
Q4 $345//$355
UAN Nola
May $345//$365
Jun $290//$340
Aug $250 // $285
Sep $255 // $295
DAP Nola
May $625//$640
Jun $590//$610
Q3 $585// $610
MAP Brazil
Apr $675//$695
May $675//$700
Jun $690//$700
Jul $690//$705
Aug $685//$705
AG weekly index = $384, Apr Avg = $380
Cfr Brazil weekly index = $377.50, Apr Avg = $377.50
Egypt weekly index = $385, Apr Avg = $387.50
UAN Nola weekly index = $350, Apr Avg = $330.50
DAP Nola weekly index = $637.50, Apr Avg = $630
MAP Brazil weekly index = $700, Apr Avg = $680.83
LONDON (ICIS)–In Egypt, Abu Qir sold 10,000 tonnes of granular urea on 18 April at $384/tonne FOB and another 6,000 tonnes at $386/tonne FOB, all for May loading.
Previous Egyptian sales were concluded in the $375-390/tonne FOB range for April and May shipment, with last business at $380-383/tonne FOB.
https://www.ammoniaeurope.com/wp-content/uploads/2025/04/Ammonia-Europes-Position-on-the-Clean-Industrial-Deal.pdf
Good morning, Mr. Phillip. I apologize for the late response. Thank you for your interest in our technical urea.
At this time, we do not have any cargo of technical urea, sir.
While waiting for available cargo, I will first check whether your company is registered in our database. Thankyou 🙏
Commodity: Tech grade prilled urea in bag
Specifications:
Nitrogen: 46%min
Biuret: 0.9%max
Moisture: 0.5%max
Particle size: 0.85~2.8mm 90%min
Quantity: 4,000mt +/-10%
Packing: 9.5kg bag (without pallet, 20'gp load 21.85mt)
Price: USD450/mt CFR NHAVA SHEVA, INDIA
Payment: 20% TT in advance after contract signed + 80% against shipping docs in 3 working days
Shipment: June 2025 (partial shipment, 500mt per lot)
Offer validity: 1500 hrs 20th April 2025
Kun at ChinaFert also wants a 30kt gran sulphur cargo
– UREA PRICES SHOW SIGNS OF WEAKNESS FOLLOWING ON FROM A LACKLUSTER INDIA PURCHASE TENDER WHERE ONLY 900 KT SECURED VS THE DESIRED 1.5 MILLION MT
-PROCESSED PHOSPHATE PRICES ARE SKYROCKETING WITH USD 700 MILESTONE PRICES REACH ON DAP IN INDIA AND MAP IN BRAZIL ON THE BACK OF LACK OF SUPPLIES WITH CHINA STILL ABSENT
-POTASH PRICES ARE INCREASING IN SOUTH EAST ASIA BUT OTHER MARKETS REMAIN FLAT
-AMMONIA MARKETS ARE OVERSUPPLIED AND PRICES ARE COMING DOWN ACROSS THE BOARD
The international urea market is rather slow with signs of weakening prices with only the US river system driving prices up. Middle East marginally up but will be busy shipping to India – Europe very slow and both Australia and Thailand getting into the main importing season with mainly contract cargoes and prilled urea being positioned by traders in SE Asia (Indonesia) for the Philippine May onward season. With Easter Holidays coming up in most of the world it appears that market participants are taking a breather.
Of significance, the India tender resulted in only around 900 KT secured vs the requested 1.5 million MT by the government agency IPL and as such it is expected that they will get back into tender mood at the end of May or the beginning of June. If at the beginning of June it could well be that the urea market could retract since the domestic import seasons both in Europe and the US are over and imports to Brazil will be on the early side. However, both Australia and Thailand will enter into the main import season although the majority of the cargoes shipped are contract cargoes with little opportunity for traders on spot deals. Further, the weather in the southern part of Australia has not been conducive to fertilizer application thus farmers appear to be delaying or deferring their procurement.
Deals this week include a latest USD 380 PMT FOB Egypt sale for first half May shipment. This is USD 10 PMT up from the last deal done. Algerian sales to Brazil would potentially netback to around USD 350 PMT with latest CFR sales falling to USD 375-378 PMT. Pupuk Indonesian conducted a couple of prilled urea tenders this week with numbers in the mid to high USD 390s FOB. These cargoes seem to be destined for the Philippines which season will begin in earnest in May. Of interest, TCF in Taiwan has elected to tender for granular urea this time due to the lack of prilled urea with Chinese material still absent from the international market. In other news BFI of Brunei has announced on social media that their ammonia and urea facility will be down for maintenance between July 28th and August 23rd with production resumption on the 1st of September. In addition, the Petronas Gurun plant which has been down since March appears to continue being down for an unspecified period of time.
The processed phosphate market reached the USD 700 milestone in various markets this week, driven by limited supply. India DAP is now being sold and bought at USD 700 PMT CFR which is up USD 52 PMT over the past three weeks. However, unconfirmed reports of an OCP Morocco sale at USD 750 PMT CFR would put the previously assessed prices of between USD 668-675 PMT CFR to shame. Also, the long-anticipated OCP-India formula price agreement is expected to be announced next week calling for a volume of 2 million MT of which DAP 1.2 million and TSP 800KT. Shipment for the Kharif season May-June. India is massively short of DAP now that China still is absent from the market. India to date has imported 1.23 million MT of NPK/NPS vs 960 KT same time last year in response to tight availability of DAP. Importers are able to make money on the MRP vs DAP where losses are around the USD 100PMT mark.The Chinese fertilizer association is apparently meeting on April 23rd to discuss possible infringements of export restrictions where DAP reportedly is being exported from China under the umbrella of NPK/NPS. However, it is expected that DAP will resume international trade some time late May or early June when the domestic season in China is over.. Meanwhile, MAP has been sold in smaller quantities in Brazil at USD 700 PMT CFR by Russian producers, this despite the unfavorable barter rate between soybeans and MAP. For months the MAP price in Brazil did not move from USD 636 PMT CFR.
Potash prices in Southeast Asia surged as tight supply continued to grip the market. However, there remains some confusion around price clarity, with market participants looking to Pupuk Indonesia’s latest tender and an upcoming conference in Asia next week for clearer insight into current levels. Standard MOP prices have reached their highest levels since June 2023, while granular MOP prices are at their highest since January 2024. Pupuk Indonesia was said to have counter offered $330/t CFR in its latest standard MOP tender, against supplier offers ranging from $360-400/t CFR. While there are rumours that the tender was scrapped due to the pricing disagreement, some producers have dismissed these claims. Import prices in Brazil remained at $345–350/t CFR in the absence of deals for May. Sales for June were reported at $355–360/t CFR, with offers ranging from $350–370/t CFR. Volumes for June remain limited, with most attention already shifting to July. This level of advanced buying is atypical, with some suggesting the reason for the increased buying is that the current prices are relatively favourable compared to other fertilizers, especially phosphates, as well as expectations that affordability will decline and prices will rise globally.
Ammonia prices extended their decline west of Suez amid more-than-ample supply, while declines east of Suez paused, although spot demand in the region remains weak. The global ammonia market is oversupplied. While no further declines were recorded in Asia this week, it is unclear how much further prices might slip before producers in the region begin to shutter output. The delivered ammonia price assessment slumped in northwest Europe based on the latest export business from Algeria and netbacks to Trinidad were cut sharply given the 10% tariff imposed by the Trump administration while US domestic prices firmed. European ammonia production is still out of the money, although European spot gas prices have declined since early February. The delivered ammonia price into northwest Europe is now at its lowest since 13 June last year, and has fallen $167/t, or 27%, since the start of the calendar year. East of Suez, Ma’aden will be taking its 1.1 Mt/year No.1 unit offline for seven weeks as of early May, as reported last week, likely removing around 120,000 t from the market, although most expect this to have little impact on Middle East fundamentals. The new 1.3 Mt/year Gulf Coast Ammonia facility in Texas, which loaded its first export cargo three weeks ago, is still said to be experiencing problems and production in Trinidad is also struggling again, likely due to the well-known gas-supply situation. Neither of these factors appears to be arresting the current decline in ammonia values.
Stein Chingen Haugan
Managing Director
fertiMetrics pte ltd
Mobile / Whats App: +65 8328 7681 – Singapore
Email: stein@fertimetrics.com
Skype: steinhaugan1955
WeChat: stein0813
Line: steinh
www.fertimetrics.com
Council Member World Agriculture Forum
Prompt shipment
Hello sir
Our biuret spec is 1.0 max and buyer can use for adblue. Our price is 460 fob hcm in container and 450 fob phu my, in bulk vessel (jumbo bag)
*Policy watch*
Export policy changes expected soon.
*Demand surges*
Importers are seeking 13+ tons.
*Prices up*
Spot market sees a $5/mt increase.
*Policy watch*
Export policy changes expected soon.
<img src='https://images.unsplash.com/photo-1506744038136-46273834b3fb' alt='Demo image' style='max-width:100%;height:auto;border-radius:8px;margin-top:10px;'>
*Freight steady*
No major changes in rates.
*Weather impact*
Rain delays in key regions.