Heard earlier today (Wednesday) urea hit $800/mt CFR on the US East Coast. Up about $50-60/mt.
For export, still no news about export quotas. Indications at about 740-750fob for prills and 750-760fob for granulars. After almost all the products export policy become strictly, market players are afraid that new quotas maybe need to wait more times. Some rumors said that if domestic market levels still at 1800rmb exw or higher, it will be very difficult to get the export quotas.
For urea, domestic market at about 1830-1840rmb exw for prills and 1940-1960rmb exw for granulars. Its about keep firm this week. Domestic market demand keep slower that main season near the end. Production rate at about 214.7kt per day, keep high level. And even some national winter stock released to the market, by the support from industrail demand active, factory stock levels keep declined to 700.5kt. It will keep weaker in further weeks that nk cargoes back to the market from port wearhouses and demand will keep slowly down.
This document is a summary of Coking Ammonium Sulfate Auction Prices dated March 25, 2026. It compares recent auction results from various Chinese industrial enterprises.
Summary of Coking Ammonium Sulfate Auction Prices (March 25)
| Enterprise | March 17–19 | March 24–25 | Change (Value) |
|—|—|—|—|
| Shanxi Coking | 1380–1385 (excl. loading) | — | — |
| Shanxi Yangguang | 1405 (excl. loading) | 1485–1490 (excl. loading) | (+80/85) |
| Shanxi Liheng | 1385 (excl. loading) | 1465 (excl. loading) | +80 |
| Shanxi Yongxin | 1345 | (1530/1535) | (+185/190) |
| China Coal Jiuxin | 1330 (excl. loading) | 1520 | +60 |
| Shanxi Gengyang | 1330 | 1540 | +190 |
| Pingyao No. 1 Mine | — | — | — |
| Meijin Huasheng | 1330 (excl. loading) | 1530 (excl. loading) | +200 |
| Shanxi Yaxin | 1345–1350 | 1540 | (+195/190) |
| Shanxi Dongyi | 1330 (excl. loading) | 1430 (excl. loading) | +100 |
| Xiaoyi Pengfei | 1330 | — | — |
| Shanxi Jinding Hongda | 1350 | 1550 | +200 |
| Shanxi Jinding Lubao | 1355 | 1555 | +200 |
| Hebei Huafeng | 1395 | 1505 | +110 |
| Hebei Hangang | 1360 (excl. loading) | 1465 (excl. loading) | +105 |
| Shandong Laigang | 1440 (excl. loading) | 1565 (excl. loading) | +125 |
| Tiexiong Xinsha | 1465 | 1515 | +50 |
| Shandong Rongxin | 1465 | 1565 | +100 |
| Xinzhou Coal Coking | 1466 | 1513 | +47 |
| Anhui Lu'an Steel | 1355 | 1455 | +100 |
| Henan Liyuan | 1380 | 1501 | +121 |
| Henan Shuncheng | 1390 | 1504 | +114 |
| Henan Shoushan | 1310 (excl. loading) | 1450 (excl. loading) | +140 |
| Bayannur Energy | 1250 (excl. loading) | 1320 (excl. loading) | +70 |
| Xilaifeng | 1250 | 1340 | +90 |
| Jianlong Xigang | 1240 | 1395 | +155 |
| Yunmei Shizong | 1430–1450 | 1460 | (+30/10) |
Key Observations
Price Trend: There is a universal increase in prices across all listed enterprises compared to the previous week (March 17–19).
Highest Gains: Several Shanxi-based companies, such as Meijin Huasheng, Jinding Hongda, and Jinding Lubao, saw the most significant price jumps, increasing by 200 RMB/ton.
* Loading Fees: Note that many prices are quoted as "excluding loading fees" (不含装车费).
LONDON (ICIS)–GAS UPDATE:
Asia LNG spot prices down on possible peace process
India struggles to buy cargoes to replace Middle East losses
Spot LNG prices fell on 25 March as the market is poised to let an opaque peace process play out to the end of the week, which could deliver a ceasefire or broader agreement on the Iran war and allow shipping to transit via the Strait of Hormuz.
“There appears to be growing diplomatic pressure for a US exit or off-ramp, and on Iran too from Gulf countries and countries like India and China to avoid a global energy crisis,” a trader based in China said. “That is enough for now to keep prices in check.”
Benchmark Brent crude oil prices slipped as much as 7.3% to a low of $97.15 a barrel in Asia on 25 March from a close of $104.49 a barrel on 24 March (last updated 16:30 Singapore time on 25 March).
25 March 2026, Texas: The US Senate has been presented with a bill which would require producers and wholesalers operating within the domestic fertilizer industry to publicly report weekly the prices of nitrogen, phosphorus and potassium products and related quantities.
Introduced on 19 March, the Fertilizer Transparency Act of 2026 seeks to address rising fertilizer costs and provide additional market certainty for American farmers.
If implemented, the US Department of Agriculture (USDA) would be required to collect and publish data on a yet to be determined day each week, thereby ensuring growers have timely and comparable market data.
The information collected would not only include the prices and sales volumes but also the production volumes from both domestic and foreign producers and any wholesalers selling into the US market.
The reporting system will be designed to operate without violating anti-trust laws and although providing market transparency will be able to maintain legal market competition, with the identities of individuals and contract parties remaining confidential.
There are expectations that the improved transparency will help reduce price volatility and supply chain disruptions.
Cooperatives and non-manufacturer retailers will be exempt from the reporting but can decide to voluntarily participate through a price survey and commercially available estimates, to be published via the USDA’s Agricultural Marketing Service (AMS).
No cost estimates for this effort or when it strives to be implemented have been confirmed.
The immediate reaction from fertilizer industry participants was limited with the domestic segment having been very active, with the ongoing Middle East conflict having wide impacts and the start of the prime spring season underway in some states.
The initial sentiment was that increased data and further information, especially from producers who tend not to publicly comment on certain aspects, would be welcomed.
“Bring it on! More data,” said a trader. “All it’s going to do is get us more data, not overlapping.”
Direct Hedge – Daily Fertilizer Market Update
Wednesday, 25 March 2026
Nola urea values firmed slightly, with March trading in a $670–678/st fob range, up $5–8 on the day. Market sentiment remains supported with steady activity despite recent volatility. Brazil urea derivatives traded at $740 for April and $730 for March, reflecting continued strength in international markets.
Latest derivative levels
International Markets
Arab Gulf Urea (fob) – latest index 710 (+10)
– Apr: $730 / $760 →
– May: $740 / $780 →
Egypt Urea (fob) – latest index 717.5 (+30)
– Apr: $720 / $770 →
– May: $710 / $750 →
Brazil
Urea Brazil (cfr) – latest index 697.5 (+30)
– Apr: $740 / $760 ↑
– May: $730 / $760 →
– June: $650 / $730 →
– July: $650 / $740 →
– Aug: $650 / $740 →
Ammonium Sulphate Brazil (cfr) – latest index 275.5 (+15.5)
– Apr: $270 / $290 →
– May: $260 / $290 →
MAP Brazil (cfr) – latest index 830 (+35)
– Apr: $870 / $900 →
– May: $850 / $900 →
US Markets (NOLA)
NOLA Urea (paper)
– Mar: 625 / 640 ↑
– Apr: 670 / 685 ↑
– May: 650 / 670 ↑
– June: 585 / 630 →
NOLA DAP (paper)
– Mar: 650 / 660 →
– Apr: 680 / 690 ↑
– May: 640 / 660 →
NOLA UAN (paper)
– Mar: 395 / 410 →
– Apr: 485 / 495 →
– May: 485 / 495 →
March 25, 2026, China’s total urea enterprise warehouse: inventory of 700,500 tons, down by 108,400 tons from the previous cycle, a decrease of 13.40% month-on-month. The domestic urea enterprise inventory continued to decline during this cycle, with industrial demand steadily increasing. Although recent supplies have been released from reserves, most urea factories still face tight inventory levels. Some factories have seen their initial inventory levels gradually decrease. Provinces with increased enterprise inventory: Henan, Hubei, Jiangxi, Qinghai, Shandong, Sichuan, Xinjiang. Provinces with decreased enterprise inventory: Anhui, Gansu, Hainan, Hebei, Heilongjiang, Liaoning, Inner Mongolia, Shanxi, Shaanxi, Chongqing.
Morning. Int'l Urea paper saw buyers on Brazil move higher y'day, with activity across April & May in $740-$730cfr range before offers pulled back. On Nola Urea, Mar barges recouped prior day's $10 drop, trading back up to $680. Mkts framed:
AG
Mar $660//$680
Apr $740//$770
May $730//$760
Cfr Brazil
Apr $740//$775 – traded $740
May $730//$750 – traded $733 (2.5k), $731.50 (1k)
Jun $675//$725
Egypt
Apr $745//$790
Nola
Phys: Prompt traded $675, $680. Mar $670, $680. Fh Apr $678
Paper:
Apr $672//$680 – traded $675
May $655//$670
Jun $615//$630
(Apr/May spread traded $18 – legs set Apr $685 & May $667)
UAN Nola
Apr $480//$515
May $455//$510
DAP Nola
Mar $658//$663
Apr $675//$690
MAP Brazil
Apr $890//$920
China Fertilizer Industry Chain Morning Briefing – March 25, 2026
❤Urea: Yesterday, some domestic urea producers’ sales gradually became more cautious, but market sentiment and industrial demand remained supportive. Additionally, expectations played a role, potentially limiting the extent of price adjustments. Attention should be paid to the market’s response influenced by multiple factors.
❤Synthetic Ammonia: The synthetic ammonia market experienced mixed trends yesterday. Overall supply was ample, new capacity additions in the north were successfully released, some regions faced pressure and saw prices decline, regional price differences widened. Jiangsu benefited from port congestion, while a shortage in Fujian briefly stabilized the market. Other regions experienced minor adjustments. The synthetic ammonia market generally maintained a pattern of regional adjustments.
❤Ammonium sulfate: The market for ammonium sulfate continued to rise yesterday. With international support, hexane-grade ammonium sulfate remained strong at high levels. The bidding for coke and other by-products was highly active, and prices followed suit at lower levels. Keep a close eye on today’s tender developments.
❤ Ammonium chloride: The domestic market for ammonium chloride experienced good trading activity yesterday. Some enterprises producing caustic soda and ammonia had slightly increased their earlier low-level pricing. Most companies maintained their prices in anticipation, with limited orders received. Downstream companies producing compound fertilizers needed to replenish their stocks. Traders actively sold their products. There has been no significant change in the short-term supply and demand dynamics, so it is expected that the price of ammonium chloride will continue to remain strong.
❤Melamine: The domestic melamine market continued to experience significant price increases yesterday. Domestic companies’ quoted prices have all surpassed the “7,000” mark. There is a strong sentiment among market participants to buy on the rise. Companies are experiencing tight shipping pressures. It is expected that the market still has room for further upward movement. Attention should be paid to market purchasing sentiment and company order situations.
❤ Potassium fertilizer: The domestic potassium fertilizer market trend has been relatively subdued. Supplier deliveries continue uninterrupted. There has been no news of orders being signed for April through border trade. The price of 62% white potassium at ports generally ranges from 3150 to 3200 yuan/ton, maintaining the subsidized price. The manufacturers of sulfuric potassium fertilizer face significant pressure, driving up their prices due to rising costs.
❤ Phosphate Fertilizer: The domestic market for monoammonium phosphate remained strong yesterday. Raw material prices remained high, and costs continued to face pressure. Many factories have either suspended quotations or stopped sales. Market prices have shown tentative upward adjustments. The downstream sector’s shortage of spring fertilizer raw materials is limited, and only minimal essential purchases are maintained.
The domestic diammonium phosphate market saw a relatively stable trend yesterday. Raw material prices remained high, and there was strong support from the cost side. Market sentiment remained cautious, with downstream buyers being relatively cautious and often operating on a need-based basis. The market is expected to continue its consolidation trend in the short term.
❤Compound fertilizers: The domestic compound fertilizer market operated relatively strongly yesterday. The current trading focus continues to rise. However, due to the fact that low-priced inventory from channels has not yet been absorbed, high-price transactions have been hindered. New orders within the market have been relatively subdued. Companies are fulfilling earlier orders. It is expected that compound fertilizers will maintain a stable high level for a short period. Keep an eye on changes in raw materials.
alot of Egyptian sales in february were for Greek market – Midgulf, Ameropa. Hexagon, Heliopotasse and Indagro all sold cargoes <This message was edited>
Morning. Prices adjusted lower y'day with 48hr ultimatums replaced by reports (true or not) of constructive talks between US & Iran, as uncertainty dominated in thin liquidity. On Int'l Urea paper, Apr Brazil found value 705cfr, while Mar Nola Phys traded $680 to $670 (prompt $683 on Fri). Mkts framed:
AG
Mar $660//$680
Apr $720//$760
May $715//$755
Cfr Brazil
Mar $635//$655
Apr $705//$740
May $670//$720
Jun $610//$690
Egypt
Apr $730//$780
Nola
Phys: Mar traded $680, $675, $670. Fh Apr $670
Paper:
Apr $665//$675
May $655//$670
Jun $610//$640
UAN Nola
Apr $480//$500
May $455//$510
DAP Nola
Mar $658//$665
Apr $675//$688
MAP Brazil
Apr $890//$920
China:
[Urea] On March 24, the urea industry produced 217,000 tons per day, an increase of 25,000 tons from the previous working day; compared to the same period last year, this represents an increase of 22,500 tons. The current operating rate is 92.16%, up by 5.72% from 86.44% last year.
Helwan:
Good morning
We sold 5 kt at 760$ for April shipping
Direct Hedge – Daily Fertilizer Market Update
Monday, 23 March 2026
Nola urea values eased Friday from recent highs, with March/April trading down to around $683–685/st fob as liquidity slowed following the earlier rally. Global markets remain tight with Middle East supply disruptions continuing to redirect demand, particularly into Atlantic Basin origins. Nigerian material is increasingly being pulled into alternative markets, including Australia, with Dangote confirming further April sales at $750 fob.
Latest derivative levels
International Markets
Arab Gulf Urea (fob) – latest index 710 (+10)
– Apr: $730 / $760 →
– May: $750 / $790 ↑
Egypt Urea (fob) – latest index 717.5 (+30)
– Apr: $720 / $770 →
– May: $710 / $750 →
Brazil
Urea Brazil (cfr) – latest index 697.5 (+30)
– Apr: $740 / $770 →
– May: $740 / $760 →
– June: $650 / $730 →
– July: $650 / $740 →
– Aug: $650 / $740 →
Ammonium Sulphate Brazil (cfr) – latest index 275.5 (+15.5)
– Apr: $270 / $290 →
– May: $260 / $290 →
MAP Brazil (cfr) – latest index 830 (+35)
– Apr: $870 / $900 →
– May: $850 / $900 →
US Markets (NOLA)
NOLA Urea (paper)
– Mar: 620 / 640 →
– Apr: 685 / 695 →
– May: 675 / 685 →
– June: 585 / 630 →
NOLA DAP (paper)
– Mar: 650 / 660 →
– Apr: 652 / 670 →
– May: 640 / 660 →
NOLA UAN (paper)
– Mar: 395 / 410 →
– Apr: 485 / 495 →
– May: 485 / 495 →