NPKs
Overview
The global market for compound NPKs is one of the most important and dynamic markets in the fertilizer sector. Greater agricultural sophistication is bringing an increasing variety of grades to the market. Producers are also striving to move from commodity grades, such as 15-15-15, to more specific formulations (often tailored to specific customer needs) to increase nutrient-use efficiency and capture market share.
The impact of the Russia-Ukraine conflict has also seen major shifts in trade flows, given Russia’s significant compound-NPK capacity, and Russian-origin product has long been seen as a benchmark for high-quality NPKs.
Argus has decades of experience covering the NPKs market. We incorporate our multi-commodity market expertise in key areas including nitrogen, phosphates, potash and sulphur to provide the full market narrative.
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Latest NPKs news
Browse the latest market moving news on the global NPKs industry.
EU CBAM draft sets dual methods for free allowances
EU CBAM draft sets dual methods for free allowances
London, 18 November (Argus) — Free allocations under the EU's carbon border adjustment mechanism (CBAM) will be calculated using two distinct methodologies, a draft of the implementing regulation seen by Argus shows. The draft, which may change before its adoption by the end of the year , also details provisional benchmark values, leaving the key ammonia value unchanged. The documents give insights into how a major component needed to calculate costs under the mechanism, which will come into effect on 1 January, will likely look. They follow similar drafts emerging last week on the CBAM pricing methodology . The commission has also scheduled 10 December for presenting additional legislation, aimed at strengthening CBAM, tackling circumvention, resource-shuffling, expanding CBAM scope and protecting exports of CBAM goods. CBAM costs for imported fertilizers to the EU will be calculated by subtracting free allowances from actual emissions, or default values if no actual data is available. Free allowances will decrease between 2026 and 2034, in line with the free-allowance phase-out for European producers under the EU's Emissions Trading System (ETS). The draft defines two main ways of calculating free allowances: one where actual emissions are known, and one where default values are used as the basis of calculating CBAM costs. The free allowance calculation for ‘simple goods', such as ammonia, is nearly unchanged on previous expectations. It is based on the CBAM factor — at 97.5pc for 2026 — a cross-sectoral correction factor as known from the ETS, and the benchmark value. The EU has left unchanged the provisional benchmark for ammonia at 1.57 t CO2e/t, and the same value applies for calculations using actual and default emissions. The provisional benchmark for nitric acid has also stayed at 0.23t CO2e/t when calculating free allowances for actual emissions data. Calculating free allowances for complex goods — which are made from other goods, so-called precursors — requires more variables. The calculation for free allowances should reflect the production process, according to the drafts. On top of the variables for simple goods, the calculation also considers emissions from precursors, for which the draft suggests full-year consumption data and activity levels need to be calculated. The methodologies for these components are not yet known. The draft normally foresees a presumption complex good precursors were produced during the reporting period, and no periods from before 2026 can be considered. If this calculation is adopted in a similar format by the commission, this may add additional complications for importers trying to estimate CBAM costs from 2026. For calculating actual emissions of a complex good, a series of products can be considered as precursors, namely anhydrous ammonia, nitric acid, NOP, urea, amsul, AN, DAP and MAP. If producers do not report actual emissions, then free allocations will be calculated using default benchmark values. The draft calculations foresee the inclusion of the CBAM factor, as well as the cross-sectoral correction factor, alongside these benchmarks. The provisional benchmark values for the default calculation can be found in the table below. By Claudia Wlk Provisional CBAM benchmarks for selected products t CO2/t CN code Product Process-related CBAM benchmark* Default benchmark** Nitrogen 2808 Nitric acid 0.230 0.674 28141 Anhydrous ammonia 1.570 1.570 28142 Ammonia in aqueous solution 0.471 0.471 283421 NOP 0.028 0.706 31021019 Urea 0.025 0.301 310221 Amsul 0.033 0.438 310229 ASN 0.028 0.624 31023090 AN 0.028 0.856 310240 CAN 0.028 0.775 310280 UAN 0.000 0.344 Phosphates and NPKs 31052010 NPK (>10pc N) 0.137 0.520 31052090 NPK (<10pc N) 0.137 0.393 310530 DAP 0.009 0.353 310540 MAP 0.009 0.182 310551 NP (nitrate) 0.137 0.648 310559 NP (excl. nitrate) 0.009 0.414 * Process-related benchmarks are used to calculate free allowances when actual data are available; these can be either for simple (e.g. for ammonia) or complex goods (e.g. for goods using ammonia as a feedstock). For complex goods, precursor emissions are also used. ** Default benchmarks are used to calculate free allowances when no actual emissions data are available. - EU Commission draft Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Pupuk Indonesia raises subsidised fertilizer stocks
Pupuk Indonesia raises subsidised fertilizer stocks
Singapore, 21 October (Argus) — State-owned fertilizer producer Pupuk Indonesia has prepared around 1.2mn t of subsidised fertilizer stocks for the October-March planting season for registered domestic farmers as of 20 October, the company said. This volume is nearly three times higher than the minimum subsidised fertilizer requirement set by the government. The national stock volumes of subsidised fertilizers consist of 510,300t of urea, 610,600t of NPK fertilizers, 14,300t of special formula NPK fertilizers for cocoa crops, 8,800t of ammonium sulphate and 56,700t of Pupuk's Petroganik organic fertilizers. These fertilizer stocks are already in producer warehouses and buffer warehouses in districts throughout Indonesia. Pupuk Indonesia has also prepared around 480,400t of non-subsidised fertilizer stock for local farmers that are unable to procure subsidised fertilizers. Total volumes of non-subsidised products are at 412,400t of urea, 27,400t of NPK fertilizers and 40,700t of ammonium sulphate. Pupuk Indonesia has set a highest retail price (HET) for the sale of subsidised fertilizers in 50kg bags. The HET for urea fertilizers is set at 2,250 rupiah/kg ($136/t), while for NPK Phonska fertilizers it is at 2,300 rupiah/kg ($139/t). For NPK fertilizers for cocoa it is at 3,300 rupiah/kg ($199/t), and for organic fertilizers it is at 800 rupiah/kg ($48/t). But these subsidised fertilizer products are only applicable for farmers planting rice, corn, soybeans, cassava, chilli, shallots, garlic, sugarcane, cocoa, and coffee with a maximum land area of two hectares per planting season. Farmers are also required to be members of a farmer group and registered in the electronic definitive group needs plan (e-RDKK). By Dinise Chng Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Indian NPK 15-15-15 cfr price rises by up to $4/t
Indian NPK 15-15-15 cfr price rises by up to $4/t
London, 6 October (Argus) — Indian fertilizer importer Fact has bought 50,000t of NPK 15-15-15 from trading firm Chasemax under Fact's tender closed on 22 September. Argus understands the awarded price is around $440 cfr. The importer had received one offer each from Chasemax for 50,000t and from Latvian producer NPK Expert, which offered 30,000t. Fact has awarded the tender to Chasemax for two-port discharge at Mangalore and Tuticorin. The tender requested shipment to depart the loading port by 15 November at the latest. Chasemax has exported 382,226t of NPKs to India so far this year, all loading from the Russian port of Ust-Luga in the Baltics, Argus tracking data shows. Of this total, all shipments were of 16-16-16, save for a 30,000t shipment of 15-15-15. Argus understands the awarded price is around $440 cfr, but there is no buy or sell side confirmation. India's last known deal for 15-15-15 took place in mid-August when Saudi Arabia's Sabic sold around 25,000t of the grade at around $436-437/t cfr to state-owned fertilizer importer NFL. The cargo onboard the Beetle arrived at Kakinada on 10 September, Argus tracking data shows. By Elena Mataro Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
India’s RCF opens two NPS offers in tender
India’s RCF opens two NPS offers in tender
London, 10 September (Argus) — Indian fertilizer importer RCF has opened two offers received in its tender closing today to buy up to 40,000t of NPS 20-20-0+13S, one each from trading firms Midgulf International and Hexagon. Midgulf International submitted an offer at $463.50/t cfr with 60 days' credit. The product is understood to be of open origin and would incur a 5pc duty. The firm's offer is below the one it submitted for the same grade in a tender, now scrapped, from Indian importer NFL understood to be about $469/t cfr . Hexagon offered a duty-free shipment of the grade at $485.19/t cfr. Offers must be valid until 15 September. RCF is looking to buy 40,000t of white, off-white, brown or dark brown colour 20-20-0+13S, as well as 40,000t of pink/natural colour NPK 15-15-15, but no offers were submitted for the requested NPK grade. Minimum shipments of 25,000t are acceptable. The tender requested shipment by 30 September to India's east coast. By Elena Mataro Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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