IPL counters against L1 prices have been issued for offers up to L5 on ECI and up to L10 on WCI for 2.5 million t.
Acceptances by tomorrow, 17 April at 14:00hrs IST.
IPL requests to indicate cargoes from origins that are inside the Strait of Hormuz for finalisation of quantity. That is, it has requested the origin of each cargo, broadly categorizing them in two sub-groups:
1. Inside the Strait of Hormuz and
2. Other origins.
The counteroffers are being issued as per the shipment wise ranking/hierarchy of offers of each coast based on the coastwise quoted/derived CFR prices. The coastwise ranking of the hierarchy of the bidders shall be maintained after the outcome of the counter offer.
All the counter accepted offers will be placed in the hierarchy of the ranking as mentioned above, the final accepted quantities and award against this tender will be subject to the requirements of DOF.
The final decision to accept or reject any quantity/quantities (lot-wise) and to assign them for any of the Port at ECI and WCI will be solely taken by DOF.
Direct Hedge – Daily Fertilizer Market Update
Wednesday, 15 April 2026
Markets moved higher yesterday driven by ongoing Middle East developments and anticipation ahead of the Indian tender closing. Nola led the move, with April physical barges trading up to $770–780/st. Sentiment remains firm as supply uncertainty continues to support prices.
Latest derivative levels
International Markets
Arab Gulf Urea (fob) – latest index 800 (unchanged)
– Apr: $800 / $850 ↑
– May: $780 / $850 ↑
Egypt Urea (fob) – latest index 836 (+16)
– Apr: $800 / $880 ↑
– May: $800 / $880 ↑
Brazil
Urea Brazil (cfr) – latest index 770 (+5)
– Apr: $770 / $800 ↑
– May: $750 / $800 ↑
– June: $650 / $750 ↑
– July: $650 / $750 ↑
– Aug: $650 / $750 ↑
Ammonium Sulphate Brazil (cfr) – latest index 295 (unchanged)
– Apr: $280 / $300 →
– May: $260 / $300 →
– June: $260 / $290 ↑
MAP Brazil (cfr) – latest index 880 (+15)
– Apr: $870 / $930 ↑
– May: $850 / $930 ↑
US Markets (NOLA)
NOLA Urea (paper)
– Apr: 720 / 750 ↑
– May: 725 / 755 ↑
– June: 680 / 720 ↑
– July: 600 / 700 ↑
NOLA DAP (paper)
– Apr: 730 / 760 →
– May: 760 / 775 →
NOLA UAN (paper)
– Apr: 490 / 510 →
– May: 490 / 520 →
– The amount offered ( 6 million mt shocked me ).
– IPL is expected to counter the lowest 4/5/6 with the lowest price offered for the respective Indian Coast to achieve their goal of 2,5 million mt.
– Yes, many of these offers are safe shorts. Birla seems to be a conduit for the Russians and has protected itself thru their proxy Millennium on the West Coast which seems to be a long
Presently there is no real competition in the market for the Indians which is good news for them. The Europeans are out, the US is still short 300,000 mt
but tonnes loading now will not make the season on time.
Australians are short 500,000 mt but will not pay up and fertilise less
Brazil can afford to sit back and wait for a price correction for June liftings
Egypt's NCIC sales tender closing 20 April for end-April shipment:
• Di Ammonium Phosphate (DAP) 20 K MT.
• Triple Super Phosphate (TSP) 10 K MT.
• Singel Super Phosphate (SSP) 15 K MT.
• Urea 10 K MT.
• CAN 5 K MT.
• SOP 1000 MT.
bss 50k m/m: freight to India
AG – 20
Baltic – 57
Black Sea – 52
Med (Damietta) – 38
Algeria – 46
Egypt (Safaga) – 25
Nigeria – 37 (ex Onne 15kc load) // 46 (ex Lekki 3500sshex)
Indonesia – 26 (ECI)
N.China – 30 (ECI)
LONDON (ICIS)–The National Petrochemical Company (NPC) of Iran has banned the export of all petrochemical products including ammonia and urea from 13 April until further notice.
Published by Profercy Ltd
E fertilizers@profercy.com
T +44 1372 386205
www.profercy.com
15 APRIL 2026
IPL Tender Price Bids
– Full Results
©️ Copyright 2026 Profercy Ltd All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by
any means, without the prior written permission of the Copyright owner.
IPL Tender Results
Indian Potash Limited (IPL) received offers on 15 April for shipments to both coasts by 14 June. The tender has a
target volume of 2.5m. tonnes with up to 1.5m. tonnes sought for shipment to the west coast and a further 1m.
tonnes targeted for the east coast.
The lowest offers were submitted as follows:
• West coast: $935pt cfr – 56,000t, Millenium Commodity (compares to $508.00pt cfr in 18 February RCF
tender)
• East coast: $959pt cfr – 283,350t via Ameropa and 100,000t Chasemax (compares to $512.00pt cfr in 18
February RCF tender)
With this the first inquiry since the Middle East crisis began, the lowest offers are $427-447pt above those in the 18
February RCF tender.
Next best offers on the west coast were $6.70pt above the L1 offer with the next best east coast offer $1.50pt
above the L1 offer.
Importantly, with the east coast offering a cfr premium of $24pt over the west coast, most suppliers are now
expected to target east coast business.
News on counteroffers is awaited. Prior to the tender, most anticipated counters would be issued to all participants.
However, with a sizeable 5.92m. tonnes offered in principle, this appears less likely.
The lowest price offers are broadly in line with expectations prior to the tender and signal a significant appreciation
in fob values worldwide. For example, implied netbacks of around $900pt fob and above from North Africa are well
above last done levels in Algeria of $858pt fob.
The returns available will be sufficient to attract significant supplier interest in the east and west.
For buyers in other markets, the latest tender is set to move offer levels far higher. By way of comparison, US
values were below $860pt cfr equivalent yesterday with the Australian market yet to accept over $900pt cfr.
Availability and netbacks
Ahead of the tender, and despite the lengthy shipment window, there were doubts that the inquiry could secure
much more than 1.5m. tonnes, even with extensive participation from suppliers worldwide.
Yet, the narrow range of competitive offers and the volume offered by some participants, as well as the premium
price available, may raise the prospect of a greater volume being secured. Latest availability estimates suggest a
volume in the 1.5-1.8m. tonnes may be possible with this heavily contingent on the willingness of producers to sell
forward.
Nevertheless, the sizeable volume offered in the tender – 5.92m. tonnes – far outstrips available supply. One
company alone, Aditya Birla Group, offered 1.35m. tonnes across both coasts at a competitive level, although no
reports indicate this is basis a position remotely close to that volume.
Morning. Buyers coming in on Urea y'day prior to IPL tender close, no more so than in Nola, where April phys barges traded up to $780, before values retreated to mid-$750s. Looking to refresh Bid//Offer levels after L1s into India $935cfr WCI & $959cfr ECI – mkts framed wide:
AG
Apr $800//$900
May $795//$900
Jun $700//$800
Cfr Brazil
Apr $760//$840
May $755//$850
Aug $675//$710
Egypt
Apr $820//$860
Brazil Amsul
Jun $275//$295
Aug $265//$298
Nola
Phys: Apr traded $735, $750, $760, $770, $780-85 back down $755’s
Paper:
Apr $720//$740- traded $720
May $720//$780 – traded $719
Jun $650//$685
Jul $580//$650
April $750 Call option traded $5.50
UAN Nola
Apr $500//$540
May $500//$535
DAP Nola
Apr $720//$750
May $780//$800
June $700//$775
MAP Brazil
Apr $875//$915
Profercy Nitrogen Report
Urea
India: Indian Potash Limited (IPL) has opened price bids in the 15 April tender for shipments to 14 June. Up to 27 companies submitted offers.
The state agency received a lowest west coast offer of $935pt cfr from Millenium Commodity for 56,000t.
The lowest east coast offer was submitted by both Chasemax and Ameropa at $959pt cfr.
Chasemax offered 100,000t with Ameropa offering 283,850t at this price.
The price differential between the lowest west and east coast offers is a notable $24pt, implying most suppliers will now target the east coast.
Of note, the next lowest offer on the west coast was Aditya Birla Group at $941.70pt cfr for a sizeable 700,000t. The company also offered 650,000t into the east coast at $966pt cfr.
The second lowest east coast offer was from Valency at $960.50pt cfr for 45,000t.
You deleted this message.
in Italy keytrade offering Urea at $820/t cfr but highest paid so far for small volumes is $810/t cfr bulk. Market tapping out, Italian retailers/farmers only need to apply urea in mid May onwards, so they hoping to win the Lotto (urea prices will drop). They not willing to buy much. Ravenna importers stressed out.
China Morning Briefing – April 15, 2026
❤Urea: Although the shortage situation in the local urea market has gradually eased to some extent, most enterprises still face tight supplies. The guidance prices continue to influence pricing, maintaining stability. Market demand remains strong, and the current situation will likely remain stable for the time being.
❤Synthetic Ammonia: The synthetic ammonia market in major production regions continued to rise yesterday, driven by the tight supply and demand situation in Shandong, which affected neighboring markets. The regional price differences widened, and ammonia producers faced little pressure in terms of selling their products. There remains a possibility for further price increases in the market. Following the recent sharp increase in ammonia prices, the profit margins have improved compared to those of urea. Further attention needs to be paid to the adjustments made by integrated urea producers and the recovery of ammonia plants after maintenance issues.
❤Ammonium sulfate: The market for ammonium sulfate saw a steady decline over the past day, with high-level transactions struggling to take place. Recent domestic prices have remained high, but this trend is likely to continue due to limited acceptance by downstream end-users. Market transactions have become stagnant. Purchasing sentiment within the market has cooled somewhat, and some bidding prices have been adjusted downward. It is anticipated that the market for ammonium sulfate will remain relatively weak and narrow in the short term.
❤Ammonium chloride: The domestic market for ammonium chloride remained stagnant yesterday. Fertilizer companies showed little interest in placing orders. There was a need for inventory replenishment. The soda ash and caustic soda enterprises had sufficient stock and no inventory, so they continued to maintain prices and wait for developments. Currently, contracts are being fulfilled, and the ammonium chloride market is operating smoothly in the short term.
❤ Melamine: The domestic melamine market experienced a significant decline yesterday. Short-term fear gripped the market, with negative factors prevailing. Various companies and traders focused on actively disposing of their products. Given the prevailing sentiment of buying high and selling low, there is still a risk of further price decreases.
❤ Phosphate Fertilizer: There has been no significant change in the domestic market price of phosphate fertilizers. The overall supply of potassium chloride is relatively tight. However, given the lack of active purchasing demand from downstream factories, prices have remained stable. Imported 62% white potassium is typically priced between 3150 to 3500 yuan/ton. The market for sulfuric acid potassium fertilizer is sluggish, and pressure on costs persists.
❤ Phosphate Fertilizer: The domestic market for monoammonium phosphate (MAP) was strong yesterday. Due to persistent pressure on costs and a decline in production, manufacturers are optimistic. It is reported that some earlier prices have already been realized. Trade transactions primarily involve merchants, and downstream compound fertilizer raw materials continue to be purchased in small quantities as needed. The market is expected to remain stable in the short term.
The domestic diammonium phosphate market remained stagnant and stable yesterday. Raw material prices remained high, and costs continued to face pressure. Market demand was weakening, and downstream entities only maintained minimal essential purchases. Overall trading activity was subdued, and the market is expected to remain stable in the short term.
❤Compound fertilizers: The performance of domestic compound fertilizer markets yesterday was generally satisfactory. Prices in various major production regions remained high. As an example, the mainstream factory price of 45% S (3*15) is around 3,350-3,550 yuan/ton. However, due to the presence of low-cost inventory at end-users and a decline in essential demand, new orders have been difficult to secure. Currently, the operation of compound fertilizers is quite stagnant, and the market will continue to consolidate in the short term.
[Urea] On April 14, the urea industry produced 215,500 tons per day, maintaining the same level as the previous working day; this represents an increase of 23,300 tons compared to the same period last year. The current operating rate is 90.32% (correction: the previous working day’s operating rate was 90.32%). This represents an increase of 4.88% from 85.44% last year.
Morning, Int'l Urea paper quiet y'day prior to further mkt discovery from India later this week. Nola Urea saw firmer levels as activity focused on nearby phys, with loaded and FH May barges trading up $15-$20 on the day to $720. Mkts framed:
AG
Apr $780//$820
May $760//$790
Jun $680//$750
Cfr Brazil
Apr $755//$780
May $720//$750
Jun $680//$745
Aug $650//$710
Egypt
Apr $820//$860
Brazil Amsul
Jun $275//$292
Aug $265//$298
Nola
Phys: Loaded traded $705, $710, $720. Apr $703, $705, $710. FH may $700, $720
Paper:
Apr $705//$715 – traded $710
May $690//$705
Jun $640//$675
Jul $555//$610
UAN Nola
Apr $495//$520
May $500//$535
DAP Nola
Apr $720//$750
May $780//$800
June $700//$775
MAP Brazil
Apr $875//$915
Petrobras announces update on the UFN-III Project
Rio de Janeiro, April 13, 2026 – Petróleo Brasileiro S.A. – Petrobras, following up on the announcement of October 25, 2024, informs that its Board of Directors has approved the resumption of construction of the Nitrogen Fertilizer Unit (UFN-III), located in Três Lagoas (MS). The decision is based on a thorough reassessment of the project, aligned with the guidelines of the company’s Business Plan 2026-2030.
The economic attractiveness of the asset was confirmed, attesting to its feasibility (positive Net Present Value, or “NPV”) in all scenarios considered by the company’s investment approval system. The estimated investment for the completion of UFN-III is approximately US$ 1 billion, with the start of commercial operations scheduled for 2029.
The entire final investment approval process underwent the required analyses, strictly adhering to corporate governance practices and current internal regulations. With the final decision by Petrobras’ competent authorities, the company will proceed to the final contracting phase and subsequent signing of contracts, with construction expected to resume in the first half of 2026.
The unit had been mothballed since 2015, and in 2023, Petrobras decided to return to the fertilizer segment, as per the Business Plan in effect at the time. The return to investments in this segment was based on technical and economic feasibility studies, aiming to expand the company’s gas market and contribute to reducing Brazil’s dependence on fertilizer imports.
About the UFN-III Project
The nominal capacity of UFN-III is projected at approximately 3,600 tons per day of urea and 2,200 tons per day of ammonia, of which 180 tons are surplus and available for sale. The unit is strategically located, adjacent to the largest consumer markets for these products, with its production primarily destined for the states of Mato Grosso, Mato Grosso do Sul, Goiás, Paraná, and São Paulo. This position ensures greater reliability in meeting the growing demand for urea fertilizer in the country.
The project incorporates modern equipment and state-of-the-art technologies, resulting in high levels of industrial efficiency.
Ammonia serves as a key raw material for the fertilizer and petrochemical sectors. Urea, in turn, stands out as the most in-demand nitrogen fertilizer in Brazil, with national consumption around 8 million tons per year. Agribusiness absorbs this volume in crops such as corn, sugarcane, coffee, wheat, and cotton, in addition to its use in livestock as a feed supplement for ruminants.