Joined April 2012
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Global #phosphate supply will be reduced this year, partly due to cuts in the availability of raw material #sulphur, but there is a risk that export availability declines even more steeply than current base-case expectations #fertilizer
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Transits through the Strait of Hormuz remain limited, with a permanent US-Iran deal yet to be reached. #Sulphur continues to break records with most delivered benchmarks beyond $1,000/t CFR. Around 700,000 t of sulphur is still stranded in the Gulf (1/3)
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The Tampa #ammonia contract for June dropped $50/t, leading most ammonia prices downwards. Some #phosphate benchmarks posted further gains, although DAP and MAP retreated in the US (3/3) #fertilizer
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Our chart of the week shows #urea import seasonality across a range of markets #nitrogen #fertilizer
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India's NFL issued a tender last week for 1.7 Mt #urea for July shipment, following IPL's 15 April tender, which secured 2.5 Mt. Despite this, global prices mostly declined amid subdued demand, with news of China reopening its urea export window further softening sentiment (1/3)
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While global #sulphur supply tightness had already pushed prices to record highs, news that Russia has banned the rail transit of Kazakh material, effectively landlocking up to 4.5 Mt/year of supply, sent a fresh shockwave through the market (2/3)
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Delivered #sulphur prices in Indonesia were the latest to breach the $1,000/t barrier last week. Most #phosphate, #ammonia and #sulphuric acid prices were stable amid growing resistance from buyers to high prices (3/3) #fertilizer
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#Phosphate stripping margins in China are heavily negative due to high #sulphur prices, though some producers can obtain domestic sulphur under price ceilings. As a result of this upwards price pressure, phosphate fertilizer exports from China are set to be limited this year
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India settled its 2026 #potash contract with BPC at $383/t CFR, $34/t higher than the 2025 contract, leaving it at a premium to the prevailing China contract, as our chart of the week shows #MOP #fertilizer
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#Fertilizer shipments through the Strait of Hormuz remain largely paralysed and producers, cognisant of what appears to be the new normal, are forced to seek more expensive routes to market. #Phosphates and #sulphur price gains last week outstripped other products (1/3)
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#DAP is fast approaching $1,000/t in some markets and Mosaic is curtailing production in the US and Brazil amid record #sulphur and #sulphuric acid costs. #Ammonia prices were firmer or little changed outside the US, where values declined (2/3)
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#Urea and #sulphates are bucking the trend higher for now, in the absence of new demand in India, although a fresh import tender is suggested to be around the corner (3/3) #fertilizer
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Our chart of the week shows #fertilizer and raw material price movements this year. While oil and gas prices swing wildly with the news flows, other commodities remain stubbornly high and more closely reflect fundamentals #urea #phosphate #ammonia #sulphur #nitrogen
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Our chart of the week shows #sulphuric acid margins over #sulphur, incorporating latest CRU 12-month price forecasts
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A solution to the Middle East crisis has yet to emerge. Some #sulphur and #sulphuric acid prices have been driven to record highs. #Ammonia prices extended gains as supply remained severely constricted. Granular #phosphate and #phosphoric acid prices climbed outside the US (1/3)
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#Sulphur posted another week of triple-digit rises and #sulphuric acid is fast approaching $500/t CFR in Chile. #Urea prices pulled back from their recent highs after India booked 2.5 Mt through mid-June, as producers with limited volumes lowered targets to attract interest (2/3)
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The US is behind on its typical imports and still requires around 600,000 t #urea, according to CRU estimates. Many importers are stepping back, hoping the situation improves, though there is little on the diplomatic front that supports such positivity (3/3) #fertilizer
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#MiddleEast Conflict squeezes #SulfuricAcid supply—vital for #fertilizers, #copper leaching, #semiconductors — as #StraitOfHormuz disruption tightens supply. CRU’s Peter Harrisson speaks to @WSJ the market has become “ridiculously chaotic.”
Read more: ow.ly/LbOA50YQHL4
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Our chart of the week shows stranded #urea, #sulphur, #phosphate and #ammonia volume in the Strait of Hormuz #fertilizer
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