Chain Morning Brief (2026-03-24)
Phosphate Rock & Primary Derivatives
Phosphate Rock: The market remains firm, dominated by rigid demand procurement. Supply is under significant pressure: southern production hubs haven't fully resumed operations, while northern capacity is restricted by normalized environmental inspections. This supply contraction has tightened the supply-demand balance, leading to a strong intent among enterprises to maintain high prices.
Monoammonium Phosphate (MAP): The domestic market was stable and cautious yesterday. Most factories have suspended new orders and quotes. Traders raised quotes, with Hubei 55% powder ex-factory at 4,000–4,050 RMB/ton (some slightly higher). While inquiries are decent, downstream buyers are wary of "chasing the high." With sulfur and sulfuric acid costs rising, pressure remains high. Short-term consolidation is expected as policy focus remains on ensuring supply.
Diammonium Phosphate (DAP): Activity was quiet yesterday. Raw sulfur prices hit new yearly highs, further increasing cost pressure. Most enterprises are refraining from signing new contracts. The market remains in a "wait-and-see" mode with cautious downstream operations. Expect high-level consolidation in the near term.
Industrial Grade MAP: Prices remained firm at high levels. The domestic average market price for 73% grade is approximately 6,770 RMB/ton, with specific deals negotiated individually. Due to rising sulfur costs and thin margins, factories are releasing limited orders. Short-term stability with minor fluctuations is expected.
Yellow Phosphorus & Phosphoric Acid
Yellow Phosphorus: Prices rose significantly yesterday. Ex-factory acceptance prices in Yunnan, Guizhou, and Sichuan reached 25,300–26,000 RMB/ton. Producers are collectively holding prices and are reluctant to sell, raising offers from 25,500 to 26,000 RMB/ton. In Sichuan, bidding prices rose to 25,558 RMB/ton. As traders struggle to source spot goods, transaction prices continue to hit new highs.
Phosphoric Acid: Bullish sentiment is strong. Geopolitical conflicts and supply-demand imbalances pushed sulfur prices up by over 7% in a single day, drastically increasing costs for Wet-Process Purified Phosphoric Acid (WPA). This has driven more inquiries and active trading in the Thermal-Process market.
Potassium Dihydrogen Phosphate (MKP): Downstream demand is lukewarm, but rising raw phosphoric acid costs have forced factory quotes upward. Reference ex-factory quotes are 9,500–9,800 RMB/ton, with actual deals flexible based on order size.
Sulfur & Sulfuric Acid
Sulfur:
Imported: Spot prices at Zhenjiang Port rose to 5,700 RMB/ton (+7.55% WoW) amid tight supply.
Domestic Liquid: Prices in Shandong reached 4,650–5,285 RMB/ton due to limited availability. Northwest auction prices trended higher at 4,960–5,315 RMB/ton.
Outlook: Despite the rally, falling crude oil prices caused sulfur electronic trading to drop last night, suggesting high-level volatility or a potential downward correction today.
Sulfuric Acid: Local markets moved upward. In Hebei and Jiangsu, high sulfur costs and strong downstream demand (fertilizers/chemicals) drove price hikes of 100–150 RMB/ton. Current 98% smelting acid delivered prices: Hubei (1,300–1,400 RMB/ton); Guangxi (1,350–1,450 RMB/ton).
New Energy Materials (Iron Phosphate/LFP)
Iron Phosphate: Prices are stable for now, but upward pressure from sulfur and industrial MAP is significant. Markets are currently in a "wait-and-see" mode due to ongoing bidding, but manufacturers may test higher quotes for next month's orders.
Lithium Iron Phosphate (LFP): Prices are largely stable. Lithium carbonate prices are consolidating in a narrow range, while iron phosphate remains firm.
Power-type LFP: 54,300–59,600 RMB/ton.
Energy Storage-type LFP: 52,300–56,400 RMB/ton.
Agrochemicals & Others
Pesticides (Technical Grade):
Glyphosate (95%): 28,500–30,000 RMB/ton.
Glufosinate: ~48,500–49,000 RMB/ton.
Nicosulfuron: 165,000 RMB/ton.
Compound Fertilizer: Costs continue to climb due to raw materials (especially for high-phosphorus products). New orders are slow as the market waits for potential policy interventions.
Synthetic Ammonia: Mixed sentiment. Northern markets might see a rebound due to delayed capacity releases, while Southern markets remain stable supported by regional shortages.
Hydrogen Peroxide: Stable to slightly upward. Strong demand from Caprolactam and Propylene Oxide plants is supporting steady shipments.
Ferrous Sulfate: Ex-factory quotes range from 630 RMB/ton (Guangxi Youcan) to 800 RMB/ton (Pianjiang Fangyuan).
Chain Morning Brief (2026-03-24)
Core Nitrogen Products
Urea: Based on new orders over the past two days, urea prices are shifting: low-end factory quotes are rising, and market prices are seeing slight gains. However, given current fundamentals and market instability, expect short-term prices to remain characterized by minor fluctuations.
Synthetic Ammonia: Market sentiment was mixed yesterday. In Northern China, trading centers trended lower; however, delays in new capacity release and improved low-price shipments suggest a potential rebound. Southern markets remain stable due to regional supply gaps, though some high-priced producers face shipment pressure. Expect narrow, regional fluctuations in the short term.
Sulphate & Chloride
Ammonium Sulphate: The market remained firm with upward movement yesterday. Under cost pressure, Caprolactam-grade ammonium sulphate continued its rally, with prices trending higher. Coking-grade and other varieties are expected to follow suit. However, as terminal high-price trades involve Australian fertilizer and rising ocean freight costs, their gains may lag behind Caprolactam-grade. Monitor this week's bidding dynamics closely.
Ammonium Chloride: The domestic market maintained its strong stance yesterday. Hou-process enterprises have healthy backlogs and zero inventory. Supported by downstream rigid demand, some manufacturers intend to hike prices further. However, as prices climb, downstream buyers are becoming cautious about "chasing the high." Expect high-level consolidation in the coming days.
Melamine & Potash
Melamine: The domestic market surged yesterday. Ongoing export orders and tight shipments have fueled a "buy high" sentiment. Enterprises are likely to continue pushing prices upward.
Potash: Potassium Chloride (MOP): Trends remained stable yesterday with some inquiries for specific varieties, but no significant price changes. Supply for guaranteed delivery continues steadily.
Potassium Sulphate (SOP): Manufacturers face heavy cost pressures and difficult raw material procurement. Despite high price points, new order transactions for SOP remain sluggish.
Phosphate Fertilizer
Monoammonium Phosphate (MAP): The market was stable and cautious yesterday. Most factories have suspended new orders and quotes. Traders raised quotes, with Hubei 55% powder ex-factory at 4,000–4,050 RMB/ton (some slightly higher). While inquiries are decent, downstream buyers are wary of high prices. With sulfur and sulfuric acid costs rising, pressure remains high. Short-term consolidation is expected as policy focus remains on ensuring supply.
Diammonium Phosphate (DAP): Market activity was quiet yesterday. Raw sulfur prices hit new yearly highs, further increasing cost pressure. Most enterprises are refraining from signing new contracts. The market remains in a "wait-and-see" mode with cautious downstream operations. Expect high-level consolidation in the near term.
Compound Fertilizer
Driven by upstream raw materials, compound fertilizer costs continue to rise, particularly for balanced and high-phosphorus products. Manufacturers have a strong intent to hold prices firm, with some continuing to hike quotes. However, mid-to-downstream players are cautious about accepting high prices, leading to slow follow-up on new orders. Short-term market activity will likely focus on executing previous orders while prices stay elevated. Keep a close eye on any new policy adjustments. <This message was edited>
LONDON (ICIS)–In Egypt, MOPCO sold 5,000 tonnes of granular urea at 760 FOB for April loading.
Sinopec: The current stock of refined products can ensure the stability of production and operations. If the geopolitical conflict in the Middle East lasts a long time, the company has formulated a number of plans to meet the challenge.
On March 23, Chinese petrochemical executives said at an annual results briefing for 2025 about the impact of recent geopolitical conflicts. The geopolitical conflict in the Middle East has had a significant impact on the global economic and trade landscape, especially the disruption of shipping in the Strait of Hormuz has had immediate impact on international oil and gas trade, which has brought great challenges to the production and operation of companies.Affected by adverse factors such as the sharp rise in crude oil prices, the tightness of imported crude oil resources and high freight rates, the production and operation of the company's refining and chemical business faced great challenges. The sales business of refined oil products is generally stable, and the upstream business can achieve good benefits under the current oil price. At present, the company's crude oil and refined products stocks can ensure the stability of production and operation.The company will strengthen market research and analysis, dynamically optimize and adjust production and operation arrangements, meet domestic market demand, and maintain production and operation stability. If the geopolitical conflict in the Middle East lasts for a long time, it will create a huge challenge for the company's refining business. The company has also developed multiple scenarios to address the challenges in different scenarios.
The 38th Inner Mongolia Agricultural Expo will be held at the Inner Mongolia International Convention and Exhibition Center from March 26 to 28, 2026.
Inner Mongolia Gengyu Fertilizer Co., Ltd. cordially invites fertilizer manufacturers, distributors, and farmers from all regions to visit our company’s booth.
Booth Number: A55, Hall A, Exhibit Area.
March 23, 2026 (Monday)
Sulfur Prices on March 23rd
Today, port sulfur prices have surged significantly. This morning, the focus of transactions in the sulfur import market was within the range of 5,600–5,700 RMB/ton. Affected by tight supply and the rapid upward trend of the market, upstream suppliers have suspended external price quotations and entered a state of "one-deal-one-discussion," showing a reluctance to sell while observing the market. Although the quotation window is closed, rigid demand from downstream and restocking needs from traders persist; buying sentiment is relatively aggressive, and actual orders may rise further. As of press time, the mainstream reference price for granular sulfur at Zhenjiang Port in the Yangtze River region is 5,600–5,700 RMB/ton, an increase of 350–400 RMB/ton compared to the previous working day.
Today, the liquid sulfur market in Shandong rose by a wide margin. The supply side released only a small number of orders, and ports are temporarily not shipping, resulting in limited circulatable resources. Multiple factors have led to a continued bullish atmosphere in the market; purchasing sentiment in the trade sector is active, and auction prices have hit new highs. As of now, the transaction prices for Shandong local refinery auctions are between 5,000–5,285 RMB/ton, and the market price for liquid sulfur in Shandong is 4,650–5,285 RMB/ton. This represents a massive increase of 100–552 RMB/ton compared to the previous working day. <This message was edited>
Potash Market Prices on March 23rd
Muriate of Potash (MOP):
Today, the MOP market prices continued to operate with weak stability. Some ports have been replenished with new stocks of 62% white potash, and traders' quotations have edged lower; most other prices have not seen significant changes. Leading potash enterprises continue to release goods to downstream factories. Since most downstream factories have certain raw material reserves, procurement volume from the market has significantly decreased. The volume of available goods in the hands of traders has increased slightly recently.
Currently, the mainstream market delivered price for domestic 60% crystals is between 3250–3300, with price differences persisting across regions; transaction prices are negotiated individually. The delivered price for 57% powder is 3000–3050. The ex-factory spot sales price for 60% MOP from Qinghai Salt Lake remains at 2800 yuan/ton, and the ex-factory sales price for 57% MOP products is 2660 yuan/ton, with freight added separately.
Port Price Reference:
Qingdao Port, Lianyungang Port, Yantai Port, Zhanjiang Port, Zhenjiang Port: Delivery price for 62% white potash is 3500–3600, down 20–30.
Qingdao Port, Yantai Port: Large granular red potash is 3250–3350.
Yingkou Port: Mainstream delivery price for 62% white potash is 3420–3480; large granular red potash delivery is 3250–3300.
Lianyungang Port, Weifang Port: 60% Lao white potash delivery is 3330–3360.
Fangcheng Port, Zhanjiang Port: 60% red powder port delivery is 3180–3230.
Northeast Border Trade: 62% Russian white potash at port-side (on-wagon) price is 3300–3330; 60% large granular potash at border ports is 3060–3150.
Currently, port inventory of MOP is approximately 2.65 million tons. Recently, there have not been many new arrivals at the ports. Under the guidance of national policies, major importers are gradually releasing goods to downstream factories.
Sulfate of Potash (SOP):
Today, SOP prices continued to operate firmly. Manufacturers have basically maintained their previous quotations. However, as the price of the raw material sulfuric acid remains high, current sales prices are still insufficient to cover costs. Under these high price levels, new order transactions for SOP are not active; manufacturers are currently mostly executing previous orders and focusing on shipping.
Currently, the mainstream delivered price for SDIC Luobupo 52% powder is mostly around 3700–3850; the delivered price for Qinghai 50% powder is around 3650 yuan/ton. Transactions are negotiated individually, and prices vary by brand. Mannheim SOP 52% powder mainstream ex-factory price is around 4200–4300, with high-end prices at 4400–4600; 50% powder mainstream ex-factory is 4150–4200; 50% granular SOP ex-factory is around 4100–4200, with actual transactions negotiated individually.
Market Tips:
Under the guidance of the national policy to ensure supply, leading potash enterprises are continuously releasing goods to downstream factories. As upstream importers continue to release goods into the market, the volume of circulating goods has increased slightly. However, demand from downstream factories is limited; therefore, overall new order transactions in the market are not active, consisting mainly of some small orders. In the short term, the MOP market is expected to continue its trend of weak stability. Meanwhile, SOP prices will continue to remain firm, driven by both high costs and low supply. The potash market is expected to have limited volatility in the short term. Continue to monitor industry policy news, the international situation, and the subsequent arrival of MOP imports in April.
India urea plants at half capacity as West Asia tensions choke gas supplies
Synopsis
India's urea production is halved as liquefied natural gas supplies face disruptions. Force majeure declarations have impacted deliveries, leading to gas curtailments for fertilizer units. This situation is increasing energy consumption and production costs. The disruptions could affect fertilizer availability for the upcoming kharif sowing season. Current urea stocks remain higher than last year.
India exploring alternate destinations for fertilisers, if West Asia conflict prolongs: Agri CommissionerANI
India urea plants at half capacity as West Asia tensions choke gas supplies
New Delhi: India's urea plants are running at half capacity after force majeure declarations disrupted LNG flows through the Strait of Hormuz amid escalating West Asia tensions, industry sources said on Sunday.
Petronet LNG Ltd, which operates India's largest liquefied natural gas receiving terminal, declared force majeure after upstream suppliers cited their inability to deliver contracted volumes amid disruptions to cargoes transiting the Strait, sources said.
The move triggered supply curtailments by state-owned gas distributors GAIL (India) Ltd, Indian Oil Corporation Ltd (IOC) and Bharat Petroleum Corporation Ltd (BPCL), which supply gas under RasGas contracts to fertiliser units across the country.
"Gas supplies have been curtailed to approximately 60-65 per cent of normal levels," a senior industry official told PTI, adding that when scheduled plant turnarounds over the past six months were factored in, effective supply at some units had fallen below 50 per cent.
Urea output at affected plants has consequently dropped by around 50 per cent. Paradoxically, energy consumption at these facilities had climbed by as much as 40 per cent as large ammonia-urea trains running at reduced loads suffer a sharp deterioration in thermal efficiency, according to plant officials.
"Plants of this scale are not designed to ramp up and down at will," one plant operations manager said. "Operating under these conditions means you are burning more energy to produce less fertiliser, and that is a direct financial hit."
The situation has been compounded by what fertiliser company officials described as a breakdown in operational coordination. Following Ras Laffan LNG Company's force majeure invocation, gas consumption mandates have at times been communicated to fertiliser units late at night, leaving plant managers scrambling to make abrupt load adjustments.
"Sudden load variations of this nature are not practically feasible for large train-based ammonia-urea plants," another industry source said. "They risk equipment failures, plant tripping and, most critically, safety risks to operating personnel."
Several plants, sources said, were compelled to overdraw gas allocations momentarily to keep operations within safe parameters.
Also Read: Iran ready to work with IMO on Gulf safety, but Hormuz still closed to 'enemies': Official
A further complication emerged on the pricing front. GAIL informed fertiliser companies by letter dated March 15 that long-term RLNG quantities would henceforth be invoiced at multiple price points, including contract price, GAIL Pooled Price and Gazette Pooled Price, effective March 1, 2026.
The pooled price, sources noted, is provisional and subject to retrospective reconciliation under applicable government guidelines, introducing an additional layer of financial uncertainty for producers already absorbing production losses.
India is among the world's largest consumers of urea, and a sustained domestic shortfall could affect fertiliser availability ahead of the upcoming kharif sowing season, analysts noted.
As of March 19, India has a total urea stock of 61.14 lakh tonne, higher than 55.22 lakh tonne in the year-ago period.
Morning. Continued gains across ferts complex last week as supply-side concerns and geopolitical instability remain. On Fri, Int'l paper activity took a pause, while nearby Nola urea values (phys & paper) eased off having previously traded $690+. Mkts framed:
AG
Mar $660//$680
Apr $745//$765
_[Apr traded $750-$735 last week]_
May $745//$760
_[May traded $725-760 l/w]_
Cfr Brazil
Mar $635//$655
Apr $730//$780
_[Apr traded $705-735 l/w]_
May $720//$750
_[May traded $670-$680 l/w]_
Jun $620//$700
Egypt
Apr $730//$780
Nola
Phys: Prompt $683. Fh Apr $685
Paper:
Apr $683//$685- traded $690 Fri
_[Apr $640-$95 l/w]_
May $665/$690
_[May $625-$680 l/w]_
Jun $630//$645 – traded $640 Fri
_[Jun $550-$640 l/w]_
UAN Nola
Apr $480//$500
May $455//$510
DAP Nola
Mar $658//$665
Apr $675//$685
MAP Brazil
Apr $890//$920
_[Apr traded $870-$895 l/w]_
Middle East Update
23/03/26
With President Trump’s 48-hour ultimatum set to expire in the coming hours, demanding Iran reopen the Strait of Hormuz without any threat or face US strikes on its largest power plants, the market is bracing for serious volatility. Iran has so far rejected the demand and warned it will shut the strait completely while targeting energy and desalination facilities across the Gulf, which could create serious knock-on effects including damage to Saudi Aramco’s key seawater injection networks that help sustain reservoir pressure in major fields, as well as severe strain on Iraq’s power grid that relies heavily on Iranian gas imports for a large share of its electricity generation. Shipping remains badly disrupted, with transits running around 95 percent below normal levels of around 130 to 138 vessels per day; only a handful of mostly Iran-approved or linked ships are getting through, while mainstream commercial traffic stays out of the area due to repeated attacks and ongoing threats. If the US follows through with strikes, we could see rapid Iranian retaliation that pulls Sunni-led Gulf states closer to active US alignment, destabilises Iraq politically and economically, and puts heavy pressure on major buyers such as China and Turkey. The roughly 16 to 20 million barrels per day flowing through Hormuz is still under-priced in many forecasts, and Brent crude has already climbed toward multi-year highs around $110 to $113. A prolonged blockade would drive sharp further spikes, refinery run cuts in Asia, and acute product tightness. This remains classic escalation calculus, so position for rapid repricing on any strike, de-escalation, or extended blockade signal.
[Urea] On March 23, the urea industry produced 214,500 tons per day, an increase of 5,100 tons from the previous working day; compared to the same period last year, this represents an increase of 23,100 tons. The current operating rate is 91.10%, up by 6.03% from 85.07% last year.
Longzong Nitrogen Fertilizer Industry Chain Morning Briefing (March 23, 2026).
Synthesis Ammonia: The market dynamics for synthesis ammonia were varied last week. In the North, the impact of low prices and the expected resumption of operations by ammonia plants after maintenance led to a decline in trading activity. Many companies lowered their inventories and sold their products. Some ammonia plants in the South faced pressure in selling high-priced products, and downstream buyers became more cautious. It was expected that inventory would decrease temporarily, with regional adjustments in transportation being the primary focus.
Urea: The domestic urea market was stable but slightly weaker last week. Affected by various factors such as international conditions, policy regulations, raw material costs, and the dynamics of supply and demand, the market saw intensified conflicts between bulls and bears. As prices declined from their high levels, earlier artificially inflated premiums gradually receded, and market sentiment cooled, with the focus of transactions shifting downwards. It is expected that the short-term market trend will likely remain stagnant and weak.
Compound Fertilizer: Last week, domestic compound fertilizers continued to show an upward trend. Currently, the reference price for 45% S (3*15) mainstream factory prices stands at 3,250-3,450 yuan/ton. The raw material cost support remains strong, and companies are pushing up prices under pressure from costs. However, downstream acceptance at high levels is somewhat cautious, new orders are limited, and there is a focus on fulfilling earlier orders. The availability of low-end sources in the market has decreased. It is expected that the compound fertilizer market will maintain its upward trend in the short term.
Melamine: The domestic melamine market last week continued to experience significant price increases. Market capacity utilization reached its highest point of the year, negatively affecting market participants. Some within the market were concerned about the long-term trends of the market, expressing resistance to the current high prices. New orders from companies appeared to be slowing in completion. However, considering that most companies had relatively concentrated pending orders, there was a strong likelihood that prices would continue to rise. It is expected that the extent of the price increase may decrease.
Ammonium sulfate: The market for ammonium sulfate experienced moderate adjustments last week. Due to the high prevailing prices, downstream buyers were cautious. However, the unstable situation in the Middle East continued to impact international urea prices, maintaining the cost and price advantages of ammonium sulfate. With the support of hexane-grade ammonium sulfate, the enthusiasm for bidding on other by-products remained relatively strong. It is anticipated that the market will experience further upward pressure in the short term.
The fallout from the loss of a fifth of the world’s merchant ammonia volume continues to spread across international agricultural and industrial markets, with higher prices reported in all regions as suppliers scramble to source alternative cargoes.
Profercy data for 2025 ammonia shipments from the Middle East shows around 315,000t per month on average loaded at ports that require tankers to navigate the Strait of Hormuz.
Output from key export hubs in Saudi Arabia, Qatar and Iran has vanished since the start of the conflict through a combination of damage to upstream production facilities and vessels being unable to safely transit the vital waterway.
This just leaves Oman – which exported close to 45,000t per month on average last year – as the sole producer and supplier for now, with a 25,400t cargo about to head to west coast India.
The bulk of that volume was lifted from Salalah a few days ago by the Gas Ammon despite that port recently being closed for a few days due to damage from a missile strike that hit port infrastructure.
The balance is now under loading at Sur – around 1,000km north of Salalah – and supplier OQ Trading is understood to be planning to another delivery to India from the Sultanate before the end of the month.
With the taps almost turned off on supply from the Middle East, buyers and traders are increasingly looking for tonnes in Southeast and Northeast Asia, two regions that have enjoyed relatively abundant supply of late.
Chinese exports this January and February increased substantially year-on-year to around 125,000t from nearly 75,000t in the first two months of 2025, according to Profercy data.
Over the same period, Indonesian liftings – some of which went to domestic customers – came to nearly 300,000t, up 10% year-on-year. They included spot cargoes for Mexico, Morocco and Europe.
Leading producers and offtakers both there and in Malaysia are heard seeking up to $550pt fob (free on board) for April spot cargoes, an increase of 15-20% on last done.
Such a target suggests next spot business into India will be concluded above the $600pt cfr (cost and freight) threshold, especially given higher bunkering and insurance costs triggered by the Iran conflict have forced up freight rates worldwide.
Southeast Asia supply very healthy
Term material from Indonesia is currently heading to buyers in India and Northeast Asia, two regions that regularly receive Saudi contact cargoes from manufacturing majors Maaden and Sabic Agri-Nutrients.
Maaden had planned to load 200,000t this month, versus 155,000t in February and 100,000t in January, following the late January restart of one of its three 1.1m. tonne/year plants after several months of unscheduled maintenance.
However, only one of those plants is now heard to be running, albeit for phosphate production, with the other two units understood to be undergoing planned turnarounds that have been brought forward from later in the year.
Given the recent shortage of ammonia carriers, it would not be a surprise if Maaden was to let other players use some of its tankers until its vessels, most of which are outside the conflict zone, can return to load in the Kingdom.
In the West, the supply situation is in far better shape, with the first export cargo from Woodside Energy’s new 1.1m. tonne/year plant in Texas expected to comprise around 25,000t and to load as early as this weekend.
Together with the imminent return to operation of the Gulf Coast Ammonia (GCA) facility along the coast of the Lone Star state, the new capacity should help solve some of the headaches facing players exposed to the turmoil in the East.
Indeed, the only confirmed spot fob price this week – involving a 15,000t purchase by Trammo from Algeria’s Sorfert for April loading – came in slightly below the netback from a recent sale into Northwest Europe from Algeria by another player.
Trammo also sold cfr cargoes into the UK and Norway, with both deliveries originating from manufacturers in the Americas.
In addition, the supplier has been linked with a string of spot sales into Turkey from North Africa and Louisiana.
Buyers in Turkey busy in spot market
Turkish buyers were heavy users of Iranian ammonia prior to the conflict, with several vessels that performed those deliveries now sanctioned by US authorities.
However, Turkey remains a popular outlet for Russian material from the Baltic, although no new sales from there for Q2 arrival have yet been heard.
Assuming the healthy supply scenario in the West continues, price pressure is likely to be determined by capacity curtailments, if any, at European producers who are suffering from rising natgas costs.
Midweek natgas prices reflected $750pt ex-works for ammonia and $550pt ex-works for urea for an efficient plant. Those numbers exclude emissions costs.
The ex-works price for ammonia is roughly in line with latest offshore values, albeit buyers face the added cost hurdle of the European Union’s Carbon Border Adjustment Mechanism (CBAM) that came into force at the start of the year.
With further business for April and May expected to emerge by the end of this month, price direction is expected to remain divided along geographical lines for as long as the Middle East conflict continues.
However, the ammonia market is nothing but not resilient, with players having gained valuable experience of supply shocks amid the start of the ongoing conflict in Ukraine that removed around a fifth of the world’s merchant volume almost overnight.
Iran is ready to let Japanese-related vessels pass through the Strait of Hormuz, a vital artery for global oil supplies, Kyodo news reported, citing Iranian Foreign Minister Abbas Araqchi.
Tehran has started talks with Tokyo about possibly opening the strait, Araqchi told the Japanese news agency in a phone interview on Friday.
Japan's foreign and trade ministries and the Prime Minister's Office did not pick up calls from Reuters on Saturday seeking comment on the report.
Japan gets around 90% of its oil shipments via the strait, which Tehran has largely closed during the U.S.-Israeli war on Iran. A spike in global oil prices sparked by the war, which enters its fourth week on Saturday, has prompted Japan and other countries to release oil from their reserves.
U.S. President Donald Trump met Japanese Prime Minister Sanae Takaichi on Thursday, urging her to "step up" as he presses allies – so far unsuccessfully – to send warships to help open the strait.
Takaichi told reporters after the Washington summit that she had briefed Trump on what support Japan could and could not provide in the strait under its laws.
Japan's actions are limited under its postwar pacifist constitution, but 2015 security legislation allows Japan to use force overseas if an attack, including on a close security partner, threatens Japan's survival and no other means are available to address it.
CL, a leading global specialty minerals company, has unveiled a new specialty fertilizer production … Read More: https://www.indianchemicalnews.com/fertilizer/icl-opens-major-fertilizer-plant-in-india-amid-global-supply-crisis-29747