Nitrogen
Overview
The ease of urea availability east and west of Suez has shaped the current trade flows of this key nitrogen fertilizer. Despite challenges posed by energy prices and military conflicts, key import markets such as India, Australia, and Latin America remain robust. But structural oversupply and the role of China as a swing exporter have led to price volatility as this fast-moving market seeks equilibrium, more so during seasonally high-demand periods.
Our extensive nitrogen coverage includes prilled and granular urea, UAN, ammonium nitrate, and ammonium sulphate. Argus has many decades of experience covering the nitrogen market and incorporates our multi-commodity market expertise in key areas including ammonia and natural gas to provide the full market narrative.
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- Daily and weekly nitrogen price assessments, proprietary data and market commentary
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Latest nitrogen news
Browse the latest market moving news on the global nitrogen industry.
Adecoagro makes offer for remaining 50pc in Profertil
Adecoagro makes offer for remaining 50pc in Profertil
Sao Paulo, 3 December (Argus) — Argentinian agribusiness company Adecoagro submitted a binding offer to buy YPF's 50pc stake in Argentinian nitrogen producer Profertil. YPF's stake in Profertil is expected to be of around $600mn, Adecoagro said. YPF's board of directors needs to approve the proposal and that is expected to take place this month. Adecoagro would become the controlling shareholder of Profertil, holding 90pc of the total share capital. Argentinian grain cooperative ACA will hold the remaining 10pc. The proposal mirrors terms and conditions agreed between Adecoagro and North American fertilizer producer Nutrien. Nutrien agreed in September to sell its 50pc stake of Profertil to Adecoagro and ACA. Adecoagro will finance the transaction through a combination of existing cash reserves, an already committed long term credit facility and proceeds from share sales. Profertil is Argentina's leading fertilizer producer, supplying around 60pc of Argentina's urea consumption. It can produce 1.3mn metric tonnes (t)/yr of urea and 790,000 t/yr of ammonia. It operates a distribution network at major ports and the Bahia Blanca nitrogen complex, with warehouses in Puerto General San Martin, San Nicolas, Necochea and Loma Paraguaya. The firm is also a large importer of other finished fertilizers, such as DAP, MAP and potash. Profertil has storage capacity for 150,000t of urea and 20,000t of ammonia at its Bahia Blanca site. By João Petrini Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
RCF's long-term urea tender garners little interest
RCF's long-term urea tender garners little interest
Amsterdam, 1 December (Argus) — Indian importer and supplier RCF closed a tender today, seeking a minimum of 2.5mn t/yr of urea over three years, but there was no interest from major suppliers. Only one trading firm is understood to have participated — it is not yet clear which trading firm took part in the tender. RCF was looking for at least 500,000 t/yr of either granular or prilled urea, delivering bulk shipments of 40,000-60,000t, from each supplier. Offers were to be made in terms of a percentage discount to cfr east and west coast India prices under the most recent government tenders. India is typically the largest urea importer, and its regular state-backed tenders are closely watched in the international urea market. The country has bought 9.23mn t of urea this calendar year through tenders. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
India's IPL confirms 1.56mn t of urea in tender: Update
India's IPL confirms 1.56mn t of urea in tender: Update
Adds list of cargoes and discharge ports Amsterdam, 28 November (Argus) — Indian fertilizer importer IPL has sent letters of intent (LOIs) to suppliers for a total of 1.56mn t under its 20 November tender. IPL has bought 963,950t of urea at $419.90/t cfr west coast and 596,200t at $418.40/t cfr east coast. The importer had countered suppliers in line with those lowest offers last week, with the acceptance deadline closing on 26 November. The full split of awards to trading firms on a cargo by cargo and port basis is listed below. The quantity is at the high end of expectations when prices emerged last week, with participants projecting 1mn-1.5mn t of acceptances. IPL was seeking 2.5mn t of urea to be loaded by 15 January 2026. By Harry Minihan IPL 20 November urea tender awards Supplier Discharge port Quantity (t) West coast 963,960 Agrifields New Mangalore 45,000 Aditya Birla Global Trading Mundra 50,000 Aditya Birla Global Trading Kandla 50,000 Aditya Birla Global Trading Kandla 50,000 Aditya Birla Global Trading Tuna 50,000 Aditya Birla Global Trading Mundra 50,000 Koch Kandla 47,700 Sun Mundra 33,000 Quest Dahej 50,000 Quest Dahej 50,000 Keytrade Mundra 47,000 Agricommodities/ETG Pipavav 50,000 Agricommodities/ETG Rozy 26,250 Agricommodities/ETG Rozy 40,000 Continental Pipavav 50,000 OQ Kandla 50,000 Indagro Jaigarh 45,000 Ameropa Mundra 45,000 Ameropa Pipavav 45,000 Fertistream Pipavav 45,000 Fertiglobe Mundra 45,000 East coast 596,200 Agrifields Vizag 40,000 Aditya Birla Global Trading Paradip 57,500 Aditya Birla Global Trading Kakinada 57,500 Aditya Birla Global Trading Tuticorin 31,500 Aditya Birla Global Trading Krishnapatnam 50,000 Ameropa Paradip 38,500 Koch Vizag 40,000 Koch Dhamra 47,700 Continental Gangavaram 47,000 Midgulf Gangavaram 53,000 Midgulf kakinada 51,500 Midgulf Kakinada 52,000 Sun Karaikal 30,000 Grand total 1,560,150 Market sources Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Falling gas price boosts Europe nitrogen margins
Falling gas price boosts Europe nitrogen margins
Amsterdam, 24 November (Argus) — Front-month gas futures in Europe dropped by as much as 3pc today, which is supporting nitrogen fertilizer producer margins at a time of elevated urea and nitrate prices, continuing a trend which emerged earlier this year. The December contract for natural gas at the Dutch TTF hub, listed on Ice, fell to as low as €29.2/MWh today, below the previous lowest close of €29.3/MWh on 23 February 2024. Gas prices in Europe have fallen further following the latest US-driven push for a deal between Russia and Ukraine, which is weighing on major energy markets. The US and Ukraine have made "significant progress" in talks about a peace deal that can be presented to Russia, the EU said today. Gas costs for ammonia, the key feedstock for urea and nitrate fertilizers, dropped to as low as $355/t, accounting for gas consumption of 36mn Btu/t of ammonia at €29.2/MWh. That cost is $71/t below costs of $426/t three months ago, when the TTF contract was €35/MWh. The costs are calculated and do not account for processing or other ancillary costs. The falling gas prices at the TTF this year have brought implied European nitrogen margins back up in line with typical levels before the conflict. European nitrogen producers had been buffeted by spiking natural gas prices in the years after the Russia-Ukraine conflict started in 2022, causing operating rates to drop as some producers idled loss-making facilities. But the fall in gas prices and jump in nitrogen levels has lifted producer margins this year. A basket of European products — the average of granular urea fca French Atlantic, UAN 30 fca Rouen and CAN 27 cif inland Germany — hit €11.76/t of nitrogen last week on 20 November, the highest since early 2023. Nitrogen fertilizer prices in Europe have jumped in the past month as importers scrambled to secure products for arrival and customs clearance ahead of the implementation of CBAM legislation and added carbon costs in January . Urea prices out of Egypt, one of the key sources of duty-free product for European buyers, hit $507/t fob on 6 November, before the surging levels began to pull in more atypical origins to the European Union, with importers lining up product granular urea from Oman, Nigeria and China. European prices have also been supported by the bloc's imposition of a €40/t tariff on imports of Russian nitrogen products since 1 July . The ratio between the basket of European nitrogen prices against the TTF day-ahead price hit 0.38:1 on 20 November, marking the highest level this year. The ratio last consistently surpassed this level in the first half of 2021. The ratio averaged 0.27:1 in 2024 and 0.26:1 in 2023. Improving margins for European producers has been a largely consistent trend through the year so far. Norwegian fertilizer major Yara posted a 7.4pc return on invested capital (ROIC) for its European segment in the third quarter of this year, up from 2.1pc a year earlier and -0.6pc for the whole of 2024. The ROIC for the firm's European unit dropped to as low as -33.5pc in the second quarter of 2023 ( see chart ). By Harry Minihan Ratio of Europe nitrogen products vs TTF day-ahead European nitrogen products and TTF day-ahead Yara Europe, return on invested capital % Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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