Public Re-Announcement No. (MP/S/2025/15)
For the Sale of Sulphur Product on an (EX-works) Basis
The Oil Marketing Company (SOMO), one of the formations of the Ministry of Oil of the Republic of Iraq, hereby announces the Public Announcement for the sale of Sulphur Product on an (EX-works) basis, for North Gas Company, for exportation through the available border outlets. Therefore, all Iraqi, foreign, and Arab companies wishing to participate in the above-mentioned public announcement shall submit their offers in accordance with the following rules and conditions:
First: General Rules
A. For Iraqi Companies and Foreign and Arab Companies Having a Branch Inside Iraq:
The submitted offer shall be unconditional and valid for a period not less than (45) days from the closing date mentioned in Paragraph (7) below. The offer shall be printed on the official letterhead of the company, duly signed and sealed, including the company address, telephone numbers, and email, and shall state the name and signature of the offeror and his official title in the company, which shall be one of the following designations:
Chairman of the Board of Directors of the company.
Chief Executive Officer of the company.
Authorized Managing Director of the company.
The following information shall be specified in the offer:
a. The required quantity in metric tons.
b. The price discount or price premium in U.S. Dollars per metric ton from the officially announced price (in accordance with Paragraph 3 below / Pricing Formula). It shall be typed in numbers and words, and the writing shall be clear, free of erasures and corrections. Any correction must bear the signature of the bidder and the company seal.
c. The export outlet.
B. For Foreign and Arab Companies That Do Not Have a Branch Inside Iraq:
Foreign and Arab companies not registered in Iraq (having no branch inside Iraq), for the purpose of submitting their price offers, are required to authorize an Iraqi company inside Iraq (the Transporting Company) to be responsible for implementing all the procedures required for the export of the product and to bear full responsibility for obtaining security approvals, storage, packaging, and delivering the product to the purchasing (importing) entity, provided that the authorization is issued through an official letter duly signed by the foreign company.
The submitted offer shall be unconditional and valid for a period not less than (45) days from the closing date mentioned in Paragraph (7) below, indicating the name and signature of the offeror and his official title in the company, which shall be one of the following designations:
Chairman of the Board of Directors of the company.
Chief Executive Officer of the company.
Authorized Managing Director of the company.
An authorization letter addressed to the Iraqi company (the Transporting Company) issued by the authorizing company (the foreign or Arab company having no branch inside Iraq) in case the offer is submitted by the Iraqi company on behalf of the foreign or Arab company.
The following information shall be specified in the offer:
a. The required quantity in metric tons.
b. The price discount or price premium in U.S. Dollars per metric ton from the officially announced price (in accordance with Paragraph 3 below / Pricing Formula). It shall be typed in numbers and words, and the writing shall be clear and free of erasures or deletions, and any correction shall bear the signature of the bidder and the company seal.
c. The export outlet.
2. The Contractual Documents to be Attached with the Offer
First: For Iraqi Companies and Foreign and Arab Companies Having a Branch Inside Iraq:
a. Initial Performance Bond: In the form of a certified cheque issued by one of the banks licensed and authorized by the Central Bank of Iraq (except for the banks listed in Annex No. 1), or a cash deposit in U.S. Dollars in the current account of the Oil Marketing Company No. (0002-003946-002) opened with the Trade Bank of Iraq (TBI), or by a Bank Guarantee issued by one of the banks licensed by the Central Bank of Iraq (except for the banks listed in Annex No. 1) after appearing on the electronic platform of the Central Bank of Iraq, provided that the guarantee shall be unconditional and valid for (90) days in favor of the Oil Marketing Company.
The amount of this Initial Performance Bond shall be a fixed value equal to (1%) of the estimated value of the required quantity to be contracted by the offering company out of the total quantity mentioned in Paragraph (Second: 1-Quantities) and based on the monthly average price of the product as published in Argus Sulphur bulletin under the title (Sulphur Prices / Contract – Monthly / Quarterly) for December / 2025, amounting to (495) USD/ton.
This guarantee shall be forfeited in case the company fails to conclude the contract after being officially notified of the award by letter and after being formally warned to sign the contract within (15) days from the date of the warning without a legitimate excuse.
The email shall be considered an official means of notification and shall be deemed as a notarial warning binding with all its legal effects.
The Initial Performance Bonds shall be returned to the remaining participants whose offers are not awarded.
The buyer, before signing the contract within the aforementioned period, shall complete the guarantees to an amount equivalent to (5%) of the estimated total contract value, which represents the Final Performance Guarantee, to be submitted by a Bank Guarantee issued by one of the banks licensed and authorized by the Central Bank of Iraq (except for the banks listed in Annex No. 1) after appearing on the electronic platform of the Central Bank of Iraq, provided that the guarantee shall be unconditional and valid for (90) days after the contract validity period ends.
The Bank Guarantees issued or extended at their expiry dates shall be accepted if issued by banks licensed by the Central Bank of Iraq (except for the banks listed in Annex No. 1) and appearing on the electronic platform, based on the Central Bank Circular-Banking Supervision Department No. 9/3/282 dated 5/10/2020.
b. Company Documents: Certificate of Incorporation, Articles of Association, and Memorandum of Association of the Iraqi company, indicating the nature of the company's business (activity), provided that such activity includes specifically the export of petroleum products or general trade, together with the business license, and listing the names of the founders, their addresses and telephone numbers, and the address of the Managing Director, company lawyer, and certified accountant, including copies of their residence cards and telephone numbers.
c. Ration Card: A letter issued by the Ministry of Trade confirming the suspension of the ration card for the offeror in case he holds Iraqi nationality.
d. Experience: Companies wishing to deal with the Oil Marketing Company shall submit evidence of previous similar experience in the field of import and export of petroleum products.
e. Tax Clearance: A letter confirming tax clearance issued by the General Commission for Taxes in Iraq, valid during the year 2026 (Arabic text) / 2025 (English text).
f. Social Security: A letter confirming the inclusion of the company's employees under the provisions of the Labor and Social Security Law, issued by the Department of Pension and Social Security for Workers.
g. Company Profile: The commercial profile of the company's activity including its capital, current account, and bank account number in Iraq (for companies that have not previously dealt with SOMO), together with a copy of the audited final financial statements for the last two years.
h. Financial Competency: A Financial Competency Certificate authenticated by a reputable financial institution, or a Financial Capability Letter issued by one of the licensed banks with its digital reference (QR) confirming its registration on the Central Bank's digital platform for financial capability letters and financing plans, provided that the company's minimum capital shall be (2) billion Iraqi Dinars, consistent with the audited financial statements of the company for the last two years.
i. Power of Attorney: An original, recent, and notarized Power of Attorney in case the offer is submitted by an authorized representative on behalf of the Iraqi company.
j. Tender Document Receipt: A copy of the receipt confirming the purchase of the tender documents for the sale of the above-mentioned product.
k. Signing and Stamping: All pages of the submitted offer shall be signed and stamped by the Managing Director, and the owner of the company shall be responsible for the submitted tender documents.
l. Submission Method: The offers shall be submitted in sealed and stamped envelopes, clearly bearing the name and number of the announcement, and shall be placed exclusively in the Tender Box located at the headquarters of the Oil Marketing Company. Offers submitted outside the Tender Box shall not be accepted.
m. Branch/Account Proof: Competing foreign and Arab companies having a branch inside Iraq shall submit, along with their offers, documents confirming the existence of a registered branch inside Iraq or bank accounts in Iraq.
Second: For Foreign and Arab Companies That Do Not Have a Branch Inside Iraq:
a. Initial Performance Bond: In the form of a certified cheque issued by one of the banks licensed and authorized to operate by the Central Bank of Iraq (except for the banks listed in Annex No. 1), or a cash deposit in U.S. Dollars in the current account of the Oil Marketing Company (SOMO) No. (0002-003946-002) opened with the Trade Bank of Iraq (TBI), or through a Bank Guarantee issued by one of the banks licensed by the Central Bank of Iraq (except for the banks listed in Annex No. 1) after appearing on the electronic platform of the Central Bank of Iraq, provided that the Bank Guarantee shall be unconditional and valid for (90) days in favor of the Oil Marketing Company (SOMO).
These Initial Performance Bonds shall be in a fixed amount equal to (1%) of the estimated value of the quantity requested for contracting by the bidding company, from the total quantity mentioned in Paragraph (Second: 1 Quantities), and based on the monthly average price of the product as published in the Argus Sulphur Bulletin under the title (Sulphur Prices/Contract-Monthly / Quarterly) for December/2025/amounting to (495) USD/ton.
These guarantees shall be forfeited in the event that the company fails to conclude the contract after being notified of the award by letter and after being formally warned to sign the contract within (15) days from the date of the warning without a legitimate excuse.
The email shall be deemed an official means of notification and shall be considered as a notarial warning binding with all its legal consequences.
The Initial Performance Bonds shall be returned to the other participants whose offers were not awarded.
The buyer shall, before signing the contract within the aforementioned period, complete the mentioned guarantees to an amount equivalent to (5%) of the total estimated value of the contractual quantity, which shall represent the Performance Bond, to be submitted through a Bank Guarantee issued by one of the banks licensed and authorized to operate by the Central Bank of Iraq (except for the banks listed in Annex No. 1) after appearing on the electronic platform of the Central Bank of Iraq, provided that the guarantee shall be unconditional and valid for (90) days after the expiry date of the contract.
Bank Guarantees issued or extended upon their maturity dates shall be accepted if issued by banks licensed to operate by the Central Bank of Iraq (except for the banks listed in Annex No. 1) after appearing on the electronic platform, based on the Circular of the Central Bank of Iraq – Banking Supervision Department No. 9/3/282 dated 05/10/2020.
b. Certificate and Profile: Certificate of Incorporation of the foreign company and the Commercial Profile (Company Profile) of the company's activity, including its capital, along with a copy of the audited final financial statements for the last two years, provided that the minimum capital of the company shall be (2) billion Iraqi Dinars or its equivalent in U.S. Dollars, and that it shall be consistent with what is submitted in the company's audited financial statements for the last two years (2023, 2024).
c. Experience: Companies wishing to deal with the Oil Marketing Company (SOMO) shall submit evidence of similar previous experience in the field of import and export of petroleum products.
Additional General Conditions
The contract shall be subject to the currently effective Iraqi laws and regulations, as well as any future laws and regulations issued during the validity period of the contract, and such laws and regulations shall be considered an integral part thereof.
The Oil Marketing Company (SOMO) shall not be obligated to accept the lowest price discount, nor to state the reasons for non-award.
The Oil Marketing Company (SOMO) reserves the right to disregard the offers submitted by companies that have failed to perform their previous contracts with it.
The contracting company shall undertake in writing to bear full responsibility, including all legal and financial consequences, resulting from failure to execute the contract in the event it is unable to secure an export outlet, as this shall be considered the responsibility of the purchasing company.
The technical and commercial offers shall be sent in PDF format protected by a password to the following email address: mp.offer@somooil.gov.iq no later than 12:00 noon on the closing date of 14/01/2026.
The password shall be sent to the email address (info@somooil.gov.iq) on the closing date of 14/01/2026 between 12:01 p.m. and 1:00 p.m..
The submission of offers shall start on 04/01/2026 corresponding to Sunday and shall continue until 12:00 noon Baghdad local time on Wednesday corresponding to 14/01/2026. Offers submitted after the closing time and date shall be disregarded, and if the closing day coincides with an official holiday, the closing date shall be postponed to the next working day.
The company/companies awarded the contract shall bear the costs of publication and advertisement in local newspapers or international institutions in proportion to the contracted quantity.
In case of any inquiry regarding this announcement by companies intending to submit their bids, such inquiries shall be made via the email of the Oil Marketing Company (info@somooil.gov.iq).
The bidding companies shall notify the Oil Marketing Company of any change occurring in the company's address stated in the bid within seven (7) days from the date of such change.
The Oil Marketing Company (SOMO) reserves the right not to award more than one contract under the same announcement to companies that share the same shareholders, board members, executive directors, or authorized managers. SOMO also reserves the right not to award more than one contract in cases where the aforementioned persons also act as authorized representatives for other companies.
The Oil Marketing Company (SOMO) reserves the right not to award the contract in case of non-competitive offers, or to cancel the announcement without compensating the bidding companies. Such decision shall be final and binding on all participants in the announcement.
The bidding companies shall commit to submitting all the required documents stated in the above-mentioned paragraphs along with their bids.
Second: Special Rules for the Export of the Product
1. Quantities
a. The total quantity of the Sulphur Product on basis EX-WORK from North Gas company is (625,000 \pm 10\% Ton), as shown below:
| Quantities | Ton |
|—|—|
| Daily Quantity \pm 10\% | 1,736 |
| Monthly Quantity \pm 10\% | 52,080 |
| Total Quantity \pm 10\% | 625,000 |
b. It shall be permissible to load quantities exceeding the monthly quantity provided that financial coverage is available.
c. The contractual quantities mentioned above shall have an operational tolerance of \pm 10\% for operational purposes only.
d. The above-mentioned quantities are subject to increase or decrease depending on product availability and performance of the second party, and in accordance with the option of the first party (SOMO).
e. In the event that the above contractual quantities are not available due to reasons attributable to the first party, the contract execution ratios shall be calculated on the basis of nominated and loadable quantities according to production plans and product availability.
f. The contracting entity shall have the right to award to more than one shortlisted bidder, provided that the quantity awarded to the bidder with the best price offer shall be double the quantity awarded to other competitors, according to the requirements of the marketing process.
2. Specifications
The laboratory specifications of the Sulphur Product on ex-work basis from North Gas company in lumps form are as shown below:
| TEST | Test Result |
|—|—|
| Physical form | Solid |
| Purity Wt% | 99.9857 |
| Organic Ash wt% | 0.0059 |
| Inorganic Ash wt% | 0.0084 |
| Acidity wt% | 0.0036 |
| Moisture wt% | 0.047 |
| Appearance | Texas Bright Yellow |
3. Pricing Formula
a. The price per metric ton of Sulphur Product, North Gas Company (on EX-Works basis) shall be based on the average product prices of the three exporting countries (Qatar, UAE, Kuwait) as published in the Argus Sulphur Bulletin under the title (Sulphur Prices / Contract – Monthly / Quarterly) for the month in which loading takes place, minus the price discount or plus the price premium determined by the bidder for competition purposes, expressed in USD per ton, as shown in the following formula:
b. The seller (Oil Marketing Company SOMO) shall have the right to review and amend the pricing formula whenever necessary, in accordance with market conditions.
4. Payment
First: For Iraqi companies and foreign and Arab companies that have a branch inside Iraq:
The Buyer shall open an internal letter of credit (L/C) in Iraqi Dinars (IQD) equivalent to the price in foreign currency (U.S. Dollars at the official exchange rate), opened through any bank approved by the Central Bank of Iraq (CBI), provided that it shall be confirmed and notified to us through the Trade Bank of Iraq (TBI). The bank account number opened with the Trade Bank of Iraq in Iraqi Dinars is (0002-003946-001).
Second: For foreign and Arab companies that do not have a branch inside Iraq:
a. The Buyer shall deposit the estimated financial amounts for the nominated monthly quantities in advance through one of the following methods:
By a Letter of Credit (L/C) issued by a reputable and CBI accepted foreign bank (outside Iraq only), provided that such L/C shall be confirmed by the Trade Bank of Iraq (TBI) or by any other bank acceptable to the Central Bank of Iraq, and the advising bank shall be the Trade Bank of Iraq (TBI) exclusively. Documents exchange shall be conducted with the TBI or any other bank acceptable to the CBI.
Or by means of an inward bank transfer from outside Iraq in U.S. Dollars to the account of the company contracting with SOMO inside Iraq, and subsequently deposited into the account of SOMO opened with the TBI, Baghdad Branch, Account No. (0002-003946-002).
This mechanism shall be executed through banks accredited by the Central Bank of Iraq (attached in Annex No. 2).
b. The Seller (SOMO) shall not be obligated to issue a Loading Order unless notified that the entire monthly liftable quantity has been covered financially. Any delay and costs resulting therefrom shall be borne by the Buyer.
c. The Buyer shall cover the value of the last shipment and submit a request to issue a Loading Order for it 15 (fifteen) days before the contract expiry date. The First Party shall issue the Loading Order 10 (ten) days before the contract expiry date; otherwise, the First Party shall not be obliged to issue it.
d. The Buyer shall comply with the following conditions when depositing the amounts under the L/C:
The validity period of the L/C shall extend two months beyond the shipment expiry date.
The First Party shall withdraw from the deposited amounts for each quantity loaded in Iraqi Dinars within (25) days of the month following the loading month.
The First Party shall withdraw from the L/C in U.S. Dollars for each quantity loaded within (25) days of the month following the loading month, upon submission of the Quantity Certificate and Commercial Invoice issued by the First Party to the TBI.
e. The Buyer shall bear all costs related to the deposit of amounts covering the contractual quantities.
f. The Buyer shall bear all expenses for opening, confirmation, and advising of the L/C, as well as any other costs related to the L/C or cheque, inside or outside Iraq.
g. If the payment due date falls on a Saturday or a bank holiday (other than Monday), payment is made on the previous banking business day. If it falls on Sunday or Monday coinciding with a holiday, payment is made on the following banking business day.
5. Contract Period
a. The contract period shall be one year (12 months), extendable by mutual agreement, depending on the Buyer's performance rate and product availability.
b. Supply interruptions attributable to the Seller (SOMO) shall be added to the contract duration.
c. The First Party reserves the right to renew the contract if justified to achieve a better price.
d. The buyers or authorized Iraqi transport companies shall complete all requirements (security clearances, deposits, Loading Order, logistics) within a maximum of one (1) month from the effective date of the contract. Failure to do so results in forfeiture of the Performance Bond.
6. Performance and Guarantee Conditions
a. The Buyer must submit a Performance Bond equal to (5%) of the contract value prior to signing.
b. The Performance Bond is returned after deducting 1.5% as marketing commissions, as follows:
If the Buyer loaded 75% or more of the contractual quantity.
If the Buyer complied with all other contractual conditions.
If the First Party is unable to provide the full quantity, the ratio is calculated based on loadable quantities.
c. An amount is deducted proportionate to loading if between 25% and 75%, at a rate of 2% of the Bond for each 1% of the un-lifted quantity.
d. A 1.5% deduction is made as marketing commissions.
e. Paragraph (d) doesn't apply if the entire Bond is forfeited.
f. The entire Performance Bond is forfeited if the loading percentage is 25% or less.
g. The Buyer cannot claim forfeited amounts or initiate legal action concerning them.
h. Additional quantities must be covered by additional Performance Bonds equal to (5%).
i. The contract is not settled nor the Bond released until clearance certificates are received from the Workers' Pension and Social Security Department and the General Commission for Taxes.
j. The Buyer can convert the Bank Guarantee into a cash deposit if it fails to obtain clearance within (90) days from the contract expiry date.
k. Refunds are transferred exclusively to the Buyer's own bank accounts.
l. The Buyer is responsible for monthly reconciliations; otherwise, it bears all financial consequences.
7. Loading
a. The Buyer must use designated trucks compliant with safety and environmental certificates; otherwise, SOMO may reject them.
b. Product is transported through available border outlets.
c. Loading occurs during regular hours (including Friday/Saturday), but can continue outside hours upon coordination.
d. Quantities are measured based on bridge scales at loading sites; this is final and binding. SOMO is not responsible for claims once the representative signs the documents.
e. Procedures are determined by relevant specialized companies.
f. Buyer must appoint a permanent representative at the loading site to supervise and sign documents.
g. Contracting companies are responsible for truck safety and must designate a security officer.
h. Buyer is responsible for driver actions (including forgery) and legal/financial consequences.
i. Tax settlement certificate must be submitted immediately after signing for security clearances.
j. SOMO will facilitate loading procedures and truck movement.
k. SOMO can cancel the contract and forfeit the Bond if negative security indicators emerge or for activities violating international laws in Iraqi waters.
l. Buyer shall not engage in smuggling (Law No. 41 of 2008 applies).
m. Buyer must provide all necessary equipment (crushing/loading machinery) and bear all related costs.
n. Southern (Maritime) Outlet requirements:
Full compliance with Iraqi Port Authority instructions.
Trucks loading from North Gas Company must be the same trucks unloading into the vessel; transfer between trucks is prohibited except in accidents with SOMO approval.
Nominated vessels must meet IMO and P&I Club standards and be equipped with GPS (per National Security Council Decision No. 21 of 2020). Disabling GPS is prohibited.
Buyer is responsible for providing unloading/transfer berths at Iraqi ports.
8. Special Conditions
a. Government debts collected under Law No. 56 of 1977.
b. SOMO warnings to defaulting companies have full legal effect.
c. Companies failing to execute quantities will be blacklisted.
d. Buyer must organize a comprehensive in-person workshop for five (5) SOMO employees on global oil market strategies and bear all costs.
e. Clauses may be amended by mutual agreement via a Contract Addendum.
f. Buyer pays 10 million IQD (if contract > 1 billion IQD) to the Ministry of Agriculture for afforestation projects.
g. Buyer must comply with environmental laws and bears all pollution costs.
h. Ownership/Risk: Transfer to Buyer upon loading and signing of documents.
i. Security: Circumstances are not an excuse for non-performance.
j. Representative: Must be appointed via a notarized power of attorney.
k. Export License: Awarded companies obtain it from the Ministry of Trade through SOMO's electronic window. For foreign companies without a branch, it is issued in SOMO's name.
Appendix No. 1: List of Disqualified (not Accepted) Banks
Mosul Bank for Development and Investment
Parsian Bank
Bank Melli Iran
Al Wiid Islamic Bank for Investment and Development
Islamic Cooperation Investment Bank
Intercontinental Bank of Lebanon
BLOM Bank
VakıfBank
Bankmed SAL
Fransabank
North Bank for Finance and Investment
Babylon Bank
Dar Es Salaam Investment Bank
Tigris and Euphrates Bank for Development and Investment
Warka Bank for Investment and Finance
Islamic National Bank
United Bank for Investment
ECONOMY BANK FOR INVESTMENT AND FINANCE
Elaf Islamic Bank
ATAA Islamic Bank (formerly Al-Bilad)
Union Bank of Iraq
Zain Al-Iraq Islamic Bank
AL Mal Islamic Investment Bank
Potash import data for January-February 2026
Fertilizers are easy to obtain
Fertilizers are easy to obtain
Fertilizer Easy Access Fertilizer Price Information
March 18, 2026
According to Chinese customs statistics, in February 2026, 1.55 million tons of potassium chloride were imported, an increase of 30,000 tons month on month, an increase of 38.1% year on year. From January to February, a total of 3.07 million tons of potassium chloride were imported, an increase of 32.7%.
South pars has field
Morning. Against backdrop of higher phys sales (Egypt, Baltic, Nigeria), Int'l paper saw Apr/May AG trade up $20-$15 from last done, with values found $750-$740. In Nola Urea, buyers came in on Mar/FH Apr barges as values moved up to $650. Mkts framed:
AG
Mar $660//$680
Apr $730//$744 – traded 735
May $712//$725 – traded $720
Cfr Brazil
Mar $635//$655
Apr $690//$720
May $660//$710
Egypt
Apr $715//$770
Nola
Phys: Mar traded $645, $647; FH Apr $640-$650; Apr $640
Paper:
Mar $617//$625 – traded $620
Apr $643//$650 – traded $640
May $625//$635
Jun $545//$560
Brazil Amsul
Mar $250//$275
UAN Nola
Apr $425//$460
May $410//$425
DAP Nola
Mar $640//$656
Apr $655//$670
MAP Brazi
Mar $765/$810
Apr $850//$895
Hello, hope you have been okay. Just back to work today and catching up on urea updates.
-Malaysia sold 12,000-15,000 tonnes of granular urea at $750/tonne FOB for April
-Nigeria sold 30,000 tonnes at 700 FOB for H1 April
-In Egypt from earlier in the week, MOPCO sold 10,000 tonnes at 710 FOB and Helwan did 8,000 tonnes in the 720s FOB, all for April.
-In Brazil, 15,000 tonnes of granular urea done at 700 CFR
-Nola firm, US government allows imports of Venezuelan product
-Looks like the next Indian tender is delayed, but need to check further
-Disruptions continue in AG, Iran running urea and ammonia production but no demand for product
Please let me know if I missed anything or if you are seeing something different, thank you!
Direct Hedge – Atualização Diária do Mercado de Fertilizantes
Quarta-feira, 18 de março de 2026
Os mercados permanecem firmes, com negócios no Báltico concluídos a US$650 FOB. Os níveis em Nola também aumentaram, enquanto os valores no Brasil continuam subindo, com negócios físicos recentes reportados a US$700 CFR. Compradores brasileiros estão cada vez mais migrando para sulfato de amônio à medida que a ureia se torna mais cara. A oferta global permanece restrita, com disrupções em várias regiões sustentando preços mais altos.
Derivativos/Papel
Mercados Internacionais
Ureia Golfo Árabe (FOB) – último índice 700 (+137,5)
– Mar: US$640 / US$700 →
– Abr: US$730 / US$760 →
– Mai: US$720 / US$750 ↑
Ureia Egito (FOB) – último índice 687,5 (+102,5)
– Mar: US$650 / US$720 →
– Abr: US$670 / US$750 →
Brasil
Ureia Brasil (CFR) – último índice 627,5 (+127,5)
– Mar: US$610 / US$630 →
– Abr: US$690 / US$710 →
– Mai: US$550 / US$650 →
Sulfato de Amônio Brasil (CFR) – último índice 260 (+22,5)
– Mar: US$240 / US$270 →
– Abr: US$240 / US$280 →
MAP Brasil (CFR) – último índice 795 (+60)
– Mar: US$740 / US$820 →
– Abr: US$850 / US$900 ↑
Mercados EUA (NOLA)
Ureia NOLA (papel)
– Mar: 605 / 620 ↑
– Abr: 640 / 650 →
– Mai: 620 / 630 →
DAP NOLA (papel)
– Mar: 630 / 640 →
– Abr: 650 / 660 →
– Mai: 640 / 655 →
UAN NOLA (papel)
– Mar: 395 / 410 →
– Abr: 440 / 460 ↑
– Mai: 430 / 450 ↑
Físico: Se tiver interesse em fertilizantes físicos, contacte-nos.
Trabalhando atualmente: Nós iremos informá-lo.
China Domestic market:
Market analysis for today.
The current domestic urea market situation remains relatively weak, with prices gradually approaching the factory price level. The market is currently in a state of temporary stalemate, awaiting fluctuations in factory prices in the near future. Based on fundamental factors, including the implementation of greening fertilizers and the impact of stockpiling and releasing products, there is a possibility that some factory prices may experience slight fluctuations in the near term. Subsequently, influenced by market sentiment and an increase in new contract sales, the market will once again experience fluctuations.
Tuesday, 17 March 2026 (Acerto)
UREA
Nigeria: Dangote has sold a spot cargo of 30,000t of granular urea at $700/t FOB Lekki for 1H April shipment to an open destination.
The Snapshot
Australian agriculture has effectively reached the A$100bn production milestone, several years ahead of the 2030 target.
Much of the growth came from good seasons, higher global commodity prices, and inflation, rather than structural industry change.
Farm costs have risen sharply, reaching about A$79bn, leaving roughly A$22bn in margin within the farm sector.
The A$100bn target measures the size of the industry, but not necessarily farmer profitability.
Future targets should place farmers at the centre, focusing more on margins and value kept on farm rather than just production growth.
Last week, the fireworks and champagne were flowing as Australian agriculture exceeded its A$100 bn target, well ahead of its 2030 target. The question we have is: was it the right target? More importantly, what should the next target be, and how do we put the farmer at the centre of the target?
ABARES now forecasts the gross value of agricultural production will reach around A$101 billion in 2025/26, effectively crossing the long-discussed A$100 billion mark several years ahead of the original 2030 timeframe. This is
The $100 billion agricultural sector served as a simple benchmark for growth. It was an easy number to communicate and to measure. The gross value of agricultural production is published regularly and provides a clear snapshot of the sector’s size in any given year.
Now that the industry is effectively there, the more interesting question is what the next benchmark should look like.
The story behind the A$100bn milestone helps explain why the target has been reached earlier than many expected. When the idea gained traction in the late 2010s, Australia’s agricultural output was sitting at roughly A$60bn. Doubling that figure within a decade sounds ambitious, but the longer-term trend showed we would largely get there based on historical movements.
We can see this in the period prior to the target setting. In the mid-1990s, the gross value of agricultural production sat at around A$24bn. By the early 2000s, it had climbed into the A$35–40bn range. By the mid-2010s, it was approaching A$55bn, and by the late 2010s, it had surpassed A$60bn. Agriculture has been expanding for decades. The target did not create that growth, but it provided a convenient reference point for discussing it.
Article content
Several factors then accelerated the rise in production values during the past five years. All of which were factors outwith the control of the government, farmers, and the organisations that represent the industry.
The first was seasonal conditions. Huge chunks of the Australian wheatbelt and pastoral regions experienced exceptionally heavy rainfall during the La Niña years, producing record grain harvests and robust pasture growth. Higher volumes alone pushed production value upward.
The second driver was global commodity prices. Agricultural markets strengthened following major supply disruptions, particularly after Russia’s invasion of Ukraine.
The third factor was inflation across commodity markets more broadly. When prices rise, the value of production rises even if the underlying physical output changes only modestly. A tonne of wheat worth A$350 contributes more to the production total than the same tonne worth A$200.
These factors have driven the gross value of Australian agriculture sharply higher. Production reached A$72bn in 2020/21, jumped to A$88bn in 2021/22, and climbed further to about A$94bn in 2022/23. Even with some easing in prices and seasonal conditions since then, agriculture has gone on to exceed A$100bn.
But while the headline number tells us how large the agricultural sector has become, it tells us far less about its profitability.
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Alongside the rise in production value has been a dramatic increase in farm costs. In the mid-1990s, total farm costs were roughly A$24bn, almost identical to the value of production. As the industry expanded, costs rose steadily as well. By the mid-2000s, they had climbed above A$30bn, and by the mid-2010s, they were approaching A$45bn.
The rise since 2020 has been exceptional and may have more to play out with the current Middle Eastern crisis. Fertiliser prices rose due to the war in Ukraine, interest rates have risen, machinery costs make Ferraris seem cheap, and the cost of labour has gone up (along with pretty much everything else)
Whilst grain prices have retreated, production costs are still elevated, risking future cost-price squeezes. Estimates suggest farm costs could approach A$79bn in 2025/26, showing that a large share of the increase in agricultural production value has been absorbed by rising input costs.
This creates an important distinction between the industry’s size and the returns it generates.
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When production reaches A$101bn, but costs sit close to A$79bn, the surplus staying within the farm sector is closer to A$22bn. I’d rather have an A$75bn target, with A$30bn staying in farmers’ bank accounts.
Seen from that perspective, the A$100bn milestone is significant as a measure of scale, but it does not necessarily tell us whether agriculture has become dramatically more profitable.
There is talk of the industry setting another benchmark for the next decade, and whilst last time they went to a Big Four consultancy to develop their plan, I have ruminated on what the target should be, and I have three suggestions for how the industry should measure its success.
Option 1 – $50 Billion Net Farm Margin
This would measure the difference between gross agricultural production and total farm costs.
Based on current estimates:
Production: A$101bn
Farm costs: A$79bn
Net margin: A$22bn
A future target could be A$50bn in net farm margin by the end of the decade, which would be ambitious and also reflect farmers’ financial health.
The advantage of this measure is that it focuses directly on profitability. It reflects the money left in the farm sector after costs are paid, providing a clearer picture of the industry’s economic health. The drawback is that some may think the target is falling from A$100bn, so they would require an explanation to those not paying attention.
Option 2 – Farmers Retain 30% of Production Value
This option focuses on the share of agricultural value that stays with farmers after costs are paid. Rather than measuring the sector’s total dollar margin, it measures how much of every dollar generated by agriculture stays on the farm.
Unlike Option 1, which measures the total margin in dollars across the farm sector, this approach measures the proportion of industry value that farmers keep. Based on current estimates, farmers keep around 20% of the total production value after costs. A future target could aim to lift that share to 30%.
The advantage of this approach is that it focuses on value capture within the agricultural system, encouraging improvements in productivity, cost control and supply chain efficiency. The drawback is that the percentage can move from year to year as commodity prices and input costs fluctuate. While it may offer a clearer view of industry health, “30% of production value” is also less intuitive and frankly less sexy for a press release.
Option 3 – $150 Billion Production Target
This would be the natural successor to the $100bn production target.
The advantage of this approach is that it is simple, easy to communicate and straightforward to measure each year. The drawback is that production costs can rise due to inflation, exchange rates, or commodity price cycles, meaning the headline number can grow even if underlying farm profitability does not improve.
This production target carries the same limitation as the A$100bn goal. It measures the size of the sector but says little about its health. It also ignores the cost of farming, which has become one of the most important issues facing producers.
Australian agriculture will likely continue to grow in scale in the years ahead, as it has done over recent decades. The question is whether future benchmarks should focus purely on the size of the industry or on the economic strength of the farms that underpin it.
The A$100 billion milestone shows how large Australian agriculture has become, but it was always a measure of the industry rather than the financial health of the farmers within it. Gross production captures the total activity across the agricultural system, but it does not tell us whether farmers themselves are becoming more profitable.
As the industry begins to think about the next benchmark, the focus should shift. The next target should place farmers firmly at the centre, recognising that a successful agricultural sector is ultimately defined not just by how much it produces, but by whether the people producing it are financially stronger as a result. We need to focus more on margins than on productivity.
Tuesday, 17 March 2026 (Acerto)
SSP/SOP
Egypt: NCIC has issued awards under its latest tender as follows:
– SSP: 25,000t at $335/t fob;
– SOP: 1,200 at $620–630/t exw.
Shipment with 20 days from today.
Morning. Int'l paper saw price discovery on May AG y'day, with value found at $725. On Nola Urea, Mar barges held value around $640, April paper traded $650 (up $10 from Fri), and May paper traded +$75 over June. Mkts framed:
AG
Mar $653//$680
Apr $720//$760
May $700//$735 – traded $725
Cfr Brazil
Mar $625//$655
Apr $700//$730
May $660//$715
Egypt
Apr $710//$770
Nola
Phys: Mar traded $637, $640, $642
Paper:
Mar $610//$625
Apr $647//$655 – traded $650
May $625//$635 – traded $625
Jun $545//$560 – traded$550
Brazil Amsul
Mar $250//$275
UAN Nola
Apr $425//$460
May $410//$425
DAP Nola
Mar $640//$656
Apr $655//$670
MAP Brazi
Mar $765/$810
Apr $850//$860
Direct Hedge – Daily Fertilizer Market Update
Tuesday, 17 March 2026
Markets remain volatile but showed signs of consolidation to start the week, with US Nola easing slightly as March traded around $637/st fob. Egyptian producers continue to edge prices higher, with Mopco selling 10,000t for April at $710 fob. International markets remain elevated with participants closely watching further developments in the Middle East.
Latest derivative levels
International Markets
Arab Gulf Urea (fob) – latest index 700 (+137.5)
– Mar: $640 / $700 ↑
– Apr: $720 / $760 →
– May: $670 / $750 ↑
Egypt Urea (fob) – latest index 687.5 (+102.5)
– Mar: $650 / $720 →
– Apr: $670 / $750 →
Brazil
Urea Brazil (cfr) – latest index 627.5 (+127.5)
– Mar: $610 / $630 →
– Apr: $690 / $710 ↑
– May: $550 / $650 →
Ammonium Sulphate Brazil (cfr) – latest index 260 (+22.5)
– Mar: $240 / $270 ↑
– Apr: $240 / $280 ↑
MAP Brazil (cfr) – latest index 795 (+60)
– Mar: $740 / $820 ↑
– Apr: $840 / $870 ↑
US Markets (NOLA)
NOLA Urea (paper)
– Mar: 595 / 605 →
– Apr: 645 / 655 ↑
– May: 620 / 630 →
NOLA DAP (paper)
– Mar: 630 / 640 →
– Apr: 650 / 660 →
– May: 640 / 655 →
NOLA UAN (paper)
– Mar: 395 / 410 →
– Apr: 420 / 430 →
– May: 415 / 425 →
This is a formal notice from Hualu-Hengsheng (Jingzhou) Co., Ltd. regarding market stability for urea. Here is the translation:
Notice on Further Implementing the National Spirit of Ensuring Fertilizer Supply and Price Stability
To all Urea Customers:
Currently, we are in the critical period for domestic spring plowing and fertilizer use. In order to further implement the national spirit of ensuring supply and stabilizing prices of chemical fertilizers, and to fully practice the responsibility and leading role of domestic urea supply enterprises, the relevant requirements for customers purchasing our urea are hereby notified as follows:
I. Purchase Based on Need; Strictly Prohibit Hoarding and Reselling
Industrial channel users must adhere to purchasing based on actual needs. Purchased urea must be used directly for the production of relevant products by the unit itself; purchasing urea in excess of reasonable current demand is strictly prohibited. Agricultural channel users must ensure that purchased urea is quickly distributed to lower levels and used timely to meet domestic agricultural production needs. Both industrial and agricultural customers must strictly implement the requirement of "no hoarding, no reselling."
II. Reasonable Pricing and Fair Trade Practices
Distributor customers purchasing urea products from our company must strictly follow a "fair markup" (sequential pricing) method for sales. They must not use any reason or excuse for unreasonable price hikes, and must not drive up prices in the circulation links or the end-market.
III. Eliminate Market Speculation; Accelerate Distribution; Strengthen Responsibility
All customers are strictly prohibited from using any opportunity for speculation, price gouging, or other behaviors that disrupt market order. Active efforts should be made to maintain the stability of the fertilizer market. During the spring plowing period, concentrated exports are strictly prohibited to ensure that 100% of urea resources are used for domestic supply, going all out to guarantee the fertilizer needs for domestic spring plowing.
For customers who violate the above requirements, our company will take measures in accordance with relevant regulations, including but not limited to: suspending procurement qualifications, canceling long-term cooperation intentions, removing them from the customer list, and reporting them to industry authorities for further action. Relevant responsibilities will be strictly pursued.
For customers with long-term stable procurement needs, we welcome negotiations to sign long-term purchase and sale cooperation agreements to achieve mutual benefit, win-win results, and collaborative development.
It is hereby notified.
Hualu-Hengsheng (Jingzhou) Co., Ltd. March 16, 2026
(Official Seal of Hualu-Hengsheng (Jingzhou) Co., Ltd.)
Brazil's Agriculture Ministry has changed rules for the inspection of soybean cargoes bound for China, local outlet Globo Rural reported on Monday.
Under the new rule, soybean samples for inspection will be collected by shipping-supervision companies hired by the exporters, rather than by ministry inspectors, the report said.
Trading firms had complained that the previous inspection process was affecting soybean shipments to China, according to the report. The Agriculture Ministry did not immediately respond to a request for comment.
The U.S. soybean crush in February exceeded all trade estimates as the daily crush pace jumped to a record high, while soyoil stocks swelled to the largest since April 2020, according to monthly National Oilseed Processors Association (NOPA) data issued on Monday.
NOPA members, which account for nearly all soybeans processed in the United States, crushed 208.785 million bushels of soybeans last month, up 17.4% from the 177.870 million bushels processed same month a year earlier.
The total reflected a daily crush rate of 7.457 million bushels a day, which topped the prior record pace of 7.343 million bushels a day set in October 2025, according to NOPA data. NOPA members crushed 221.564 million bushels in January.
The February crush had been expected at 202.725 million bushels, according to the average of estimates from nine analysts surveyed by Reuters. Their estimates ranged from 199.400 million to 205.453 million bushels, with a median of 202.750 million bushels.
U.S. crush capacity has swelled amid rising demand from biofuels makers for feedstocks like soyoil. The February crush pace rebounded from a weather-related slowdown in processing in January.
Soyoil stocks held by NOPA members as of February 28 jumped to 2.080 billion pounds, up 9.5% from 1.900 billion pounds at the end of January and up 38.4% from the 1.503 billion pounds in stocks a year earlier.
Stocks, on average, were expected to rise to 1.928 billion pounds, according to estimates from six analysts. Estimates ranged from 1.701 billion to 2.100 billion pounds, with a median of 1.963 billion pounds.