-UREA PRICES ARE IN A HOLDING PATTERN WITH UPWARD FUNDAMENTALS BUT THE INDIA UREA TENDER WILL CONFIRM PRICE GUIDANCE FOR 1ST QUARTER
-PROCESSED PHOSPHATE PRICES ARE GOING UP ON THE BACK OF CHINA NOT EXPORTING
-POTASH PRICES ARE GOING UP
-AMMONIA PRICES ARE STABLE
UREA
India has again come to the rescue of the urea market with another tender for 1.5 million MT with RCF being the importer closing on February 18th with shipments by March 31st. However, looking a supply/demand balances it is highly unlikely that India will be able to secure more than around 1 million MT with a price “guesstimate” around the USD 510-515 PMT CFR L1 level range.
Otherwise, the international urea market is fragmented with little or no spot business done in Asia with China still being absent from the market. Pupuk Indonesia has only sold one cargo of urea from its 1.4 million MT export allocation with focus on the domestic market. Thailand, which suffered badly during the 4th quarter of 2025 due to the conflict with Cambodia and flooding, is gearing up for a better urea year in 2026 with imports in 2025 at a low 2.2 million MT.
The Brazil market is very slow with focus on ammonium sulphate from China due to limited supply of urea. The urea price has not moved much from the USD 475-480 PMT CFR range. Iran shipments are also reduced due to lower operating rates at the plants.
In Iran the official urea producer price was set at $432/t FOB this week, up $7/t on last week’s $425/t FOB target and around $5/t up on last business done. Pardis Petrochemical Company closed a sales tender 10 February offering 30,000 t granular urea for March shipment from Assaluyeh. Tender resulted in a sale at USD 442 PMT FOB up USD 10 from the official price. Notably, asking prices in Iran are now at a major discount of around $40-50pt when compared to non-sanction affected supply elsewhere in the region, based on last concluded business in Qatar and Oman. Most products being made available are understood to be from stock.
In Egypt, Helwan Fertilizers Company (HFC) sold 6,000 t granular urea at $506/t FOB for March shipment, the producer said early 9 February. Last week’s range was assessed at $480-505/t FOB following a raft of February-March business by several producers.
In Nigeria Dangote is said to have sold 30,000 MT of granular urea with March shipment at USD 470 PMT FOB which is up USD 15 PMT from last sold.
Canada is said to be importing two cargoes urea from unknown source(s) with price around USD 530 PMT CFR.
US/Nola March barge cargoes are priced at an equivalent of USD 497 PMT CFR.
Malaysia/Petronas exports of urea fell to a seven-year low of 1.92m. tonnes in 2025, down 5% year-on-year. The drop was led by loadings to the Philippines falling to just 108,000t last year, roughly half the 215,000t shipped in 2024 and the lowest annual volume since 2008, as flooding constrained the SE Asian nation’s demand. Exports to Mexico dipped by 62% on the year to 44,000t in 2025, while loadings to New Zealand decreased by 80% to an 11-year low of just 30,000t. But exports to India hit a record high of 337,000t in 2025, up 73% compared to 2024. Supply to Thailand moved 8% higher year-on-year to 411,000t. More shipments were also directed to Australia, with 342,000t moving last year, up 6% on the year.
SABIC of Saudi Arabia shipped 3.96m. tonnes of urea over January-November 2025. This was down nearly 2% from the year-ago period but higher than the 11-month totals in 2021-2023.Tariffs prompted a slowing of shipments to the USA, with just 137,000t exported last year, versus 400,000t in the same period in 2024. More material was sent to India, with 755,000t moving in the 11-month window, versus 491,000t in the year-ago period.
BFI of Brunei saw the January-November total export slip to 955,000t, down 3% year-on-year. Shipments to Australia hit 346,000t in the first 11 months of 2025, almost double the 176,000t exported in the same period in 2024. Of note, no tonnes went to Chile, versus 161,000t in the year-ago period.
In summary, India will steal the attention of producers and traders all looking for price guidance. The outlook is for a strong quarter 1 with prices set to march towards USD 550 PMT FOB Middle East at the end of Quarter 1.
PHOSPHATES
Global benchmarks for DAP and MAP were stable to higher this week, with TSP and SSP prices also climbing, as an exceptionally tight supply outlook and high raw materials prices continue to offset seasonally slow demand and affordability concerns.
MAP sales have been suggested but not confirmed to Brazil up to $730-740pt cfr for March loading of Russian product this week.
Purefert had last week reported the sale of 40,000t MAP for March loading at $725pt cfr and subsequently raised its asking price to $730pt cfr.
Moroccan product is also reported to have recently been sold to Brazil at $725pt cfr, but this has not been confirmed.
Some Brazilian importers report MAP offers at $730-735pt cfr on 11 February.
Most buyers in the market have been generally holding back from purchasing as affordability worsens further. However, prices are rising due to the persistence of extremely high costs and limited prompt availability amid a lack of DAP/MAP/NP exports from China.
DAP/MAP exports from China are still lacking due to government restrictions with the domestic market preparing for the main spring application season.
Some reports suggest that there are ongoing attempts to export NP products including 8-40 with organic matter, but officially the export halt on DAP, MAP, and NPs was previously extended by Chinese authorities until August 2026.
However, DAP/MAP exports from China may resume before this, depending on prices and supply in the country’s domestic market over the coming months and particularly through the spring season.
DAP/MAP/NPK/NPS exports from Saudi Arabia in January-November 2025 climbed 15% yr-on-yr to a record-high 5.81Mt from 5.07Mt, according to updated data from Trade Data Monitor.
Saudi Arabia’s January-November DAP exports rose 23% yr-on-yr to 4.27Mt from 3.49Mt with the volume to India up 47% at 2.60Mt. DAP exports to Bangladesh climbed 48% yr-on-yr to 475,000t while those to Ethiopia jumped to 355,390t from zero.
Other destinations for Saudi DAP during the 11-month period included Pakistan (180,000t), the US (120,000t), Kenya (112,000t), and Tanzania (104,500t).
January-November MAP exports from Saudi Arabia dipped 2.4% yr-on-yr to 1.23Mt from 1.26Mt. MAP exports to Brazil rose 5% yr-on-yr and those to Australia climbed 32% to 338,500t, but the volume to the US dropped 69% to 90,000t.
Maaden has sold 55-60,000t DAP for H2 February loading to India at a price within the range of $680-685pt cfr, marking the first deal to the market in five weeks.
Price ideas between buyers and sellers had until recently remained far apart. Bids were last week reported to have moved up to $670-675pt cfr against offers at $690-720pt cfr.
India’s DAP prices were last week indicatively assessed at $670-690pt cfr to reflect the latest reported bid-offer spread. The benchmark remains down an average of nearly $130pt from its 2025 peak of $810pt cfr in August.
Suppliers are generally looking elsewhere for sales in February/March, leaving limited availability to the market with Chinese exports banned. However, Indian buyers are understood to have held discussions over February/March loading cargoes from Australia in addition to those from Saudi Arabia.
POTASH
Global MOP prices remained broadly stable, with a marginal uptick in China and a slight softening in Brazil, while agricultural fundamentals grew increasingly cautious. In the US, NOLA barge prices held at $295–305/st FOB as post winter fill demand eased and inventories remained comfortable. Limited terminal activity suggests near-term price stability rather than upward momentum. Europe also remained steady, with standard MOP at €325–345/t CIF and granular MOP at €360–370/t CIF. An offer at €330/t CIF was reported, but market remained range-bound. Import patterns over the past decade show a structural shift toward greater Canadian imports, which explains the premium pricing in the region. In China, port prices continued to remain firm, with sMOP assessed higher at RMB3,000– 3,550/t FCA this week. Tight availability and limited selling pressure are offsetting weaker spot demand ahead of the Chinese New Year holidays. India’s contract negotiations stall, with suppliers seeking substantial increases from the previous $349/t CFR benchmark. Strong January imports, up roughly 20% year on year, highlight steady demand and continued reliance on Russian supply. In Brazil, prices softened slightly to $365–380/t CFR, though most participants continue to indicate offers at $370–380/t CFR. January imports rose 11% year on year to 886,577 t, and forward purchasing for the 2026/27 soybean season has accelerated as farmers seek to manage input costs amid rising phosphate prices. However, the broader agricultural backdrop is shifting. Global grain and oilseed production increased by over 130 million t in 2025, pushing inventories outside China to elevated levels, according to the recent WSDA data. If another strong crop yield materializes in 2026, downward pressure on crop prices could weigh on farmer margins and adversely affect fertilizer demand.
MOP prices in most regions are forecast to rise in the coming quarter as potash remains the most affordable nutrient, and suppliers are in bullish mood.
AMMONIA
The ammonia market remains split with West of Suez still characterised by limited prompt availability and supported pricing, while East of Suez remains weighed down by improving supply and muted buying interest. The softening tone in the East was reinforced by talk of lower Middle East offers, while the Atlantic basin continued to look short of flexible cargoes amid outages, weather disruption and reduced Caribbean availability.
The split market is expected to persist as West of Suez availability remains tight, in part due to GCA being offline through mid-late February. Meanwhile, East of Suez faces pressure with increasing supply and absent demand
⚠️ FERTILIZER ALERT: Mosaic announces limitation on MAP, SSP, and TSP sales
Mosaic has announced that it will restrict sales of phosphate fertilizers in Brazil, including MAP, SSP, and TSP. According to the company, the decision is related to uncertainties regarding the supply of sulfur in the international market, a key input for the production of these materials. As previously warned in December, the company had already halted production at two SSP plants, a measure that was extended in January for the same reason.
The global phosphate fertilizer market remains marked by low supply, with Chinese export restrictions adding further pressure internationally. In Brazil, Mosaic accounted for about 30% of phosphate fertilizer supply in Q3 2025, underscoring the impact of this measure on domestic availability.
Our projection for phosphate fertilizers had already indicated an upward trend, and with reduced product availability in Brazil, the expectation is for this movement to intensify. As a result, the price peak may surpass the levels recorded in 2025.
Nexus Weekly Update
12/02/26
In the Far East, while it has been a soft week with rates falling, there is a general air of optimism for the region heading into March. Overall, the week has been soft, with a lack of enquiry in both the North and the South leading to growing tonnage. This has been compounded by some market participants already beginning their Chinese New Year holidays. However, many in the area are not concerned about these declines, as period enquiry has remained very strong this week and period rates have not been falling. There have been reports of major players fixing at decent levels, which is a cause for optimism for many owners. As such, the region remains hopeful for a strong March and beyond once players return to their desks.
The Middle East tonnage list has tightened on prompt dates, particularly on the Handies, where availability is noticeably thin. While there is a steady flow of Supramax cargoes coming out of India, rates remain under pressure due to competition and a lack of fresh/firm enquiry to support the region. We expect the area to remain under pressure in the short term, but the inbound rates will inevitably have to start picking up to attract any attention. South Africa has been relatively quiet, with limited fresh stems, prompting many vessels to continue ballasting past the region. As a result, a growing number of owners are positioning toward the Atlantic, where firmer conditions and grain cargoes are acting as a pillar of strength to a wider region.
It has been another relatively quiet week across the Mediterranean, with limited fresh enquiry keeping rates balanced. Adverse weather conditions in Cont/Med have disrupted cargo emergence and extended port stays, which in turn has helped absorb available tonnage and prevented any meaningful softening. On the Continent, there has been a steady flow of requirements, though volumes remain insufficient to drive rates higher. In the paper market, Supramax FFA prices for March have moved upwards of 5% from the start of the week. This has translated into increased period interest across the basin, with owners keen to capitalise on the improved forward curve and period rates edging higher as a result.
The Americas have continued to firm this week, with upward momentum most evident in the US Gulf. Handy rates in particular have pushed higher, supported by grain cargoes into the Mediterranean and fronthaul directions into the Pacific, while Supras have also benefited from improved demand. Owners have been quick to respond to new enquiry by lifting ideas. Further south, ECSA remains well supported, with grain continuing to act as the primary driver. Strong soybean export volumes out of Brazil have tightened tonnage lists, catching some charterers off guard who had been positioning for a later push. As a result, rates have moved up sharply, with owners showing little appetite to fix forward at current levels given expectations of further upside.
Bunker prices have edged higher this week, with continued US/Iran tensions still looming, alongside tight prompt availability in Singapore and weather-related disruptions around Gibraltar. Prices have pushed up around 13% since the start of the year, currently holding at 491usd pmt at Singapore and 484usd pmt at Gibraltar.
Morning. Int'l Urea paper saw bids pull back and/or remain quiet y'day, with many awaiting further definition from India next week. In Nola, Feb/Mar values largely tracked sideways, April phys traded mid-$440s. Mkts framed:
AG
Feb $477//$490
Mar $465//$480
Apr $458//$470
Brazil
Feb $468//$480
Mar $470//$475
Apr $460//$470
Egypt
Feb $495//$510
Mar $485//$510
Apr $480//$505
Nola
Phys: Loaded $462; Feb $459; Mar $451; Apr $445
Paper:
Feb $458/$465
Mar $448//$453- traded $452-$450
Apr $431//$434
May $395//$420
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 $710//$735
Mar $715/$730 – traded $725
Apr $715//$735
Jun/Jul $750 Offer
China domestic
Post-Spring Festival Urea Market Still Subject to Many Interfering Factors
First, let’s discuss the favorable factors (Bullish):
Earlier Agricultural Demand: This year's Spring Festival is slightly later than usual, falling within the "Seven-Nine" period (a traditional weather marker). With the weather warming up quickly, the use of fertilizer for wheat "regreening" in the north may happen earlier than last year. From a timing perspective, this is favorable for the startup of post-holiday agricultural demand.
Indian Tender: On February 7th, India announced a new round of urea tenders, with the bid opening on the second day of the Lunar New Year. Although no new export quotas have been announced yet and the probability of participation is low, international prices remain high. In the absence of Chinese participation, international prices will remain significantly higher than domestic levels, which may drive short-term sentiment.
Low Inventory: Urea factory inventories are significantly lower than the same period last year. Once immediate demand warms up after the holiday, it is easy to create a tight spot market situation.
Cost Support: As mentioned previously, since New Year's Day, urea factory quotes have been strong and rising, with the average ex-factory price exceeding 1700 RMB/ton. Trader costs can be considered at a medium-to-high level, reducing the probability of active price cutting for sales.
Industrial Demand: After the Lantern Festival, demand from board factories and other industries will gradually recover, overlapping with agricultural demand.
Next, let’s discuss the unfavorable factors (Bearish):
Guidance Price Constraints: After the Spring Festival, it is still February. Taking Shandong and Hebei as examples, the guidance prices for February are 1810 RMB/ton and 1800 RMB/ton, respectively. Currently, the mainstream ex-factory quotes in Shandong are 1760-1790 RMB/ton. Facing these guidance price levels, the theoretical room for urea price increases is very limited, and this will also bring emotional/sentiment pressure to the market.
Release of Reserves: Soon after the holiday, some enterprises will begin releasing reserves. According to last year's commercial reserve regulations, enterprises that started storing in September can begin releasing reserves entering March. The time for March reserve releases begins before the Lantern Festival, which will affect market sentiment in stages.
High Daily Production Fluctuation: Domestic urea enterprises will operate as fully as possible (open as much as possible), and daily output may fluctuate near 210,000 tons.
Conclusion:
Based on the review of post-holiday bullish and bearish factors, the urea market after the Spring Festival may form a short-term trend. Whether it can break through the guidance price level ultimately depends on the progress of post-holiday demand.
Finally, a quick advertisement:
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Urea Morning Update: Yesterday, the domestic urea market remained largely stable with minor fluctuations. Most urea factories had completed their pre-orders for the Spring Festival. Due to low inventory levels among various manufacturers, prices remained relatively firm. The volume of automotive logistics shipments decreased significantly, and market activity weakened. Operators began to take leave one by one, gradually bringing the domestic urea market into a semi-shut state.
Ammonium Sulfate
The domestic ammonium sulfate market consolidated narrowly yesterday. Supported by stable supply and demand, with some cargoes contracted for delivery after the Spring Festival, price volatility remained limited. Given the high international urea prices, the ammonium sulfate market is expected to stay firm with minor fluctuations in the short term.
Caprolactam
The caprolactam market continued to be underpinned by favorable supply-side conditions. Zhejiang Juhua’s unit has been shut down, and another production line at Yangmei Coal has not yet resumed, resulting in no obvious increase in supply. Sellers mostly held firm offers, and caprolactam prices are expected to consolidate at high levels in the near term.
Urea
As fertilizer companies gradually completed pre-Spring Festival order booking, urea prices edged up steadily. Although individual producers may slightly loosen prices to secure orders before the holiday, the overall market will remain firm, with the market passively following the trend for the time being.
DAP 18-46
500MT –
Bulk in containers
Shipping: Within 7-14 days-
Origin: Moroccan
USD 755 CFR Ipswich
Urea Granular
800MT
50kg Neutral marks
Origin : Uzbek
USD 541 CFR Latakia, Syria
Amsul compacted Granular we offered yesterday at 208 fob, bulk China main port
China morning report:
Phosphate Rock: The phosphate rock market trading atmosphere is becoming quieter. Downstream enterprises are mostly focused on digesting inventory, and willingness to purchase has significantly weakened. On the mine side, early orders are still being shipped steadily according to plan. Current market prices remain stable, with a strong wait-and-see sentiment from both buyers and sellers. It is expected that after the holiday, as downstream enterprises resume work and production, market trading will gradually warm up.
Agricultural Ammonium: Yesterday, the domestic Monoammonium Phosphate (MAP) market trend was stable. As the Spring Festival approaches, the trading atmosphere is rather light. Raw material sulfur rebounded slightly, while other raw material prices remained stable. Costs remain high, and with the support of pending orders, it will maintain stable operation in the short term.
Yesterday, the domestic Diammonium Phosphate (DAP) market atmosphere was light. Cost support remains strong, and prices have seen no significant fluctuations. As the end of the year nears, market trading has basically stagnated. Industry players mostly hold a cautious wait-and-see sentiment, and the trend will operate steadily in the short term.
Industrial Grade MAP: Yesterday, the industrial-grade Monoammonium Phosphate market was weak and consolidating. The average price of the domestic 73% industrial-grade MAP mainstream market was referenced around 6,500 yuan/ton, with actual negotiations based on individual orders. The market is gradually entering a holiday state, with sporadic transactions for new orders. Production enterprises are mainly executing existing orders. It is expected that industrial ammonium will maintain consolidation in the short term. The market outlook still needs to pay attention to industrial ammonium costs and downstream demand conditions.
Yellow Phosphorus: Yesterday, the yellow phosphorus market saw weakness in both supply and demand, with light trading. The mainstream transaction prices in Yunnan, Guizhou, and Sichuan were referenced at 23,300-23,450 yuan/ton (acceptance ex-factory). On the supply side, output has slightly contracted; most operating enterprises are temporarily not quoting prices and are only shipping existing inventory orders, but the willingness to hold prices and reluctance to sell is strong. Downstream enterprises have basically completed pre-holiday stocking and are mainly consuming inventory, with only individual enterprises restocking for sporadic rigid demand. Overall market inquiries are very few, and transactions are light. Prices are temporarily stable in the short term. Since liquid chlorine in Shandong and Jiangsu still shows signs of decline, it is recommended to pay attention to the replenishment demand of Sanhua enterprises and downstream operating rate adjustments.
Phosphoric Acid: Yesterday, the domestic phosphoric acid market operated steadily, with mainstream ex-factory prices holding stable. The Spring Festival holiday has caused downstream purchasing to slow down, and enterprises have a weak willingness to adjust prices. Although the market transaction atmosphere appears light, the price bottom is solid, and market sentiment is generally stable. Currently, Sichuan thermal process phosphoric acid is referenced at 6,750 yuan/ton ex-factory, with actual transactions subject to negotiation.
Dicalcium Phosphate (DCP): Yesterday, the Dicalcium Phosphate market operated steadily. With the Spring Festival holiday approaching, overall market trading remained stable with little fluctuation in trends. Current sources in the trading link are tight, and spot resources are relatively scarce. Most merchants have suspended external quotations, and market expectations for price increases are relatively strong. Most parties hold a wait-and-see attitude, awaiting further clarity on the market trend after the holiday. Currently, the mainstream reference price in the Yunnan trading market is 3,940 yuan/ton (quotations suspended); the reference price in the Sichuan manufacturer trading market is 3,950 yuan/ton (quotations suspended); the mainstream reference price in the Hubei trading market is 4,170 yuan/ton (quotations suspended). The mainstream market price for MDCP (Mono-Dicalcium Phosphate) in Yunnan is referenced at 5,150 yuan/ton, and in Guizhou at 5,200 yuan/ton. The market price for MCP (Monocalcium Phosphate) in Yunnan is referenced at 5,450 yuan/ton, and in Guizhou at 5,550 yuan/ton.
Pesticides: Glyphosate is operating stably to weakly. Recently, the overall performance of the domestic market has been flat, and the trading atmosphere tends towards wait-and-see. Purchasing is mainly for rigid demand replenishment. The technical material market operation remains deadlocked, and the overall market shows obvious cautious buying and price suppression. Reference price for 95% glyphosate technical material is 23,500-24,000 yuan/ton, with actual transactions negotiated one-on-one.
Sulfur: Yesterday, domestic imported sulfur spot transaction prices rose slightly. The reference price for granular sulfur at Zhenjiang Port was 4,135 yuan/ton, a month-on-month increase of 0.12%. Market trading was rather light, and sellers did not offer many active quotes, but the transaction center shifted slightly upward yesterday. Regarding the domestic market: Yesterday, downstream demand in Shandong followed up steadily according to plan; the auction atmosphere was acceptable, but cautious sentiment was strong. Yesterday, the mainstream price for liquid sulfur in the Shandong market was 3,720-3,750 yuan/ton. The Northwest market continued to lower prices to clear inventory, with auction transaction prices remaining low; yesterday's mainstream price was 3,510-3,690 yuan/ton. It is expected that market prices will organize sideways before the Spring Festival.
Sulfuric Acid: Yesterday, the domestic sulfuric acid market saw local upward movement. Resources in the Shandong market are tight, operating at low inventory levels. Yesterday, main acid enterprises in the East raised prices by 30-50 yuan/ton. Local refinery acid spot prices continue to explore increases, and shipments are smooth; further increases are expected. Downstream stable rigid demand in the Guizhou region constitutes strong support for local sulfuric acid consumption. Currently, acid prices in the region are at a relatively high level, and downstream purchasing enthusiasm has been somewhat frustrated. Additionally, some downstream enterprises plan to carry out maintenance next month, so the market wait-and-see atmosphere is gradually thickening. Currently, the delivered price of 98% smelting acid in the Yunnan market is 1,080-1,150 yuan/ton. The delivered price of 98% smelting acid in the Hubei region hovers around 1,050-1,100 yuan/ton.
Iron Phosphate: Anhydrous iron phosphate prices operated steadily on Friday. Mainstream upstream manufacturer quotations are close to 12,000 yuan/ton. The cost side continues to maintain high-level consolidation. It is expected that the overall market will tend towards wait-and-see operation before the holiday. After the holiday, demand is expected to rebound, and expectations for a bullish market outlook are increasing.
Lithium Iron Phosphate: The Lithium Iron Phosphate market prices are trending weakly downward. Mineral end prices are temporarily stable, and the lithium carbonate market maintains a pattern of volatile consolidation. Pre-holiday purchasing and stocking demand has cooled, leading to a decline in spot transactions. Iron phosphate cost support is solid. Recently, industry capacity release pressure has continued, with some enterprises' new production lines coming into operation successively before the holiday, but overall cost support for lithium iron phosphate remains rather weak. Orders in the downstream energy storage sector are performing steadily overall, though the progress of some bidding projects has slowed. The power sector is operating weakly, and market wait-and-see sentiment remains strong. Today, the transaction price for power-type lithium iron phosphate is 52,500-57,700 yuan/ton, and the transaction price for energy storage-type lithium iron phosphate is 50,000-54,500 yuan/ton.
Compound Fertilizer: Yesterday, the domestic compound fertilizer market continued its temporary stable consolidation. Recent raw material trends have also been relatively stable, with no significant changes in compound fertilizer costs. Furthermore, approaching the Spring Festival, the operational enthusiasm of all parties is limited, which is difficult to support prices. Therefore, the market situation is relatively stable, and compound fertilizer fluctuations are limited in the short term.
Synthetic Ammonia: Yesterday, the synthetic ammonia market supply was ample. After some ammonia enterprises approached the cost line, most stabilized. Approaching the Spring Festival, transportation is gradually becoming restricted. Downstream buyers are actively purchasing, and inventories at various ammonia enterprises are relatively low. It is expected that the market will maintain narrow adjustments in the later period, focusing mainly on order shipments.
Hydrogen Peroxide: Yesterday, the focus of the northern hydrogen peroxide market shifted narrowly downward. Supply fluctuated narrowly, operating rates rose, and downstream maintained rigid demand replenishment. Approaching the Spring Festival, water enterprises mainly focused on actively clearing inventory. In East China, the operating rate of hydrogen peroxide supply in the Anhui region dropped slightly, and order volume support was insufficient. The operating rate of hydrogen peroxide supply in the Anhui region was maintained, but order volume support was insufficient. It is expected to operate steadily to weakly in the northern and southern regions in the short term.
Monopotassium Phosphate: Affected by the rise in the price of the raw material phosphoric acid, cost pressure continues. However, downstream demand is lukewarm, and actual follow-up on new orders is limited. Market prices continue from the previous period, with reference ex-factory quotations for crystalline monopotassium phosphate at 8,900-9,100 yuan/ton. Actual transactions are subject to flexible negotiation based on order scale.
Ferrous Sulfate: The reference ex-factory price for ferrous sulfate heptahydrate in Shandong is 700 yuan/ton. The bulk ex-factory quotation for ferrous sulfate heptahydrate from Lomon Billions Group's Xiangyang base is 680 yuan/ton, with a content of ≥85%; actual orders are negotiable.
Wednesday, 11 February 2026 (Acerto)
Urea
Nigeria: Dangote traded a cargo of 30,000t of granular urea yesterday at $470/t FOB Lekki for March shipment. Previous granular business was done $455/t FOB Lekki. The destination has not been disclosed.
Morning. Int'l paper saw Offers move lower y'day in search of liquidity, with bids still largely shy, as Mar AG traded just under $480 ($480-$485 last week). In Nola, Feb/Mar Urea phys barge values slipped $6-$9 to those seen day prior. Mkts framed:
AG
Feb $475//$490
Mar $470//$480 – traded $478
Apr $460//$470
Cfr Brazil
Feb $467//$480
Mar $465//$475
Apr $460//$470
Egypt
Feb $495//$510
Mar $485//$510
Apr $480//$505
Nola
Phys: Loaded $461, $459. Feb $459, $456. Mar $455, $452
Paper:
Feb $458/$465
Mar $448//$455 – traded $452
Apr $445//$452
May $400//$425
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 $638//$645
MAP Brazil
Feb $710//$735
Mar $720/$750
Apr $715//$750
Jul $750 Offer
Russia , I believe will not be in the mkt until May mid atleast
Sure Jake. Presently Sulphur market is under pressure as buyers in China and Indonesia have halted their purchase plans until after the CNY. However the drop is not that big and I expect markets to stabilize once the buyers are back in the mkt after the holidays. Middle East fob pricing is still around mid 520s-530 and in most cases a double digit premium also needs to be added. This makes the cfr number unworkable in any market presently. A trend I have been noticing recently is that the sellers do not want to sell cheap and are holding on to the cargos.