LONDON (ICIS)–In Egypt, MOPCO sold 5,000 tonnes of granular urea at $850/tonne FOB, loading H1 May. We don’t have more details.
LCB Sulphur Market
30th April 2026
Price Indications
China Spot:
FOB
Middle East: $670
CFR
China: $797
Market Condition
The sulphur market remains structurally disrupted, with only marginal softening in prices masking a fundamentally constrained supply environment. The recent pullback reflects short-term factors rather than any meaningful improvement in availability.
The broader market remains defined by restricted flows and limited flexibility, with no restoration of normal trading conditions. Supply Constraints
Multiple supply choke points continue to define the market:
Middle East: A prolonged disruption to Gulf exports has effectively removed a significant share of globally traded sulphur from circulation.
Russia: Export restrictions remain in place, further tightening supply into key consuming regions.
China: The shift towards domestic prioritisation, particularly in sulphuric acid, is reinforcing global scarcity and limiting export availability.
The cumulative impact is a structurally reduced supply base with limited capacity for rebalancing.
Logistics & Trade Flow
Global logistics remain impaired, with key shipping routes operating well below normal levels. Even where movement is possible, delays and rerouting continue to extend delivery timelines and reduce overall efficiency.
This has created a persistent disconnect between production and consumption, with material effectively trapped in certain regions while shortages intensify elsewhere.
Industrial Impact
The supply disruption is now firmly embedded across industrial sectors:
Metals & Mining: Copper and zinc operations are facing increasing pressure from limited acid availability, with potential implications for output stability.
Battery Supply Chain: Elevated sulphur costs are feeding through into broader battery material pricing, adding pressure to an already constrained value chain.
Fertiliser Markets: Import-dependent regions are experiencing sustained cost pressure, with implications for agricultural input affordability and forward planting cycles.
These impacts highlight the transition from cost inflation to operational constraint.
Market Behaviour
The market remains highly defensive. Buyers are cautious, limiting exposure to spot purchases, while sellers maintain firm positioning due to limited availability.
Short-term price movements are being driven more by demand pauses and seasonal factors than by any structural easing in supply.
Outlook
There is no indication of near-term normalisation. Even with some seasonal demand shifts, the underlying supply architecture remains constrained, suggesting continued tightness in the weeks ahead.
Any sustained recovery will depend on the restoration of key export flows, which currently shows no clear timeline.
Closing View
The sulphur market remains locked in a structurally tight phase. While prices may fluctuate in the short term, the core issue of restricted supply remains unresolved, ensuring that availability and logistics will continue to dominate market dynamics.
China Morning Briefing – April 30, 2026
❤ Urea: The domestic urea market continued its stable trend yesterday. Although it is approaching the May Day holiday, factories are experiencing no pressure to ship due to low inventory levels. After entering the May Day holiday period, factories may focus on fulfilling earlier orders, and the market is expected to remain stable.
❤ Melamine: The domestic melamine market saw a steady decline over the past day. Current operating capacity remains at a moderate to high level, with ample supplies in the spot market. However, demand has remained sluggish, with no signs of improvement. Given the imbalance between supply and demand, there is still a forecast of further price decreases.
❤Synthetic Ammonia: The synthetic ammonia market in the main production regions remained stable but experienced a slight decline over the past day. In the north, prices held steady, and shipments were made while in the south, the market was affected by a generally average supply and demand environment, as well as the presence of lower-priced nearby sources. As the May Day holiday approaches, transportation constraints have restricted the flow of goods between regions. Ammonia producers have been actively reducing their inventories and selling their products, which is expected to lead to further price fluctuations.
❤Ammonium chloride: The domestic market for ammonium chloride remained stable over the past day. Trading activity was generally subdued. The start-up rates of downstream compound fertilizer enterprises declined, and their raw material inventories were relatively ample. There was little enthusiasm for purchasing ammonium chloride. The soda ash and caustic soda enterprises continued to fulfill pending contracts, but new orders were generally received poorly. The maintenance of some facilities provided a positive impact on the current market. In the short term, the price of ammonium chloride is expected to remain stable.
❤Ammonium sulfate: The market for ammonium sulfate was mixed yesterday. There was a divergence in prices for domestic ammonium sulfate. Demand for domestic trade and rare earth products was weak, leading to lower prices for coke-grade and power plant-grade ammonium sulfate. In contrast, the price of hexamethylene diamine-grade ammonium sulfate remained buoyant due to supportive international demand. It is expected that the market for ammonium sulfate will continue to exhibit divergent trends in the short term due to differences in demand flows.
❤Phosphate Fertilizer: The domestic market for monoammonium phosphate remained strong yesterday. In Hubei, the main production route’s 55% powder was sold at 4,250 yuan per ton. Although demand from end-users has been moderate, the raw material sulfur continues to break historical records, and the upward trend persists. The lower end of Hubei’s sulfuric acid prices have also increased, leading to rising costs and mounting pressure on factories. Supply is shrinking, and there is still potential for further upward movement in the market in the future.
The atmosphere in the domestic diammonium phosphate market yesterday remained one of cautious waiting. Raw material prices continued to rise, increasing pressure on costs. There was an expectation that the supply side would continue to tighten, while demand weakened. New orders were relatively limited, and the overall market trading atmosphere was characterized by stalemate. The market is expected to remain stable and cautious in the short term.
❤Phosphate Fertilizer: The domestic market price of potassium chloride has seen a slight increase at the high end. There has been a slight increase in inquiries recently, but the availability of supplies has not been sufficient. The supply of available stock in the market remains tight. The price of white potassium from Laos typically ranges from 3050 to 3350 yuan/ton. The market trend for sulfuric acid potassium fertilizers has been relatively stable, with manufacturers largely maintaining their previous pricing and slowly dispatching their products.
❤Compound fertilizers: Yesterday, the domestic compound fertilizer market continued to remain stagnant and stable. The upward trend in the price of monoammonium phosphate drove up the costs of compound fertilizers. Companies continued to maintain high prices, but due to downstream buyers’ reluctance to accept high prices and a weakening demand side, it was difficult to sustain high-priced transactions. New orders faced pressure, and it is expected that the compound fertilizer market will maintain a narrow range of consolidation in the short term.
The national market price of urea has remained stable. The quotations from urea factories have maintained the guidance level, and the tightness in terms of taking delivery has not abated. Industrial demand has weakened due to a decline in sales of finished products, while agricultural demand has been sluggish due to factors related to farming schedules and weather conditions. Coupled with the approaching May Day holiday, overall downstream demand has continued to weaken compared to previous periods. Regarding urea futures: the market has exhibited a narrow range of fluctuations, with both the bulls and bears in the urea futures market being relatively restrained, with no discernible trend. The exchange has issued a warning letter on urea futures, which may have some impact on the urea futures market. Today, the margin requirements for urea futures have been increased, which is expected to have an impact on the volatility of urea futures.
China Daily Review: On April 29, the national market price of urea remained stable. Upstream quotations maintained the guidance price level, and the tightness in cargo pickup did not ease. Industrial demand weakened due to slower sales of finished products, while agricultural demand remained sluggish due to the pace of farming and weather conditions. Coupled with the approaching May Day holiday, overall downstream demand continued to weaken compared to previous periods.
On April 29, 2026, the national daily production of urea was 223,400 tons, an increase of 14,000 tons from the previous day, with an operating rate of 89.06%. Overall, the market remained stable, with prices showing some weakness.
For export, indications at about 860-870fob for prills and 890-900fob for granulars. Its dropped from last week that worldwide trend become softerned. Still no firm news about the new export quota, especially there was a rumor that CNOOC join the IPL tender and got 100kt special quota to export, this rumor make domestic futures sharply increased in this Monday. Its toally fake but make domestic changed a lot in short time, so market players are afraid that this will make the export quotas release delayed. Last year, quotas are released in end of April and start in mid-May, so since today no news make market believe that this year will later and total quantities may lower. And its no port ciq this year, will make export time cost more than last year, speed will lower and more under control.
For urea, domestic market 1830-1840rmb exw for prills and 1940-1960rmb exw for granulars. Factory price keep firm but the market delivery price become softerned this week. After the main season, demand slow down and productions keep high level. After the cargoes sent to port warehouse been rejected, more pressure start in the domestic market, especially some traders start liquidity the position in hand at lower levels. Productions still at about 222.8kt per day and factory stocks keep declined to 445.8kt level. So we can see the offers from factory still firm but market start declined. If export quotas not release in May, we will see more softern market in further weeks.
Morning. Thin activity again on Int'l paper y'day with bids generally lacking or wide of sellers' targets. In Nola, nearby phys values continued to come under pressure with Apr/FH May barges offered down to $635. Mkts framed:
AG
May $750//$815
Jun $670//$735
Cfr Brazil
May $715//$745
Jun $660//$725
Jul $644//$690
Aug $600//$690
Brazil Amsul
May $250//$270
Jun $250//$270
Nola
Paper:
May $615//$640
Jun $580//$597
Jul $530//$580
Aug $530//$575
May/June paper spread traded $30
UAN Nola
May $500//$535
DAP Nola
May $740//$775
June $700//$765
MAP Brazil
Jun $875//$920
Jul $920 Offer
Am.Sul ex China – Lytron menu
Acct Lytron
50k/10% moloo amsul in bulk
LP: Huanghua 15k shinc
DP: La Pallice + Ghent + Cork 5k sshex eiu
Laycan 2H May – June (to be narrowed)
++
50k/10% moloo amsul in bulk
LP: Huanghua 15k shinc
DP: Ravenna + Koper 5k sshex eiu
Laycan 2H May – June (to be narrowed)
++
50k/10% moloo amsul in bulk
LP: Huanghua 15k shinc
DP: Ravenna + Thessaloniki 3k sshex
Laycan 2H May – June (to be narrowed)
++
70k/10% moloo amsul in bulk
LP: Huanghua 15k shinc
DP: Klaipedia 5k sshex eiu
Laycan 2H May – June (to be narrowed)
LCB Sulphur Market
29th April 2026
Price Environment
FOB
Vancouver: $887
Black Sea: $730
UAE OPS Apr: 600
CFR
Sthrn Africa: $937
China: $797
Indonesia: $948
Global Spot Market: Severely illiquid (case-by-case pricing; near absence of offers)
Market Condition
The global sulphur market has entered a phase of systemic supply collapse, driven by multiple simultaneous disruptions. What distinguishes current conditions is not just scarcity, but the removal of several core supply channels at once, leaving the market structurally short and increasingly fragile.
Price discovery is becoming secondary to physical access, with participants focused on whether material can be sourced at all, rather than at what price.
Supply Shock Dynamics
The market is currently absorbing a convergence of major supply constraints:
Middle East: A prolonged disruption to Gulf exports continues to remove a significant portion of globally traded sulphur from the market.
China: Export restrictions on sulphuric acid are sharply reducing global availability, particularly for import-dependent regions.
Russia & Turkey: Ongoing export limitations are further tightening supply into European, Mediterranean, and adjacent markets.
The simultaneous nature of these disruptions has eliminated the market’s ability to rebalance, creating a sustained deficit environment.
Logistics & Flow Constraints
Global logistics remain impaired, with key export routes operating well below normal capacity. Even where partial movement is possible, throughput is insufficient to meet demand, and backlogs continue to build.
The result is a fragmented supply chain, where material availability varies significantly by region, and transit timelines are increasingly unpredictable.
Industrial Impact
The consequences are now clearly visible across major consuming sectors:
Nickel & Battery Materials: Production cutbacks are emerging as input costs rise and supply tightens, with some operators scaling back output to preserve inventories.
Fertiliser Production: Elevated input costs are feeding through to higher fertiliser prices, raising concerns around affordability and agricultural planning in key importing regions.
Copper & Mining: Heavy reliance on imported acid is exposing operations to supply risk, with potential implications for output continuity in key producing regions.
These developments signal a shift from cost pressure to actual production disruption
Market Structure & Trade Behaviour
The market is now operating with minimal liquidity. Spot availability is extremely limited, and transactions are increasingly negotiated privately with shortened validity periods.
Buyers are competing aggressively for any accessible material, while sellers with inventory maintain strong negotiating positions. Traditional benchmarks are losing relevance as regional pricing diverges based on access and logistics.
Outlook
There is no clear path to near-term normalisation. Even with partial improvements in logistics, the scale of disruption and backlog will take time to unwind.
Current expectations point to continued tightness, with supply constraints likely to persist into the coming months as the market adjusts to reduced flow from key origins.
Closing View
The sulphur market has moved beyond cyclical stress into a structurally constrained environment. With multiple supply channels restricted and logistics impaired, access to material has become the defining factor. Participants able to secure reliable supply will retain a decisive advantage as the market continues to operate under conditions of scarcity and disruption.
China Morning Briefing 2026-4-29
❤ Urea: Although some segments of the domestic urea spot market experienced localized fluctuations yesterday, it was supported by low inventory levels at manufacturers, resulting in relatively firm short-term quotations. In the absence of any definitive announcements regarding exports, the short-term market situation will primarily depend on the strength of domestic demand. If demand does not meet expectations, there may be opportunities for local market prices to temporarily deviate from factory quotations, but the scope of such deviations is expected to be limited.
❤Synthetic Ammonia: The synthetic ammonia market in major production regions saw a steady decline over the past day, with high levels facing pressure. Ammonia producers experienced moderate sales, but currently, most do not face inventory pressure. Some are maintaining stability for the time being. As malfunctioning facilities resume operation and the May Day holiday approaches, ammonia producers are clearing their stocks and selling products. At the same time, downstream entities show clear intentions to suppress prices. It is anticipated that the market may continue to decline today.
❤Ammonium sulfate: The market for ammonium sulfate remained stagnant and narrowly adjusted over the past day. The trend for caesium-grade ammonium sulfate has remained strong, while the coking market has been relatively quiet. Due to varying end-user demands, it is expected that the short-term trends for the production of ammonium sulfate in the caesium and coking grades will continue to exhibit regional differentiation.
❤Melamine: Yesterday, the price of melamine in China continued to show signs of easing. End-user companies and trade users mostly entered the market at lower prices. Although sales of low-end supplies improved, high-end supplies saw few transactions. It is expected that under the pressure of receiving orders, some companies’ prices still have room for decline.
❤Potash fertilizer: The recent trend of the domestic market for potassium chloride has been relatively stable. There has been some interest in certain sources of supply, but it is challenging to find low-cost sources. High-priced sources have seen slower sales. Prior to the short holidays, market prices remained largely high and stable. The factory price of Mannheim potassium sulfate (52% powder) typically ranges from 4,100 to 4,350 yuan/ton, with prices varying by region.
❤Phosphate Fertilizer: The domestic market for monoammonium phosphate remained strong yesterday. In Hubei, the 55% powder was priced around 4,200-4,250 yuan/ton, with negotiations taking place. The price of raw material sulfur continued to rise, putting increasing pressure on factories. Although demand appeared to be moderate, with support from costs and relatively tight supply conditions, the market is expected to remain at a high level in the short term. Yesterday, the domestic market for diammonium phosphate maintained a stable trend. The raw material prices remained high, and the cost side continued to face pressure. Demand follow-up was limited, and downstream purchasing intentions were low, with most companies maintaining a policy of purchasing only as needed. The overall trading atmosphere remained stagnant, and the market is expected to continue its current state of consolidation in the near term.
❤Compound fertilizers: The domestic compound fertilizer market operated relatively stagnant yesterday. Raw material prices remained stable, providing some support for the cost of compound fertilizers. Companies continued to maintain stable pricing. However, due to a decline in essential demand, distributors were cautious about taking delivery, and new orders were not sufficient. As a result, the market remained stagnant, with compound fertilizers maintaining a steady state for the time being.
Azerbaijan import price of Urea touched 930 USD/t
LONDON (ICIS)–In Egypt, NCIC sold 10,000 tonnes of granular urea at $852/tonne FOB for end May.
Last granular urea sale from NCIC was for 3,000 tonnes at $830/tonne FOB for end April shipment in its 20 April tender, while five to six larger cargoes have been done to India from Egypt at $880-885/tonne FOB netback.
Morning. Int'l paper quiet to start the week, but nearby Nola values continued to drift lower with Apr/FH May phys trading down to $640. Mkts framed:
AG
May $760//$815
Jun $670//$750
Cfr Brazil
May $730//$765
Jun $660//$730
Jul $605//$705
Aug $600//$690
Brazil Amsul
May $255//$280
Jun $255//$270
Nola
Phys: APR traded $640. Fh May $640
Paper:
May $620//$650
Jun $580//$600
Jul $530//$570
Aug $530//$570
May/June paper spread traded $35
UAN Nola
May $500//$535
DAP Nola
May $740//$775
June $700//$765
MAP Brazil
Jun $875//$920
Jul $920 Offer
India fast-tracks urea factory plans in Russia amid Iran war-sparked fertiliser crisis
India's Rs 20,000-crore joint venture with Russia to build a urea factory with a manufacturing capacity of two million tonnes in Russia is expected to be ready within two years. The project, backed by three Indian firms and Russia's Uralchem, has been fast-tracked amid the fertiliser crisis due to the Iran war.
Indian farmer urea reuters
Urea is the most widely used fertiliser in India by farmers because it is the primary source of nitrogen, a nutrient essential for plant growth and crop productivity. (Image: Reuters)
India Today News Desk
New Delhi,UPDATED: Apr 28, 2026 12:49 IST
Crisis due to wars need solutions on a war-footing. That is what India seems to have done as the war in the Middle East created an acute crisis in fertilisers, especially urea. India and Russia have fast-tracked their joint-venture urea plant, which is likely to be operational in two years. The Rs 20,000-crore urea factory in Russia will help India diversify its source as India imports over 71% of the fertiliser from the Middle East.
"The urea plant will be ready within the next two years," Indian Potash's Managing Director, PS Gahlaut, told India Today Digital. Indian Potash is a premier entity for fertiliser imports under the Ministry of Chemicals and Fertilisers and is one of the investors in the urea plant that is likely to come up at Togliatti in Samara, Russia.
Indian agriculture is highly dependent on nitrogen-based fertiliser urea. And the war in the Middle East between the US, Israel, and Iran has created a urea shortage. India produces nearly 300 lakh metric tonnes and consumes around 400 lakh metric tonnes of urea annually. To fill the gap, India imports urea from several countries. Around 71% of the urea imports come from the Middle East. The blockade of the Strait of Hormuz by Iran and the US has disrupted the supply of Liquefied Natural Gas (LNG), leading to volatility of urea in India.
The India-Russia JV plant, with a production capacity of two million tonnes, is aimed at securing urea supply and reducing price volatility.
3 INDIAN COMPANIES INVESTING IN UREA PROJECT IN RUSSIA
Three Indian companies, Indian Potash Limited (IPL), Rashtriya Chemicals and Fertilizers Limited (RCFL), and National Fertilizers Limited (NFL), are collectively investing Rs 10,000 crore with Russia's chemical products manufacturing company Uralchem Group, which is investing the other Rs 10,000 crores for the urea plant.
Indian Potash's Managing Director, PS Gahlaut, told India Today Digital that, "Projects & Development India Limited (PDIL), a public sector company under the aegis of the Department of Fertilizers and the project consultant for the proposed plant, has submitted the pre-feasibility report."
"The urea plant will be ready within the next two years," Ghalaut said. "India's IPL, RCF, and NFL are expected to take a call on the pre-feasibility report soon, he added.
An 11-member delegation led by PDIL, along with representatives from IPL, RCFL, and NFL, recently visited Russia. Following the visit, PDIL submitted the pre-feasibility report. "The three Indian partners will jointly study the pre-feasibility report and will take a call on the proposed project in consultation with PDIL," Gahlaut said. The proposed urea plant will act as an assured supply source for the country, according to him.
In December 2025, when Russian President Vladimir Putin visited India, the firms of the two countries signed a memorandum of understanding (MoU) to form a joint venture for setting up a large urea manufacturing facility in Russia, aimed at securing long-term fertiliser supplies and reducing price volatility. The agreement was signed in New Delhi in the presence of Vladimir Putin and Prime Minister Narendra Modi.
HIGH DEMAND KEEPS INDIA HOOKED ON UREA IMPORTS
Indian farmers highly depend on urea for farming. The national consumption of urea was recorded at 387 lakh metric tonnes in 2025. This rate of consumption makes urea the highest-used fertiliser in the country.
India produced 306 lakh metric tonnes of urea in 2025, and there was a further need of nearly 81 lakh metric tonnes. To fill this gap, India depends on imports, coming especially from the Middle East countries. A total of $2.3 billion worth of urea was imported in 2025.
Gahlaut told India Today Digital that, "Recently, in 2026, the Indian government approved the import of 2.5 million tonnes of urea via Indian Potash Limited, bypassing the Strait of Hormuz. These 2.5 million tonnes of urea will come from countries including Russia, Algeria, Nigeria, and Oman in the price range of $935 to $959 per tonne."
The major reason for India's dependency on urea is the benefits this nitrogen-rich fertiliser provides to the farmers' yield. Using nitrogen improves the vegetative growth, provides essential proteins, amino acids, and enzymes for the yield. Proper nitrogen application can boost yields by 20–50%, especially in cereals like rice, wheat, maize, and corn.
As global fertiliser supply risks persist, the Russia urea project signals India's push to de-risk its fertiliser supply chain and reduce import dependence. If executed on time, it could offer a stable, long-term buffer against geopolitical shocks and price volatility.
– Ends