UREA PRICES ARE RECALIBRATING LOWER WITH SUPPLIERS CONCEDING LOWER NUMBERS TO ACCOMMODATE INDIA L1 PRICES RATHER THAN GAMBLE ON AN UNCERTAIN FUTURE IN OTHER MARKETS
-PROCESSED PHOSPHATE PRICES KEEP ON SLIDING WITH BENCHMARK PRICES ON MAP IN BRAZIL AND DAP IN INDIA LEADING THE WAY
-POTASH PRICES ARE STABLE FOR NOW BUT EXPECTED TO DECLINE DUE TO OVERSUPPLY
-AMMONIA PRICES GOING UP DUE TO TIGHT AVAILABILITY ALTHOUGH MORE AMMONIA COMING INTO THE MARKET SOON MAY COOL PRICES
UREA
The fertilizer industry is digesting the rather surprising outcome of the India urea tender where most in the trade expected IPL to get around the 750,000 MT mark, way short of the desired 2.5 million MT. Instead, IPL secured 1.56 million MT from a wide variety of traders at prices of USD 418.40 CFR EC India and USD 419.90 PMT CFR WC India. From the tabulation of offers EC secured 557 KT and WC 957 KT.
Total offers were at 4.464 million MT double accounting including.
Of this it is expected that Middle East producers will supply around 600,000 MT, Black/Baltic Seas anywhere in the 300,000-350,000 MT whilst China is expected to supply around 200,000 MT. The rest will be smaller parcels from Nigeria, Indonesia and Malaysia (both Agrifields L1 cargoes appear to be originating from Malaysia).
Netbacks to Petronas is estimated at USD mid USD 390s FOB whilst Indorama could expect to netback around the middle of USD 380s MT FOB. China netback prices are estimated at the USD 395 PMT FOB mark, which is below the stated “floor” price set by the government. Middle East netbacks are estimated to be between USD 404-408 PMT FOB which is much better than shipping to the Us/NOLA and or Brazil.
In other tender news BCIC of Bangladesh held a 100,000 MT granular bagged tender with Mongla and Chittagong splitting the volume equally. Trading firm Wilson came in with the lowest price to both destinations, USD 482.77 PMT CFR to Chittagong and USD 483.87 PMT CFR to Mongla. Total trade package from China and the Middle East is expected to be around the USD 50-60 PMT range. This is the first time since 2023 that BCIC has tendered for urea since in the past formula contracts were supplied by Middle East producers.
In the spot market MOPCO of Egypt sold a small parcel at USD 460 PMT FOB destined for Europe at USD 47 PMT less than the previous sale of USD 507 PMT FOB.
The market in the US/NOLA is celebrating Thanksgiving thus no activity. January paper is priced at USD 395 PMT CFR equivalent. Brazil non-sanctioned pricing is at between USD 415-420 PMT CFR.
Thailand Jan-Oct imports were 2.4 million MT down 100,000 MT or 4% Y/Y. SABIC of Saudi Arabia supplied 1 million MT and Petronas of Malaysia a distant second at 367,000 MT and the hybrid Iran/Oman origin supplied 364,000 MT.
Staying with Thailand, it is worth noting that the country imported a whopping 592,000 MT ammonium sulphate, up 37% or 160,000 MT Y/Y with China origin almost 100% bar 17,000 MT from Taiwan. We may see Thailand replicating Brazil in substituting Urea in favour of Ammonium Sulphate?
Again, with the curveball coming from the India tender it is difficult which direction the market is taking. Taking the Egypt sale above as an indication, it appears that the market is long, and we could expect lower prices in time to come.
PHOSPHATES
Spot prices for DAP and MAP across the globe continued to decline this week while fresh business was limited amid a lack of spot demand. Prices are expected to decline further through Q4 as buyer resistance to high prices grows across the globe. Still, prices are likely to remain historically high given limited overall global availability as China exits the export market again until at least Q2, while high raw materials.
India DAP demand is still limited on higher stocks although discussions are reportedly ongoing over remaining floating cargoes from China and for December-loading DAP from Russia and Saudi Arabia.
Offers are generally reported down to roughly $690pt cfr for December loading from latest activity at $695-699pt cfr with unconfirmed indications that $675pt cfr has been offered for a prompt floating vessel of 50,000t DAP from China.
There are mixed reports on bids, with some reports suggesting no interest and bids no higher than $650pt cfr and others indicating bids have been received as high as $680-685pt cfr.
If deals at $685-690pt cfr are concluded, the India DAP price will have dropped an average $120pt in three months.
Fourth quarter DAP imports should slow somewhat on Q3 but with continued contract volumes from OCP and Saudi Arabia are still forecast to reach 2.0Mt. As a result, India’s 2025 DAP imports are forecast to reach 6.2Mt from 4.5Mt in 2024 with the country’s 2025/26 fertiliser year imports expected to reach 6.2Mt from 4.6Mt.
In Pakistan, unconfirmed reports suggest a consortium of buyers including PakArab are finalising a formula 45-50,000t DAP cargo from OCP for December loading with some suggestions the deal has already concluded.
Two weeks ago, Fauji also purchased a 45,000t DAP/TSP cargo from OCP for late November/early December loading and January arrival under formula prices. The buyer confirmed the deal on 12 November.
Discussions are also rumoured to be ongoing between Pakistan buyers and Saudi Arabia over at least one DAP cargo for December loading.
Most sources indicate offers remain above $700pt cfr and even as high as $710-715pt cfr, while bids are no higher than $690pt cfr.
Pakistan’s DAP prices are now pegged at $690-700pt cfr, down an average of $5pt wk-on-wk.
Pakistan’s domestic DAP sales prices are now reported down to PKR13,700-13,900 per bag ($970-986pt) from PKR14,000 per bag. These levels are seeing little to no demand from farmers, according to market participants.
Some MAP price indications for Argentina have fallen to $680-700pt cfr, but there is a lack of demand from the market regardless of price level and no fresh deals have been reported.
This price is still roughly $40pt above the latest Brazil MAP indications.
Argentina’s DAP/MAP prices were last assessed at $720-730pt cfr. There are no fresh price indications to report for DAP so far this market week.
MAP10-50 prices in Argentina are pegged by local sources in the low-to-mid-$680spt cfr.
POTASH
Global potash prices were stable this week, with the market focused on China after a major importing consortium settled the 2026 MOP import contract with FSS, the trading arm of Urakali, at $348/t CFR. The settlement, concluded earlier than expected, was much to market participants' surprise. The early Chinese settlement is expected to provide a clearer reference point for the market after weeks of uncertainty. Producers view the China and India contract levels as establishing a firm price floor, but buyers across the major consuming regions remain cautious, keeping global spot markets largely stable and subdued. This is already being interpreted as a key benchmark for Asian markets heading into next year. All eyes are now on New Delhi ahead of the Fertiliser Association of India's conference, which is widely expected to settle contracts for 2026. Participants noted that the new contract lands marginally above recent expectations. The December cross-border contract was set at $355-358/t DAP Manzhouli for white 62% K2O, an increase of $3/t from the November contract price, according to local sources in China. Across Southeast Asia, standard and granular MOP prices moved very little as demand remained subdued. Buyers in Indonesia and Malaysia have largely secured their near-term requirements, leaving spot activity muted. Recent Malaysian tenders for standard MOP were awarded in the $365-375/t CFR range for 2,000-5,000 t, while Indonesia’s latest import tender attracted offers between $384-420/t CFR for granular product, reinforcing the regional benchmark of $380-400/t CFR, in line with CRU's assessments for the region. In Brazil, despite isolated attempts by some suppliers to report firmer pricing, sources across the region stressed that real transaction levels remain anchored at last week’s values of $345-355/t CFR. Several participants also dismissed claims of tightening supply, noting that Brazilian and Southeast Asian offices of major producers are not observing actual scarcity. Sources noted that buyers remain resistant to higher pricing and that meaningful demand for the 2026/27 soybean cycle has yet to materialise, with farmer coverage estimated at only around 4%, well below last year’s pace. In the west, the tone was quiet. Potash prices in northwest Europe held flat for the sixth consecutive week amid weak spot demand, with both standard and granular grades unchanged. As the US heads into Thanksgiving week, MOP prices remained stable. However, a few market participants in Europe believe prices could slide as they are currently paying a premium to procure MOP in the region.
Potash prices are expected to decline due to an ample supply in the market.
AMMONIA
The ammonia spot market remains tight despite encouraging signs that new supply will soon emerge from GCA in the US and some spot indexes edged higher this week. Nutrien’s production in Trinidad is still halted, Ma’aden’s MPC unit has not produced since late August and there are suggested production difficulties across North Africa in Algeria and Egypt. No restart was confirmed at Mosaic’s stand-alone ammonia plant at Faustina in Louisiana. At the same time, demand for imported cargoes in Europe is low ahead of the CBAM startdate on 1 January and China remains one of the few sources of spare tonnes globally. Northwest European prices are the highest since February 2023 and the benchmark has advanced an average of $258/t, or 41%, from a low this year of $435/t CFR amid a host of global supply failures. Middle East prices also pushed higher again. At an average price of $500/t FOB, the index is now at its highest since December 2023. GCA is expected to load around 100,000 t ammonia in December, one participant suggested, although this could not be confirmed and others doubted whether the plant would ramp up to such a quantity so quickly. New spot sales from the Middle East were suggested in the mid-$500s/t FOB this week, but confirmation was not forthcoming. Still, the last confirmed sale from the region was at $500/t FOB and the index was assessed higher again this week. Salalah Methanol was also understood to have completed three weeks of planned maintenance in Oman. Around the Mediterranean, there may be new spot cargoes emerging from Gemlik in Turkey and Abu Qir in Egypt this month, while others still point to production difficulties in Algeria and at Ain Sokhna. Sorfert would not comment on a potential December cargo and rumours suggest AOA may also have availability before the end of the year. The market remains in need of supply from Woodside’s Beaumont plant and confirmation that GCA is not a false dawn. Most speculate the Tampa contract will be agreed at a rollover in the coming days. Should production in Trinidad or the Middle East also return sooner than the market currently expects, prices may slide into the New Year.
The market remains very tight through the end of the year, though some expect supply to improve in Q4. Prices are unlikely to ease too much in the very short term without supply confirmed from the US or a return of production in the Middle East and at Nutrien's plants in Trinidad
IFA Annual Conference 2026
04.05.2026 – 06.05.2026 ABU DHABI, UNITED ARAB EMIRATES
Join over 1500 industry leaders, innovators, and stakeholders as we discuss sustainable practices, technological advancements, and investment strategies crucial for securing global food security. An important event on the annual calendar, with inspiring speakers, high quality discussions and ample opportunities for networking and doing business with peers across the industry.
Morning. With IPL confirms for 1.5mt+/- , Int'l paper values held stable for Dec, but Jan/Feb still discounted amid uncertainty of when/from where next big demand outlet comes. In Nola, values slipped further, as Dec paper traded $363 ($7 down from Tues).
AG
Dec $387//$400
Jan $370//$380 – traded $375
Feb $365//$375
Cfr Brazil
Dec $393//$400 – traded $396
Jan $375//$388
Feb $375//$380
Egypt
Dec $425//$455
Jan $390//$430
Nola
Phys: Mar traded $373
Paper:
Dec $365//$375
Jan $357//$365 – traded $363
Feb $362//$373
Mar $367//$378
Apr $365//$385
May $370//$380
Q1 $365//$382
UAN Nola
Dec $290//$315
Jan $285//$320
Feb $280//$320
DAP Nola
Dec $650//$690
Jan $630//$640
Feb $630//$645
Q1 $625//$645
MAP Brazil
Dec $620//$645
Q1 620 Bid
AMS Brazil
Dec $170//$185
Jan $165//$180
China Nitrogen Fertilizer Industry Association Document
(2025) No. 091
Notice on Convening the “10th Council Meeting of the 7th Session of the China Nitrogen Fertilizer Industry Association”
To all council members and relevant units:
To summarize the work of the association in 2023, analyze the current situation and development trends of the nitrogen fertilizer industry, study the work plan for 2026, and discuss the development outline of the “14th Five-Year Plan” and the revision of the association’s charter, the China Nitrogen Fertilizer Industry Association has decided to convene the 10th Council Meeting of the 7th Session. The relevant matters are hereby notified as follows:
Meeting Time:
December 18-19, 2025
Meeting Location:
Kunming, Yunnan Province
Issued by:
China Nitrogen Fertilizer Industry Association
December 20, 2023
II. Meeting Content
1. Report on Ganpo New-Type Fertilizer Technology Work
2. Ceremony for the Development and Market Promotion of New-Type Fertilizers
3. Licensing Ceremony for Ganpo New-Type Fertilizer Technology Workstation
4. Exchange on the Development and Market Promotion of New-Type Fertilizers
5. Market Analysis for the 2026 China Fertilizer Development Conference (October 1–10, 2025)
6. Analysis of the Enterprise Standard System of Ganpo New-Type Fertilizer Technology Workstation for 2025
7. Exchange on the Development and Market Promotion of New-Type Fertilizers
8. Analysis of the Enterprise Standard System of Ganpo New-Type Fertilizer Technology Workstation for 2025
9. Exchange on the Development and Market Promotion of New-Type Fertilizers
10. Analysis of the Enterprise Standard System of Ganpo New-Type Fertilizer Technology Workstation for 2025
11. Exchange on the Development and Market Promotion of New-Type Fertilizers
12. Analysis of the Enterprise Standard System of Ganpo New-Type Fertilizer Technology Workstation for 2025 (Compiled Materials)
13. Exchange on the Development and Market Promotion of New-Type Fertilizers
14. Analysis of the Enterprise Standard System of Ganpo New-Type Fertilizer Technology Workstation for 2025
15. Exchange on the Development and Market Promotion of New-Type Fertilizers
16. Analysis of the Enterprise Standard System of Ganpo New-Type Fertilizer Technology Workstation for 2025 (Compiled Materials)
III. Participants
Association leaders and heads of key fertilizer enterprises
IV. Transportation Time and Location
1. Time: Full-day registration on December 18, exchange on the morning of the 19th
2. Location: Ganjiang Hotel, Nanchang, Jiangxi
3. Transportation: Taxi from Nanchang Railway Station costs approximately 166 yuan
V. Other Matters
1. No conference fees will be charged
2. Accommodation and meals will be arranged uniformly. Standard rooms accommodate about 30 people per room, single rooms about 60 people per room
3. Participants are requested to send the registration form to the organizing committee in advance
4. Taxi from the airport to Ganjiang Hotel is about 60 km, one-way fare approximately 166 yuan. Terminals: T2, T3
Taxi from the terminal to Ganjiang Hotel is about 60 km, one-way fare approximately 166 yuan
Official WeChat: CNFIA Ganpo Fertilizer Association
V. Conference Fees
1. Registration fee: 2600 yuan/person. If registered and paid before December 10, the fee is 2400 yuan/person. Member units: 2200 yuan/person. Long-term member units participating in 2023 can enjoy an additional discount of 200 yuan/person.
2. Accommodation and meals are arranged uniformly; costs are self-funded.
Please send the registration form, remittance slip, and accommodation form to the conference affairs team before December 10 to facilitate unified arrangements and early room reservation.
Bank Information:
Bank: Industrial and Commercial Bank of China, Beijing Xisi Branch
Account Number: 0200 223009 14421348
Account Name: China Agricultural Production Materials Circulation Association
Contact Person: Li Jing
Phone: 010-82032113
Conference Email:
82032113@126.com, 135228023xx, nk_12089@126.com
Fax: 010-82037987, 13639194995, ppdd205@126.com
Organizer:
Synthetic Ammonia Professional Committee of the China Nitrogen Fertilizer Industry Association
[Red circular stamp: China Nitrogen Fertilizer Industry Association CNFIA]
Official WeChat: CNFIA Nitrogen Fertilizer Association <This message was edited>
LONDON (ICIS)—In Egypt, MOPCO sold 5,000 tonnes and 3,500 tonnes of granular urea at 460 FOB for December loading.
Latest Market Analysis on November 23, 2025
Looking at monthly changes in urea production, the monthly output of urea in the past three months—August, September, and October—has remained stable above 6 million tons, with overall supply staying at a high level. In mid-November, urea prices experienced a rapid increase, mainly due to support from Indian tenders. However, due to delays and reduced purchase quantities from India, prices quickly fell back.
After the conclusion of the Indian tender, the domestic urea futures main contract in November quickly dropped to around 1900, and market sentiment gradually weakened, with spot prices also declining. However, due to limited downstream stocking in the earlier period, there was still some replenishment demand after the price drop, and prices stabilized in late November.
In December, compound fertilizer gradually enters the off-season, urea demand will continue to weaken, and prices may continue to fall. On the supply side, urea companies are still making decent profits, operating rates remain high, and supply pressure persists. On the export side, reduced Indian tender volumes and falling prices have weakened export support. Overall, urea prices in December may trend weakly with fluctuations.
This week, urea prices fluctuated: prices rose slightly at the beginning of the week, fell midweek, and stabilized by the weekend. Early in the week, prices rose due to support from Indian tenders; midweek, prices fell as the tenders ended; and by the weekend, prices stabilized. Downstream purchases were mainly on-demand, and overall market transactions were average. Overall, urea prices in December may trend weakly with fluctuations.
Current urea company quotations are as follows: factory price around 1600, trader price around 1650, market transaction price around 1600–1650.
Regarding urea costs: natural gas price is 2.3 yuan/m³, methanol price is around 2400, coal price is 490 yuan/ton, and urea cost is around 1600. Urea prices are near the cost line, company profits are limited, and short-term prices may fluctuate.
Urea prices are fluctuating, demand will weaken in December, and prices may trend weakly with fluctuations. It is recommended to purchase as needed to avoid risks from price volatility.
Industry data is for reference only, for reference only!
Hi Phil, I hope all is well.
The sulphur market is showing signs of a turning point. There appears to be more buyer resistance, especially in China, India and the Med.
I heard Lygend in Indonesia awarded its tender at $520 CFR, which is $7/tonne higher than last week. I'm wondering if they will take a step back as well.
Morning. Prior to IPL confirm deadline today, Int'l paper saw activity on Feb Brazil, w/ value found at $380cfr. In Nola, Urea tone remained soft – Dec phys/paper traded $370, Jan phys $365 (down $2 from last done), while DAP bids pulled back.
AG
Dec $390//$402
Jan $384//$393
Feb $373//$383
Cfr Brazil
Dec $392//$400
Jan $382//$390
Feb $377//$380 – traded $380
Egypt
Dec $440//$465
Jan $400//$450
Nola
Phys: Dec traded $371, $370. Jan $365
Paper:
Dec $365//$375 – traded $370
Jan $363//$368
Feb $365//$375
Mar $370//$380
Apr $370//$385
May $370//$380
Q1 $365//$382
UAN Nola
Dec $290//$315
Jan $290//$325
Feb $290//$320
DAP Nola
Dec $655//$695
Jan $630//$640
Feb $630//$645
Q1 $625//$645
MAP Brazil
Dec $615//$640
Jan $610//$650
Jun traded $650 – 1.5k
AMS Brazil
Dec $165//$175
Jan $155//$172
[Potassium Phosphate]
On November 23, 2025, the Chinese negotiation team for potassium fertilizer imports reached an agreement with major international potassium fertilizer suppliers, finalizing the price of the major contract for potassium fertilizer imports in 2026 at 348 USD/ton (CFR), thereby maintaining the status of the global potassium fertilizer market as a "price low."
Good day,I’d like to share some Market Outlook with you,which might be useful for your reference.
1.India is waiting for bidders' acceptance for IPL‘s urea tender. Out of 2.26mn ton to east coat with L1 price $418.40 cfr and 2.46mn to west cost at $419.90 cfr, it is expected that there will be more volume secured compared to last tender by RCF, from which only around 400kt bought. Middle east cargo, if nothing else, will account for the majority of final quantitiy.
2. China seems to have falled from grace as the current FOB is maintained at around $400-405 for Prilled urea and $410-415 Granular due to the floor price required by NRDC, meaning if offered to India, the netback is projected to go mid $390 fob. In another words, how much of Chinese urea will be seen in this tender maybe not a big volume. With that being the case, India doesn't necessarily to be the only outlet for Chinese urea as most produers at the moment are quite comfortbale with the current sales. On top of that, most producers has consumped their quota.
3. On Amsul, last week's tenders by TCC and SCC are closed at usd 162 fob and 164.5 fob, both are increased strengthening again the price upward trend. While caprolactam manufacturers keep the production rate largely running at 70% -80%, the general supply of standard Ammonium sulpahte will remain tight, or even tighter in short term. In addition, reduction of steel grade is developing to a larger scale. Amid this strong bullish sentiment, suppliers/traders' price are quite firm. As a consequence, those who sold short cargo might be struggling on finding availabilities. In south East Asia, Indonesis take the center stage with 350kt buy tender, the deliveries are required for 4 discharging port with shipment spanning from Dec 2025 to Dec, 2026.
4. By contrast,the demand for Granular Amsul is weak,leading to a pretty narrow price gap with Standard Ammonium Sulphate. In Brasil the interest and liquidity has picked up since last week.
As at today : Talk that IPL acceptances total only around 600kt
Next tender end dec / Jan if true
China Fertilizer Industry Morning Reference – 2025-11-25
❤ Urea: As the weak sentiment in urea has continued over the past two days, market prices will keep falling slightly. Enterprises with fewer pre-orders will gradually face shipment pressure. Therefore, recent corporate quotations remain temporarily stable, but some companies may gradually loosen their prices.
❤ Synthetic Ammonia: Yesterday, the synthetic ammonia market showed mixed supply and demand sentiment, though within regions the supply-demand atmosphere was acceptable. In lower-priced regions, the market focus continued to rise, new orders improved, and short-term shipments were acceptable. However, high-price sentiment in the market was cautious, so the market may mainly stabilize and consolidate with shipments.
❤ Ammonium Sulfate: Yesterday, the domestic ammonium sulfate market held firm while waiting and watching. After previous price increases, domestic ammonium sulfate prices are at relatively high levels. Against the backdrop of expected industry load reduction, suppliers still have a strong intention to hold prices. However, considering limited support from terminal demand and increasingly cautious procurement sentiment, the supply-demand relationship remains in a state of game-playing. It is expected that in the short term, the ammonium sulfate market is likely to consolidate at high levels.
❤ Ammonium Chloride: Yesterday, the domestic ammonium chloride market operated in consolidation. Ammonium chloride enterprises mainly focused on executing pending orders, with a strong intention to hold prices and test increases. However, downstream compound fertilizer enterprises had low operating rates, maintaining just rigid replenishment demand for ammonium chloride, while resisting high prices. Previous shutdown units have not yet resumed production, so there is a possibility of price recovery at lower levels.
❤ Melamine: Yesterday, the domestic melamine market was generally stable, with only a few enterprises making supplementary increases. Supply in the market tightened, but demand remained consistently flat. With some pending orders still supporting enterprises, offers stayed firm. In addition, enterprises without shipment pressure may have expectations of supplementary increases.
❤ Potash Fertilizer: Yesterday, the domestic potash fertilizer market showed a weak trend. Although traders largely maintained previous quotations, the room for negotiation in actual transactions increased. Currently, the price of 62% white potash is mostly between 3150–3450 yuan/ton. Domestic potassium sulfate manufacturers continue to operate at low rates, with most factories executing previous orders.
❤ Phosphate Fertilizer: Yesterday, the domestic monoammonium phosphate market maintained stable operation, with no obvious price changes. Factories mainly executed pending orders, overall trading atmosphere was average, downstream buyers adopted a wait-and-see attitude after earlier raw material purchases, and some procured as needed. In the short term, the market is expected to remain stable. Yesterday, the domestic diammonium phosphate market operated firmly, with strong cost support. In Hubei, the ex-factory price of 64% diammonium phosphate was 4000–4050 yuan/ton, with real orders negotiated. Some enterprises have not yet clarified new prices, market spot supply remains tight, and downstream buyers maintain rigid demand procurement. In the short term, the market will continue to operate at high levels.
❤ Compound Fertilizer: Yesterday, the domestic compound fertilizer market consolidated at high levels. Supported by raw material costs, enterprises still had a strong intention to hold prices. However, with the long winter storage period, distributors became more cautious about taking goods at high levels, and new orders followed up relatively slowly. It is expected that in the short term, the compound fertilizer market will mainly focus on fulfilling previous orders. In terms of prices, apart from some low-end supplementary increases, mid-to-high-end adjustments may slow down.
Morning. Int'l paper drifting in absence of India news, and thin phys activity elsewhere. In Nola, Urea values weakened (Jan phys $367- new low), while Q1 DAP strip traded $652-$648 (Q1 $650 last week), before Jan & Feb traded $640. Mkts framed:
AG
Dec $390//$405
Jan $385//$395
Feb $373//$388 – traded $380
Cfr Brazil
Dec $392//$408
Jan $382//$396
Feb $375//$393
Egypt
Dec $430//$465
Jan $410//$455
Nola
Phys: Jan traded $370, $369, $367. Feb $372.50
Paper:
Dec $370//$380
Jan $365//$377
Feb $365//$377 – traded $377, $375
Mar $375//$380
Apr $370//$385
May $370//$380
Q1 $367//$382
UAN Nola
Dec $290//$315
Jan $290//$325
Feb $290//$320
DAP Nola
Dec $655//$695
Jan $635//$645 – traded $640
Feb $635//$645 – traded $640
Q1 $635//$650 – traded $652, $648
MAP Brazil
Dec $615//$640
Jan $610//$650
AMS Brazil
Dec $165//$175
Jan $155//$172
Sold to Czech Agrofert
OCI Global Ammonia Holdings