Major Breakthrough‼️: Uzbekistan Joins the Middle Corridor — Elevating Georgia as a Key Transit Gateway Between Europe and Asia
On 10 February 2026, railway companies from Uzbekistan, Azerbaijan, and Georgia signed a landmark pact in Ashgabat to boost the Trans-Caspian International Transport Route (TITR), better known as the Middle Corridor — accelerating cooperation to develop a direct China-to-Europe trade artery.
Uzbekistan’s entry marks a major expansion beyond the corridor’s original core countries, strengthening Central Asia’s integration into this rapidly growing Eurasian route. The Middle Corridor itself was designed as a faster, more geopolitically stable alternative to traditional routes through Russia.
A key development is the China–Kyrgyzstan–Uzbekistan (CKU) railway, a 523 km line currently under rapid construction and expected to be completed as early as 2028. Once operational, it will shorten the China-to-Europe rail distance by over 1,000 km, creating a faster and more efficient trade link.
Meanwhile, Azerbaijan, Kazakhstan, and Georgia are modernizing and digitizing rail and customs processes to streamline transport.
Today, the corridor is evolving beyond freight alone, emerging as a broader Eurasian network for energy, digital data flows, and climate-friendly supply chains.
NCIC closing sales tender on 19 Feb for end-Feb shipment:
20kt Urea
20k CAN
20kt DAP
25kt TSP 1KT SOP
LONDON (ICIS)–In Iran, gas supply to Iran’s urea plants has begun to return as of 15 February, following nearly two months of outages.
Dear Sir/Madam,
Pardis Petrochemical Company (PPC) is pleased to submit a proposal for a 30 KMT ± 10% in bulk Urea cargo with the below terms :
Product: Granular Ur¬ea-Fertilizer in Bulk.
Quantity: 30 KMT ± 10% MT in bulk Urea cargo seller’s option(In one lot) .
Shipment Window: First Half of March, 2026 .(To be mutually agreed)
Destination Market: To be declared by the buyer.
Quality: As per the attached PPC's specification
Delivery term: FOB
Load Port: Assaluyeh, Iran
PRICE: Minimum Price is 435 USD/MT FIXED PRICE /// FOB Assaluyeh, The result of the auction will be awarded to the highest price. kindly please send your proposed price.
Payments: 20% of total cargo value to be remitted within 5 working days after account nomination. Balance 80% shall be settled before the vessel’s berthing at Assaluyeh, Iran.
Currency of Payment: AED/USD To be mutually agreed.
Exchange Rate: 3.673 For USD/AED.
Laycan: To be mutua¬lly agreed in a 3-da¬ys spread window.
Loading Rate: 8000 MT PWWD TFHEX EIU.
Please send your confirmation till 16:00 Hrs IRST (UTC +3:30 hours) on Tuesday, 17 February, 2026.
Morning. Int'l urea paper drifting last week, as values trended lower ahead of RCF tender close this week. Nola urea saw Mar phys barges hold value around the 450 mark on Fri, but Mar paper slipped down to mid-440s. Mkts framed:
AG
Feb $480///$490
Mar $465//$470 – traded $470 Fri
_[Mar traded $478-$470 last week]_
Apr $450//$465
May $445//$458
cfr Brazil
Feb $470//$480
_[Feb traded $472 l/w]_
Mar $465//$472
Apr $453//$467
May $445//$460
Egypt
Feb $495//$510
Mar $485//$510
Apr $480//$505
Nola
Phys: Loaded $462; Mar $449, $450
Paper:
Feb $456/$460
Mar $442//$48 – traded $444
Apr $430//$435
May $385//$410
Jun $385//$410
Brazil Amsul
Feb $200//$220
Mar $205//$225
UAN Nola
Mar $340//$360
Apr $340//$360
DAP Nola
Physl – MAR traded $625
Feb $625//$640
Mar $620//$635
MAP Brazil
Feb $710//$735
Mar $715/$730
_[Mar traded $725 l/w]_
Apr $715//$735
Jun/Jul $750 Offer
The Sulfur Factor: Stability in a Volatile Market
India’s Coromandel and Nutrien have locked the Q1 2026 Phosphoric Acid price at $1,290/t CFR. Despite a $100/t drop in DAP prices, acid remains firm. Why?
The real story is the $190/t surge in sulfur costs. This massive spike has neutralized the decline in fertilizer prices, shifting the cost burden to the production phase.
Sulfur is no longer just a byproduct; it is now a primary market mover.
India’s steady pricing sets a firm floor for the 2026 global market.
Producers are facing a "scissors effect" as feedstock costs rise while DAP softens.
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Chinese Weekly Fertilizer Market Report (Feb 9 – Feb 13, 2026)
1. Market Overview
The fertilizer market overall entered "Chinese New Year (CNY) mode" this week. As the holiday approaches, trading activity has gradually quieted down, with most products showing a trend of steady consolidation. Factors such as logistics constraints, downstream factory closures, and sufficient pre-received orders by manufacturers have led the market into a stagnant period of "quoted prices but no active trading".
2. Analysis of Major Products
· Urea: Domestic prices were stable to strong this week. At the beginning of the week, the market warmed up due to smooth order delivery. By mid-week, most manufacturers had completed their pre-holiday orders, maintaining low inventory. Despite decreased activity at the week's end due to logistics pauses, prices remained strong under the support of pre-orders.
· Ammonium Sulfate: The market remained stable with a strong firming sentiment. Supported by high international urea prices, domestic suppliers showed a strong intent to keep prices high. Most factories have pre-received orders through the post-holiday period and are currently executing existing contracts.
· Monoammonium Phosphate (MAP): Trends were steady. The mainstream ex-factory price for 55% powder in Hubei remained at 3,850 RMB/ton.
· Diammonium Phosphate (DAP): Domestic Market consolidated at high levels. High raw material costs (sulfur, phosphate rock) provided strong support. The reference ex-factory price for 64% DAP in Hubei was 4,100-4,150 RMB/ton. Enterprises are mostly delivering backlogs, while terminal demand has weakened, leading to a cautious market outlook.
· Potash: Domestic Prices remained firm at high levels. Due to ongoing shortages of certain varieties, prices showed a slight upward trend. The ex-factory price for Mannheim 52% powder was 3,900-4,000 RMB/ton. As the holiday neared, downstream procurement came to a halt, and the market is now waiting for post-holiday activity.
· Phosphate Rock: This was the most stable segment. Most mines in Hubei entered regular maintenance or reduced production, leading to tight supply. Despite the downstream phosphorus fertilizer industry focusing on price stability, the supply-demand balance for phosphate rock remains stable.
3. Business Recommendations
Given that the domestic market is largely at a standstill, international trade efforts should focus on monitoring replenishment demand once spring plowing starts after the holiday, as well as the impact of international urea price fluctuations on products like ammonium sulfate
Gd
Iranian producers keep official price at $432/mt on 14th Feb.
Gas return to all Iranian Ammonia-Urea units so the producers are commissioning to produce Urea this week.
Uncertainty over the EU's Carbon Border Adjustment Mechanism has caused concerns in European ammonia markets, slashing imports to the bloc in January, and leaving traders unsure about how the tax mechanism will apply to the sector, market participants said.
January ammonia imports to the EU stood at 130,000 metric tons, falling by almost half from December, data from Platts, part of S&P Global Energy, showed. Traders had stocked up in December ahead of the start of CBAM, but imports were also down 46% on the year in January, the data showed.
Traders are trying to navigate uncertainty over whether and when CBAM will apply to ammonia and fertilizers, after EU Commissioner Maros Sefcovic said in January the European Commission could use an "emergency brake" to exempt the sector from the tax.
Sefcovic suggested the Article 27a mechanism that addresses "serious and unforeseen circumstances" that could affect the price of goods could be applied retroactively from Jan. 1 to support the agricultural sector.
CFR Northwest Europe ammonia prices averaged $679/mt in January, according to Platts assessments, compared with $592/mt in January 2025.
However, there is no guarantee that the EC will pull the emergency brake.
This leaves traders unsure how to value low-carbon ammonia imports, and uncertain about whether they can pass on costs to customers, trade sources said.
Carbon intensity calculations
Under CBAM, importers of carbon-intensive goods into the EU from six covered sectors — aluminum, cement, electricity, fertilizers, iron and steel, and hydrogen — must account for the embedded carbon content of their products from Jan. 1.
Importers do not have to purchase CBAM certificates until 2027, giving businesses time to adapt.
But arguably, more of an issue for ammonia importers was the last-minute delivery of key information about the flagship carbon tax mechanism.
The EC provided key details — including carbon intensity default values, CBAM benchmarks, and emission calculation methodologies — only in mid-December, just days before the policy took effect.
The EC is working on an action plan for fertilizers to be presented in the first half of 2026, Agriculture and Food Commissioner Christophe Hansen said at a Jan. 26 meeting of the Commission's Agriculture and Fisheries Council.
Cost impact
In the meantime, the market is navigating increased costs for imports.
Under CBAM, goods imported into the bloc are subject to a default value for embedded emissions if there is no carbon intensity certification. US ammonia has the highest default value among the main suppliers to the EU, potentially raising costs for buyers.
Based on carbon prices in December 2025, this will mean at least an additional $35/mt cost for importers, for even the very cleanest of options.
The average carbon intensity factor of imports is 2.2 metric tons of CO2 equivalent, while the default value for products from the US is 3.4 mtCO2e, according to EC documentation and sources.
And while European producers have their emissions certified and audited, certification for the carbon intensity of overseas projects has not been finalized, leaving producers and importers dependent on default values, ammonia importing sources said.
"US ammonia has become significantly less attractive," a European importer told Platts. "The exposure is significant."
The importer said volumes from Algeria were a "good option" as default and actual carbon intensities were more closely aligned.
"A windmill from the US that makes green ammonia is 3.4 [mtCO2e], unfortunately," the importer said.
The importer added carbon intensity verification for overseas projects might not happen before 2027 or 2028.
[Urea] On February 13, the urea industry produced 213,900 tons per day, remaining unchanged from the previous working day; this represents an increase of 22,200 tons compared to the same period last year. The current operating rate is 90.86%, up by 5.24% from 85.62% recorded last year.
Toyo Engineering India Private Limited (Toyo-India, Managing Director: Takashi Kawahara), a subsidiary of Toyo Engineering Corporation (President and CEO: Eiji Hosoi), has been awarded a contract from Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), for new 480 MTPD Ammonium Nitrate-II (AN-II) Melt Plant at its Bharuch facility. Toyo-India will be responsible for the Engineering, Procurement, Construction and Commissioning (EPC) of the facility. The project is scheduled for completion by FY 2027.
This award highlights Toyo-India’s execution expertise in inorganic chemical sector, reinforcing its commitment to India’s industrial growth.
Project Overview
Client
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC)
Contractor
Toyo Engineering India Private Limited (Toyo-India)
Location
Bharuch, Gujarat, India
Facility
Ammonium Nitrate-II Melt Plant (480MTPD)
Scope of Work
Engineering, Procurement, Construction, and Commissioning
(EPC)
Completion
Scheduled for FY2027
Morning. Nola Urea dominating paper activity y'day – Feb traded $458, March slipped under $450, while April repeat traded in $430-$435 range (a day after April phys traded $445). Mkts framed:
AG
Feb $480//$490
Mar $465//$478
Apr $455//$470
Brazil
Feb $470//$480
Mar $465//$472
Apr $453//$470
Egypt
Feb $495//$510
Mar $485//$510
Apr $480//$505
Nola
Phys: Loaded $462; Mar $445, $450; Apr $438, $435
Paper:
Feb $456/$460 – traded $458
Mar $447//$452- traded $450-$448
Apr $432//$436 – traded $430-$435
May $390//$410
Jun $385//$410
Brazil Amsul
Feb $200//$220
Mar $205//$225
UAN Nola
Mar $340//$360
Apr $340//$360
DAP Nola
Feb $625//$640
Mar $620//$635
MAP Brazil
Feb $712//$735
Mar $715/$730
Apr $715//$735
Jun/Jul $750 Offer
Check out Phil Sunderland's document.
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Indonesia: The World’s Sulphur Growth Engine in 2026
Indonesia is set to remain the fastest-growing sulphur market globally, driven by its booming high-pressure acid leach (HPAL) nickel sector. By November 2025, the country had already imported 4.8Mt of sulphur, a striking 42% year-over-year increase, fueled by project ramp-ups and preemptive stockpiling.
Looking ahead to 2026, despite lower nickel production quotas that may slow growth compared to 2024-25, structural demand from nickel leaching remains robust. Sulphur costs are a minor fraction of HPAL operating expenses, keeping demand growth in positive single digits. Total sulphur imports are expected to have exceeded 5Mt in 2025, cementing Indonesia’s global leadership.
Key projects that will contribute to demand growth are Shanghai Decent and Nickel Industries’ Excelsior Nickel and Cobalt (ENC), located in Morowali Industrial Park (MIP) and PT Vale Indonesia and Zhejiang Huayou Cobalt Co., Ltd. IGP Pomalaa, in South Sulawesi, amongst other companies that are already established in ferronickel production and are planning to add HPAL facilities. Those projects could add at least another 1.5Mt to Indonesia’s sulphur import requirements in 2026.
Challenges remain: annual permit renewals, stricter enforcement against illegal mining, and potential ore shortfalls, especially from the Philippines, could temper HPAL ramp-ups. Earlier this week, Eramet confirmed a drastic cut to nickel production quotas from 42 to 12 million tons. Meanwhile, domestic refineries and new copper smelters will add sulphuric acid capacity, but not enough to offset HPAL-driven demand.
Ultimately, most HPAL plants rely on on-site sulphur burners which, besides sulphuric acid, provide useful steam and energy, making elemental sulphur imports indispensable. Recent Q1 2026 tender prices of US$530-540/t CFR highlight Indonesia’s willingness to secure supply, even amid high costs.
✅ Bottom line: Policy shifts, environmental crackdowns, and upstream uncertainties may moderate the pace, but Indonesia’s sulphur import trajectory is firmly upward. 2026 will see the country solidify its position as a structural net importer and regional powerhouse