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You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.Saudi Arabian fertilizer producer Ma'aden has sold a combined 110,000t of DAP to three Indian importers — including IPL — at around $635/t cfr.
The product will be shipped this month. The price nets back to the low-to-mid-$620s/t fob Ras Al-Khair.
Ma'aden's previous DAP sale to India was in mid-October, in which IPL bought 40,000t of the product at around $643/t cfr for October loading.
Sydney, 20 June (Argus) — Domestic urea prices in Australia have surged on the back of rising international fob prices because of ongoing hostilities in the Middle East, and prompt supply has tightened on increased demand. Israel's attack on Iran in the early hours of 13 June and the further escalation of tensions has caused international urea prices to surge on tightened supply as Egyptian output was halted on 13 June and Iranian urea production went off line on 18 June because Israeli gas flows have stopped. Saudi Arabian fertilizer producer Sabic sold 45,000t of granular urea at $450/t fob on 17 June, a sharp rise from $402/t fob in a deal four days earlier. Domestic urea prices in Australia rose throughout the week to 20 June almost as fast as international prices as suppliers raised their offers on a day-by-day basis. Retailers that previously hesitated to buy from importers because of weak domestic demand rushed into the market to procure supplies on fears of further price rises. Offers started the week at around A$775/t ($503/t) fca Geelong on 16 June, increasing to A$790-800/t on 17 June. Cargoes were reportedly sold as high as A$865/t as buyers rushed into the market. Two suppliers reportedly offered urea out of Geelong at A$900/t late on 18 June, but buyers retreated at that level. Weekly average domestic granular urea prices were assessed much higher on the week at a midpoint of A$865/t fca Geelong in the week to 20 June, up from A$745-750/t a week earlier ( see graph ). Urea stocks high, prompt supply limited Healthy stocks and underwhelming domestic consumption from growers owing to unfavourable weather conditions had limited demand for urea so far in 2025, which in turn buoyed stocks and prompted suppliers to lower prices from mid-April until hostilities broke out in the Middle East. Australia imported 1.26mn t of urea in the first four months of the year, the latest data from the Australian Bureau of Statistics show. Urea imports reached an estimated 601,000t in May and are expected to decrease to 508,000t in June, according to vessel-tracking data from trade analytics platform Kpler. This suggests Australia's urea imports could reach 2.37mn t in January-June, down from 2.49mn t in the first half of 2024. But Australian urea stocks are still likely to be higher at the end of June 2025 compared with the same month a year earlier, according to Argus estimates. Favourable weather conditions for urea utilisation early in 2024 reduced urea stocks in the country last year. Urea stocks in Australia are healthy and suppliers started selling cargoes in May for delivery in 1-3 months' time because of sluggish local demand. This has led to at least one supplier running out of supply for prompt sale and delivery after buyers entered the market this week. The tight supply for prompt delivery of urea likely supported the surge in domestic urea prices over the past week. By Tom Woodlock Price of granular urea fca Geelong (A$/t) Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Sao Paulo, 18 June (Argus) — Brazil's central bank today raised its target interest rate by 0.25 of a percentage point to 15pc, the highest level since July 2006, citing a still "adverse and uncertain" global economic scenario. That is the seventh consecutive hike from a cyclical low of 10.5pc at the end of September last year. The bank had last increased the rate by 0.5 of a percentage point in May . "The [economic] scenario continues to require caution on the part of emerging countries in an environment of heightened geopolitical tension," the bank said, citing the US' "uncertain economic policies." The bank also said it increased the interest rate because Brazil's inflation remains above the ceiling of 3pc with a tolerance of 1.5 percentage points above or below. Annual inflation eased to 5.32pc in May . Central bank forecasts for 2025 and 2026 inflation remain at 5.2pc and 4.5pc, respectively, it said. "Inflation risks, both upside and downside, remain higher than usual," the bank said By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brussels, 18 June (Argus) — Poland has concluded negotiations on behalf of EU member states with the European Parliament for a revised carbon border adjustment mechanism (CBAM), ahead of handing over the bloc's six-month rotating presidency to Denmark at the end of June. But Warsaw will not lead discussions on the EU's emissions cut target for 2040 and the bloc's updated nationally determined contribution (NDC) to the Paris climate agreement. Leading negotiations for EU states with parliament, Poland's deputy climate minister Krzysztof Bolesta said the revised CBAM would exempt 90pc of originally covered EU companies from reporting obligations, while 99pc of emissions embedded in imported products would remain covered. The agreement on CBAM now has to be formally approved by parliament and EU ministers. Once published in the bloc's official journal, the revised CBAM text will exempt importers that do not exceed a new single mass-based threshold of 50 t/yr of imported goods. Bolesta admitted that progress has been held up on concluding the EU's NDC during Warsaw's presidency of EU ministerial meetings. CBAM was also listed by Bolesta as one of the points for flexibility in discussions on the 2040 climate target, alongside carbon credits under Article 6 of the Paris agreement, additional funding and flexibility between climate sub-targets. At a meeting of environment ministers yesterday, Bolesta indicated that most states still favour the European Commission linking its submission of an EU NDC to the UN — which includes a 2035 emissions cut target — with the bloc's planned 2 July proposal for a 2040 EU climate target. The CBAM yesterday contributed to delays in technical negotiations held in Bonn, Germany, for the UN Cop 30 climate conference in Brazil. The Like-Minded Group of Developing Countries, including countries such as Bolivia, China, Saudi Arabia, Cuba and Vietnam, had urged the need to address concerns "with climate change-related trade-restrictive unilateral measures". Despite "very, very divergent views", EU member states agree that it "is absolutely urgent to come up with an NDC before the end of September", Bolesta said. The Polish presidency of the EU, chairing climate ministers' meetings, has advanced NDC work as much as possible in the absence of the commission's proposal to revise the bloc's climate law. "We really have only a couple of months to come up with something. What lacks in the NDC draft is now the headline target," Bolesta said. Countries have not yet discussed the quality of Article 6 offsets, Bolesta added. "Everyone in the room realises that we need to be very stringent on what kind of offset will be let into the system," he said. EU climate commissioner Wopke Hoekstra is "cautiously optimistic" that a landing ground can be found on the 2040 climate target. He called for more assertive climate diplomacy, as a large part of the problem lies outside Europe. For China, Hoekstra noted unfair trade practices and "serious" concerns about plans to build additional coal-fired plants. "It's a mixed bag. And we invite them to step up their ambition," he said. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
London, 18 June (Argus) — Three Indian importers have bought a combined 145,000t of DAP at prices in a range of $775-781.50/t cfr. NFL bought 45,000t of DAP from a trading firm at $781.50/t cfr in its tender that closed on 13 June. The tender had sought black, brown or neutral-coloured DAP for shipment from the loading port by 30 June from memorandum of understanding (MOU) suppliers. The origin of the cargo sold is not yet confirmed. Two fellow Indian importers have each bought 50,000t of DAP at $775/t cfr for shipment in July from Saudi Arabian producer Ma'aden. The price for the Saudi Arabian DAP is in line with sales totalling 110,000t of DAP at $774.93-775/t cfr earlier this week. It would net back to the low-mid $760s/t fob. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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