Fertilizers
Overview
The fertilizer industry has seen dramatic changes in market dynamics, with challenges posed by policy and regulatory changes, political instability, conflicts and new macroeconomic realities. The drive towards energy transition and ambitious zero-carbon goals has also opened up the industry to new entrants and new opportunities.
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Southeast Asian urea prices surge on US-Iran war
Southeast Asian urea prices surge on US-Iran war
Singapore, 9 March (Argus) — Southeast Asian granular urea prices have surged to $700/t fob and above, supported by escalating hostilities in the ongoing US-Iran war. Vietnamese producer Ca Mau has sold 30,000-40,000t of granular urea to a trading firm at $700/t fob for April loading, according to market participants. The cargo will likely head to Australia, which is entering its main fertilizer application season. Australia is heavily dependent on imports from the Middle East, taking around 64pc of its urea from the region . Petronas is also in the market offering fresh granular urea cargoes in the $700-750/t fob for May loading, according to market participants, following its sale last week at $650/t fob . No confirmation was available from the producer. Southeast Asian granular urea prices were last assessed at a midpoint of $491.50/t fob on 26 February, before the conflict begun. Buyers in southeast Asia have been testing the market for additional urea volumes to top up inventories, but availability is limited. BFI is largely sold out of March and April availability and is offering only first-half May cargoes, whereas Pupuk Indonesia has yet to issue a new sales tender. The likelihood of new Chinese urea export quotas also remains unlikely in the near term as international urea prices continue to rise. By Dinise Chng Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Chinese domestic sulphur prices rise on US-Iran war
Chinese domestic sulphur prices rise on US-Iran war
Singapore, 9 March (Argus) — Domestic sulphur prices in China rose further today due to escalations over the weekend between the US, Israel and Iran. Prices reached 4,650 yuan/t ($672/t) ex-works — equivalent to around $577/t cfr on an import parity basis — on the back of several concluded sales today. This reflects a 4pc increase in prices from Yn4,470/t ex-works on 6 March. Further disruptions to sulphur production likely contributed to this increase. Bahrain's Bapco issued a force majeure on its operations after its 405,000 b/d Sitra refinery was hit in an attack linked to the ongoing US-Iran war. The refinery produces 210,000 t/yr of sulphur, according to Argus estimates. By Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Thailand's fertilizer supply ample as war continues
Thailand's fertilizer supply ample as war continues
Singapore, 6 March (Argus) — Fertilizer supply in Thailand remains ample for the next two months, and scheduled arrivals will help to build stocks which will ensure sufficient supply until August, the Thai government said today. Fertilizer supply in Thailand totalled 1.52mn t as of January, with urea accounting for 320,000t or 6.5mn bags, which is sufficient to meet demand in the country for more than two months. Thailand is expected to receive around 100,000t of urea from Saudi Arabia, equivalent to around 2mn bags, bringing the total amount of urea available to farmers to 8.5mn bags, which is sufficient until August, said Airin Panrit, deputy spokesperson for the prime minister's office on 6 March. The government has also instructed relevant agencies to monitor the evolving situation in the Middle East and its impact on domestic prices, and warned retailers not to take advantage of the situation by raising prices excessively, or they would risk facing legal action. This statement came after concerns of a fertilizer shortage arose among farmers following the start of the US-Israel-Iran war, which has effectively choked off supply from producers in the Mideast Gulf for now. The Middle East is the largest urea exporting region, shipping around 20mn t/yr or 35pc of global seaborne trade. Thailand imports most of its urea from the Middle East, with Saudi Arabia being its biggest supplier, accounting for around 1.1mn t of deliveries in 2025. Thailand also imports urea from other sources including Malaysia and Brunei, which could supplement Thailand's urea stocks if needed. "Farmers should not panic," said Panrit, adding "There is no need to rush or buy or stockpile large volumes of fertilizers." Domestic urea prices rise further, importers' reactions mixed Meanwhile, some suppliers have continued to raise domestic granular urea prices in line with firming international offers. The latest bagged domestic granular urea prices have risen to around 17,000 baht/t ($535/t) ex-warehouse as of 6 March, up by 800 baht/t from the day before. Importers agree that further price hikes are expected in the weeks to come. One importer told Argus that current urea inventories are sufficient to cover the upcoming seasonal demand in the near term and importers do not need to rush to import more spot urea on the back of the conflict. Others are seeing several importers seeking spot offers from regional suppliers in Malaysia and Brunei, as they expect supply from the Middle East to be disrupted in the short term. But importers will have to grapple with tight short-term supply from regional producers and significantly higher prices. Malaysian producer Petronas sold 30,000t of spot granular urea on 5 March at $650/t fob Sipitang and has yet to offer any new cargoes, while Bruneian producer BFI is mostly sold out of March and April availability and only offering first-half May cargoes. Pupuk Indonesia is also out of the export market with no sign of a sale tender. Thailand is currently in the harvesting season for off-season rice and fruits. The main planting season for paddy typically starts in May, coinciding with the start of the southwest monsoon season. Domestic demand for fertilizers is likely to emerge only from April onwards, which leaves some time for farmers to evaluate the situation before buying fertilizers. By Huijun Yao and Dinise Chng Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Abu Dhabi's Adnoc rolls over March sulphur price
Abu Dhabi's Adnoc rolls over March sulphur price
London, 5 March (Argus) — Abu Dhabi's state-owned Adnoc has rolled over its March sulphur official selling price for the Indian subcontinent at $530/t fob Ruwais. This follows state-owned QatarEnergy rolling over its March price at $520/t fob on 4 March. These prices are well above last week's spot range, assessed at $494-496/t fob on 26 February, before the US-Israel attack on Iran. But the subsequent escalation of the conflict and the effective closure of the strait of Hormuz led to a jump in bunker fuel prices and insurance premiums as well as delays to vessel movements. This has changed the previously softening sulphur price direction, with almost half of global seaborne sulphur exports left stranded. Offers to delivered markets have risen substantially, with some offers to China, Indonesia and India indicated in a range of $570-600/t cfr. But most suppliers are opting to wait and see if sulphur vessel transit through the strait of Hormuz will resume in the near term, to better evaluate market conditions before making offers. Buyers are taking a similar approach before rushing to buy replacement supply for previous bookings from the Middle East. Middle East shipments will also now be subject to substantial delivery costs, if they can be delivered, with some indicating a doubling of freight rates from the region. This will inevitably erode margins, provided the vessels can pass through the strait, adding to uncertainty in the sulphur market and weighing on activity while market participants evaluate conditions. By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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