DAP GBP 900 on farm in the UK
1st Application to start in two week if weather holds. Farmers stressed with how wet it is.
LONDON (ICIS)–In the Netherlands, Fibrant will halt its 270,000 tonne/year capro production at its Chemelot site in Geleen, effective February 2026. It is understood that one of Fibrant's two capro lines was offline for a prolonged period in 2025 and this year to date, due to persistent low demand from the derivative markets.
As previously reported, the producer was considering several strategic options for its facilities in the years to come, including a reorganization. The decision to halt all capro production at the Chemelot site was confirmed by the producer to ICIS on 10 February.
Fibrant buys ammonia, sulphur and sulphuric acid.
Morning. After RCF announced on Sat, Int'l paper saw buyers largely quiet, and more selling interest emerge at start of week, with activity on Feb Brazil at $472cfr. In Nola, urea prices remain supported – Feb phys traded to new high $465 and March at $460.
AG
Feb $478//$490
Mar $478//$492
Apr $460//$480
Cfr Brazil
Feb $470//$480 – traded $472
Mar $470//$480
Apr $465//$475
Egypt
Feb $495//$510
Mar $485//$510
Apr $480//$505
Nola
Phys: Feb traded $465. Mar $460
Paper:
Feb $455/$470
Mar $457//$470
Apr $450//$470
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
Good morning Gents
Is it possible to get a finger in the air freight rate please. Urea in 1000kg big Bags
5000 MT
1/1
Damietta/Egypt / 1000x?
Montrose OR Rosyth / UK 1000x
MARCH shipment
ballpark expect around 76/78pmt or so basis montrose.. and around 88/90pmt or so for rosyth..
waiting for 1 or 2 owners to come back with their guidance to see if can go sharper! the UK ports quite expensive even for these smaller ships!
[Urea] On February 10, the urea industry produced 215,600 tons per day, maintaining the same level as the previous working day; this represents an increase of 21,000 tons compared to the same period last year. The current operating rate is 91.56%, up 4.64% from 86.92% last year.
US sanctions three Iranian-linked ammonia vessels
09 Feb 2026 21:47 (+05:00 GMT)
London, 9 February (Argus) — Three LPG tankers operating in the ammonia trade have been added to the US Treasury's Office of Foreign Assets Control (OFAC) sanctions list.
The Fortune Gas (23,600t), Rayyan Gas (13,400t) and White Shark (11,150t) vessels were all named on OFAC's latest update to its sanctions list on 2 February after being linked by the US to Iranian trade.
"The Department of State is sanctioning… 14 shadow fleet vessels connected to the illicit trade in Iranian petroleum, petroleum products and petrochemical products," a spokesperson for the US government said, including the three ammonia carriers.
One operator of the named vessels has denied any trade in Iranian material.
Iran typically exports about 60,000 t/month to buyers in India and Turkey, but has the capacity to export up to 100,000 t/month. Vessel availability and loading capability has a material impact on the rate of exports from Iran's two export-focused ammonia producers, Hengam and Razi, which have a combined merchant production capacity of 1.55mn t/yr.
Hengam is due to start downstream production at a urea unit which could in future remove up to 759,000 t/yr from the merchant market and mitigate some impact to the recent vessel sanctions. But a timeline for Hengam's urea production is unclear after more than a year's delay to start up. The producer last indicated it was targeting urea production from mid-February, after missing two previous targets last month.
Buyers in Turkey and India are unlikely to receive vessels which have been named by OFAC.
China domestic: Market analysis for today.
As of now, orders placed by businesses in major regions for the Spring Festival are gradually coming to an end. It is not ruled out that some businesses may adjust their prices before the festival, but based on the current mainstream level, the room for price adjustment is also limited. As businesses’ pressure decreases, quotes have become increasingly firm and have risen slightly. However, the market is gradually settling into the festive atmosphere, and after a brief and passive price increase, it is likely to remain stagnant.
LONDON (ICIS)–In Egypt, Helwan sold 6,000 tonnes of granular urea at $506/tonne FOB for March shipment.
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 Urea-Fertilizer in Bulk.
Quantity: 30 KMT ± 10% MT in bulk Urea cargo seller's option(In one lot) .
Shipment Window: Full 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 432 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 mutually agreed in a 3-days spread window.
Loading Rate: 8000 MT PWWD TFHEX EIU.
Please send your confirmation till 12:00 Hrs IRST (UTC +3:30 hours) on Tuesday, 10 February, 2026.
Morning. With rumours of India's return, Int'l paper saw somewhat of a stand-off toward end last week, albeit at elevated bid//ask levels, but now further reaction awaited after RCF tender formally announced on Sat. Mkts framed Fri close:
AG
Feb $475//$492
_[Feb traded $475 last week]_
Mar $478//$494
_[Mar traded $480-$485 l/w]_
Apr $460//$480
Cfr Brazil
Feb $474//$480
Mar $474//$480
Apr $469//$473
_[Appr traded $476 l/w]_
Egypt
Feb $495//$510
Mar $485//$505
Apr $480//$505
Nola
Phys: Feb $458 Fri
Paper:
Feb $454/$465
Mar $450//$458 – traded $454 Fri
_[Mar traded $442-$454 l/w]_
Apr $430//$445
_[Apr traded $435 l/w]_
May $395//$410
_[Mar traded $396 l/w]_
Jun $375//$395
Brazil Amsul
Feb $200//$220
Mar $205//$220
UAN Nola
Feb $315//$340
Mar $340//$350
Apr $340//$353
DAP Nola
Feb $625//$640
Mar $638//$645
_[Mar traded $635-$642 l/w]_
MAP Brazil
Feb $710//$735
Mar $720/$750
Apr $715//$750
Jun $750 Offer
Global Fertilizer Market Analysis | February 09, 2026
Global fertilizer markets remained generally price-supported but subdued, as buyers stayed cautious amid affordability concerns, weather disruptions, and supply-side uncertainties across key nutrients.
🔹 Urea markets stayed firm, supported by expectations of a potential Indian tender, rising European gas prices, and steady price targets from producers, while trading activity remained limited due to weaker downstream demand and winter conditions in Europe.
🔹 Phosphate (DAP/MAP) markets continued to strengthen, driven by Russian MAP trades and concerns over reduced Chinese export availability, though liquidity softened as buyers faced pressure from lower grain prices and higher input costs.
🔹 Ammonium Sulphate (SA) markets showed mixed movements, with prices firming in China on limited offers, while Brazil prices eased slightly following confirmed trades and improved availability.
🔹 TSP/SSP markets remained thin but firm, with limited confirmed transactions in Brazil and higher offer levels reflecting cautious buying sentiment.
📊 Overall, fertilizer markets are increasingly supply-driven, with price direction hinging on export availability, tender activity, and buyers’ purchasing power.
About 50,000t of bulk sulphur has recently discharged into the Angolan port of Lobito for onward rail shipment to the copper belt.
Trafigura announced today on LinkedIn that the Lobito Atlantic Railway earlier this month received the largest sulphur bulk carrier to date of 50,000t into Lobito in partnership with Ameropa and Tradevis.
The volumes are then planned for onward rail shipment to the copper belt.
The bulker As One, which loaded in Duqm, Oman, arrived with the volumes into Lobito around 23 January. Originally the vessel was due to part-discharge 20,000t of sulphur into Namibia's Walvis Bay, with the remaining 30,000t into Lobito.
China Fertilizer Industry Chain Daily Briefing: February 9, 2026
❤ Urea:
Yesterday, factory offers in mainstream regions remained stable with a strong tendency. As pre-holiday bookings for the Spring Festival are nearing completion in some areas, prices mostly consolidated at high levels. Traders lacked enthusiasm for chasing price hikes, preferring to follow up on dips. Given that some enterprises still have unfilled pre-order requirements, regional price differentiation occurred. Overall, the price center remained largely stable with minor fluctuations.
❤ Melamine:
Last week, the domestic melamine market trended steadily upward. Enterprise pre-orders and shipments were acceptable, with limited overall pressure. As the Spring Festival holiday approaches this week, downstream end-users are shutting down on a large scale. Market trading activity will gradually stagnate, and the market is expected to enter a state of "nominal quotes with no active trading."
❤ Synthetic Ammonia:
Last week, the supply-demand sentiment in the synthetic ammonia market was weak, with continued ample supply. Apart from sporadic small gains in Hubei, other regions mostly saw narrow downward adjustments. Producers faced shipment pressure, leading to a gradual price slide while maintaining low inventories. As the Spring Festival nears, outbound transportation is largely restricted. Prices are expected to stabilize at low levels later, with high-priced regions potentially facing a "catch-up" decline.
❤ Ammonium Chloride:
Last week, the trading atmosphere in the domestic ammonium chloride market was average. Most combined-alkali enterprises have paused order intake, and some offers were slightly high. Downstream compound fertilizer companies replenished stocks based on rigid demand, while traders took scattered deliveries. This week, as some compound fertilizer plants reduce loads or shut down, rigid demand is weakening. Coupled with restricted long-distance logistics, operations will focus on executing pre-holiday contracts, with prices remaining stable.
❤ Ammonium Sulfate:
The ammonium sulfate market saw narrow adjustments last week. Supported by high international urea prices, suppliers maintained a strong stance on holding prices firm. However, as prices rose and the Spring Festival approached, trading sentiment among industry players cooled. The market is expected to remain mainly stable in the short term.
❤ Phosphate Fertilizers:
MAP (Monoammonium Phosphate): Last week, the domestic MAP market was stable. Mainstream ex-factory prices for 55% powder in Hubei were 3,850 RMB/ton, with final prices subject to negotiation. Raw material sulfur maintained high-level fluctuations, and sulfuric acid rose locally, keeping costs high. Downstream purchases remained rigid, with average new order follow-up. As the holiday nears, trading continues to slow; however, supported by pending shipments and costs, the market remains stable.
DAP (Diammonium Phosphate): Last week, the domestic DAP market maintained a consolidation trend. Raw material prices remained high, keeping cost pressure up. In Hubei, 64% ex-factory prices were 4,100–4,150 RMB/ton (negotiable). Demand follow-up was limited, with downstream buyers purchasing only as needed. Overall trading was relatively quiet, with a flat trend expected in the short term.
❤ Potash Fertilizer:
Last week, the domestic potash fertilizer market overall remained high and firm. Due to continued shortages of some varieties, prices showed a slight upward trend, though the magnitude was limited. With the Spring Festival approaching, overall purchasing enthusiasm from downstream factories has declined. The Potassium Sulfate (SOP) market trend was tepid, with prices temporarily stable.
❤ Compound Fertilizer:
Last week, domestic compound fertilizer prices rose in some local areas, driven mainly by costs. Reference prices for 45% Sulfur-based (3*15) were 3,150–3,350 RMB/ton. With the window for pre-holiday shipments shrinking, local shipping activity increased, and supply-demand activity was acceptable. In the coming cycle, operational activity will weaken as the market enters a pre-holiday adjustment period, maintaining high-level consolidation.
LONDON (ICIS)—In India, RCF has issued a tender to buy 1.5 million tonnes of urea (800kt for west coast and 700kt for east coast), closing 18 Feb and for shipment by 31 March.
-UREA PRICES ARE EDGING UP WITH AN INDIA UREA TENDER TO BE ANNOUNCED POSSIBLY NEXT WEEK
PROCESSED PHOSPHATE PRICES GOING UP ACROSS THE BOARD DUE TO LIMITED SUPPLY WITH CHINESE PRODUCTS ON THE SIDELINES DUE TO EXPORT RESTRICTIONS
-POTASH PRICES GOING UP WITH BRAZIL LEADING THE WAY DUE TO LACK OF INVENTORY
-AMMONIA PRICES HOLDING FORT BOTH EAST AND WEST OF SUEZ BUT COULD EASE DUE TO INCREASED SUPPLY
UREA
Urea prices are edging up across the board which is not surprising since most Q1s edge up due to seasonality – but also another India tender is looming, possibly already next week. On the trading side, Middle East urea is up USD 70 PMT since the start of the year with a Qatar Energy cargo reported to have fetched USD 483 PMT FOB for March shipment. Egypt values are also up close to USD 60 PMT with the latest conclusion at USD 503 PMT FOB. US NOLA are around the USD 450-455 short ton FOB in the barge. A tender in South Korea apparently reached USD 474 PMT CFR giving a netback at around USD 460 PMT FOB SE Asia with the expectation that prices will soon align with Middle East prices. BFI and Petronas are said to be committed for full February. Pupuk Indonesia which was granted an export license of 1.4 million MT early January has only sold 45,000 MT with domestic demand being strong plus flooding at the Bontang urea plant being an export detriment.
Dangote has begun placing granular urea for March shipment with a 30,000t cargo sold at $455pt fob Lekki. The sales price is $15pt above last done by the producer for a February cargo on 21 January. It is unclear if the cargo has been booked as a position. Prior sales for February are believed to include several cargoes for the USA. Freight from Lekki is estimated in the low to mid-$30s pt to Nola or the east coast.
Brazil is out of season and thus on the sidelines for major buying but there was a report of a part cargo sold to the northern part of Brazil at USD 470 PMT CFR which is equivalent to USD 455 PMT CFR Paranagua.
Philippine urea imports in 2025 hit a three-year low of 715,000t, down nearly 26% year-on-year. Supply from Indonesia more than halved to 177,000t, compared to 361,000t in 2024. Similarly, deliveries from Malaysia dropped by 47% on the year to 114,000t. This shortfall was partially offset by an increase in imports from Brunei, which soared 51% year-on-year to a record 122,000t. Arrivals from China also rose to 116,000t in 2025, versus less than 3,000t in 2024.
The outlook for the urea price is bullish with major markets like Australia and Thailand soon to hit major import months. Around 80% of imports in both Thailand and Australia take place in the March – September period although Thailand kicks in after the conclusion of Songkran (Thailand New Year middle of April). Australian demand is expected to be very strong this year particularly on the west coast with grain harvest reaching 24 million MT thus farmers are cashed up. In the background India is looming with another 1.5 million MT tender – and China is still not exporting.
INSIGHT
The sown acreage for India's 2025-26 rabi season is higher on the year for most key crops, according to data from the Department of Agriculture and Farmers Welfare, in line with the country's trend of higher urea demand. The sown acreage is also up compared with most long-term averages. Sown acreage of the crucial rabi crop remains at 3.34mn hectares (ha) as of 23 January, up strongly from the long-term average of 3.12mn ha. Planting has largely finished for the current rabi season. Sown rabi rice acreage was 310,000ha, up by almost 20,000ha on the year, as planting continues to progress. The long-term average for sown rabi rice acreage is 430,000ha. Sown maize acreage stood at 290,000ha as of 23 January, marking a 35,000ha increase on the year. This is up significantly from the long-term average of 240,000ha. But rice and maize are primarily summer kharif crops. India's kharif rice acreage rose by 70,000ha on the year to 4.42mn ha for the 2025-26 season and kharif maize acreage rose by 124,000ha on the year to 9.7mn ha in the 2025-26 season.
India's urea sales to consumers set a record for any month in December, hitting 5.76mn t. Local DAP sales fell further than expected in December to 869,000t, according to latest government data, possibly because farmers were focused on securing nitrogen.
India sets 2026/27 fertilizer budget:
India's Union Finance Minister Nirmala Sitharaman set out an initial 2026/27 budget of INR1.71 trillion ($18.77 billion) for fertilizers in the country’s budget announcement on 1 February. The budget covers the upcoming season of April 2026-March 2027.
The overall budget is up 9.2% on the original budget for 2025/26 of INR1.56 trillion but down 8.4% on the freshly revised total for 2025/26 of INR1.87 trillion.
The 2025/26 budget has been revised upwards as higher than expected P&K subsidy payments, along with those for urea imports, have more than offset lower payments than expected for domestic urea production.
India’s urea subsidy budget for 2026/27 is set at INR1.17 trillion, down 1.7% on the INR1.19 trillion initial budget for 2025/26 and down 7.1% on the revised budget for 2025/26.
The allocation for the 2026/27 P&K nutrient-based subsidy (NBS) is set at INR540 billion ($5.92 billion), up 10% from the original 2025/26 allocation of INR490 billion but down 10% from the revised 2025/26 total of INR600 billion.
The decline from the revised 2025/26 overall P&K budget comes despite India’s DAP prices being roughly $50pt higher than the same time last year and the persistence of a historically low potash subsidy. However, India’s DAP inventories entered January at 1.8-2.0Mt, up from just 900,000t entering 2025, and are forecast by Profercy to enter April up roughly 1.4Mt yr-on-yr at 2.5Mt.
The allocation for domestically produced P&K fertilizers in 2026/27 at INR340 billion has been cut 2.9% against the INR350 billion revised total for 2025/26, which has been raised from an initial budget of INR300 billion.
The allocation for imported P&K for 2026/27 is set at INR200 billion, down 20% from the revised 2025/26 total of INR250 billion. The initial 2025/26 imported P&K NBS had been set at INR190 billion.
India has been attempting to cut its subsidy payments since it paid out over $30 billion in the 2022/23 fertilizer year to keep farmer prices affordable while international prices surged. In the 10 fertilizer years between 2010/11 and 2019/20, India’s fertilizer subsidy bill never passed $10 billion per year.
Fertilizer subsidies in India are set to account for roughly 40% of India’s central subsidies for 2026/27, largely flat on last year’s proportion. Fertilizer subsidies are second only to the country’s allocated INR2.28 trillion food subsidies for the upcoming year.
Next steps in the fertilizer budget:
New Kharif P&K Nutrient-Based Subsidy (NBS) rates split by product should be announced by the end of March for the new season starting 1 April. A decision on whether to maintain the ongoing ‘disadvantage support’ for DAP imports will also likely be clarified before 1 April.
PHOSPHATES
Global MAP prices continued their rapid ascent this week, with increases registered on some DAP benchmarks too, as an exceptionally tight supply outlook and high raw materials prices continue to offset affordability concerns. Spot prices for MAP sales to Brazil climbed to $715-725/t CFR from $690-700/t. The MAP assessment is still slightly below its 2025 peak of $760/t CFR during the first three weeks of July, which represented the highest level since September 2022, though it has climbed rapidly from $630/t CFR at the end of 2025. Similar increases were recorded on MAP and DAP prices to Argentina and the Southern Cone region, with MAP the higher of the two. The assessments increased to $740-750/t CFR for DAP to Argentina/Uruguay from $710-720/t and to $740-760/t CFR for MAP to Argentina from $710-720/t CFR. The recent news that China will temporarily halt DAP, MAP and NP exports until August has emboldened bulls in the market and led suppliers to increase offers. NP supply, which was a key source of P2O5 for Brazil last year, is likely to be much tighter this year, particularly given the China export restrictions, suggesting Brazilian buyers will need to take more MAP. Still, there were indications from China that exports of NP 8-40 may start flowing after China's phosphate demand season concludes in April, and some Brazilian sources said they were already receiving offers for 8-40.
Given severe export restrictions in China, granular phosphates prices are forecast to climb even higher this year than in 2025, with no respite likely for buyers until Q3 at least.
POTASH
The global potash market has become increasingly regionally fragmented over the past several weeks, with price direction and demand conditions diverging sharply across key markets. This divergence has materially influenced supplier behaviour, cargo allocation decisions, and short-term pricing strategies. Prices in Brazil and Southeast Asia have strengthened noticeably, drawing disproportionate supplier interest. In Brazil, potash prices have risen by roughly 10% over the past four months, reaching $370–380/t CFR this week. This upward move has been driven by steady import demand and suppliers’ willingness to test higher levels in a market that has shown an ability to absorb increases. As a result, Brazil has emerged as one of the most attractive destinations for suppliers to sell potash. Southeast Asia has also demonstrated resilience. Despite the recent tender being reissued twice, Pupuk Indonesia ultimately accepted higher MOP prices, reinforcing supplier confidence in the region. Demand across Southeast Asia has been described as robust, with several markets posting record import volumes, making it a key growth region. This acceptance of higher pricing has further encouraged suppliers to prioritise Southeast Asia over weaker markets like India, US and Europe.
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
Ammonia markets remained split this week, with West of Suez still the tighter region where limited prompt tonnes are keeping values supported, while East of Suez continued to edge longer as additional supply out of the Middle East and Southeast Asia met subdued demand in India and the Far East.
The split market is likely to persist in the near term, with West of Suez supported by tighter availability, while East of Suez remains stable-to-soft following this week’s downward move