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Latest market news

Saudi Maaden sells 40,000t of DAP to Europe

  • Market: Fertilizers
  • 03/02/26

Saudi Arabian phosphates producer Maaden has sold 40,000t of DAP to a trader at $665-670/t fob Ras Al-Khair for loading in February and for shipment to Europe.

The price likely nets forward to the $700s/t up to the $720s/t cfr duty unpaid, depending on the location and number of unloading ports.

Argus understands that the cargo will unload across multiple ports in western Europe, but the exact locations are unknown.

Europe is not a typical destination for Saudi Arabian DAP, discouraged by import duties of 6.5pc and higher freight costs compared with many of its more usual destinations.

Maaden and fellow Saudi Arabian producer Sabic last week reported selling a combined 75,000t of DAP at $695-700/t fob for shipment to Latin America in late February-early March in separate sales.

By Tom Hampson

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03/02/26

Moroccan phosphates activity curbed by bad weather

Moroccan phosphates activity curbed by bad weather

London, 3 February (Argus) — Moroccan fertilizer producer and exporter OCP's phosphates production has been disrupted by ongoing bad weather at key ports, while exports out of Jorf Lasfar port continue to be delayed. Disruptions to sulphur unloading at the port of Safi has hampered phosphate production there. High phosphate inventories at Jorf Lasfar are also clogging the supply chain, likely pressuring OCP to bring forward planned maintenances at some of its facilities. The extent of the losses in volume across products is unclear for now. But high stock levels at Jorf Lasfar mean exports can resume swiftly once the weather improves. Vessels scheduled to load at Jorf Lasfar, bound for destinations in Europe, Africa, Oceania, Latin America and North America, are waiting at the port, according to Argus line-up data, and are likely delayed. Port authorities have delayed the expected date for the resumption of shipments by four days to 7 February. Jorf Lasfar is the main port from which Morocco exports phosphates — bad weather has been keeping vessels idle since 20 January. DAP and MAP buyers have expressed concerns about delays. OCP last week reported disruptions for shipments of feed grade phosphoric acid out of Safi, adding that congestion at Casablanca ports are disrupting feed phosphate and soluble MAP container exports. By Adrien Seewald Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Slow UN carbon market advance on removals

02/02/26
News
02/02/26

Slow UN carbon market advance on removals

Berlin, 2 February (Argus) — The emerging UN carbon market under Article 6.4 of the Paris Agreement, Pacm, saw slow progress last week on draft rules for carbon removals accounting, as experts tasked with working on new Pacm methodologies convened at the UN climate arm's headquarters in Bonn, Germany. The panel made some decisions on the so-called reversal assessment tool, which aims to determine the number of Pacm credits to contribute to the market's reversal risk buffer account, acting as a form of insurance for removal projects. The tool will help calculate individual risk factors, combined risks and the reduction in reversal risk factors, based on any remediation measures implemented by activity proponents. A buffer factor, expressed as a percentage of credited carbon, would then be calculated, depending on the choices made by project proponents. The higher the percentage, the more credits must be set aside for an activity. The panel will also determine specific activity risks, with an initial focus on forest carbon storage, geological carbon storage and biochar. These are not only the most prevalent removal activities in the carbon market, but also dominate those transitioning from Pacm's precursor, the Clean Development Mechanism (CDM). The panel and the Article 6.4 supervisory body were tasked by countries at the UN Cop 30 climate summit in Brazil in November with prioritising CDM transitions . The panel will consider other types of removal activities at a later stage. More progress was made last week on the draft rules for renewable electricity generation, on which the panel released a draft methodology for supervisory body approval. It would become the second approved Pacm methodology, if adopted. The first methodology for generating carbon credits, on flaring or use of landfill gas, is regarded as substantially stricter than its CDM predecessor. Pacm's downward adjustment factor ensures that baseline emissions decline more significantly over time than under the CDM. South Korea-based carbon project developer Ecoeye said under the Pacm landfill gas methodology, flaring-only projects carried out in host countries outside least developed countries are likely to experience a 52–76pc reduction in credited emission reductions, compared with CDM-based estimates, over a five-year period, while for electricity generation and heat production it projects a 34–42pc reduction. The potential third Pacm methodology to be adopted, on clean cooking, considers new submissions while carrying over some elements from an existing CDM methodology. Another methodology under consideration, on nitrous oxide abatement from nitric acid production, might also see a draft proposal at the next expert panel meeting in March. Six new Pacm methodologies in total are under consideration. The latest entry is on fertiliser production with renewables-based ammonia, for which a call for public input closed on 27 January. The panel is considering merging this methodology — the development of which was financed by the Germany-supported International Hydrogen Ramp-Up Programme — with another for ammonia production through electrolysis. By Chloe Jardine Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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India outlines 2026-27 urea subsidy

02/02/26
News
02/02/26

India outlines 2026-27 urea subsidy

Amsterdam, 2 February (Argus) — The Indian government has floated the country's planned fertilizer budget for the fiscal year 2026-27, lining up urea subsidies of 1.168 trillion rupees ($12.75bn). The government has pencilled in subsidies of Rs0.91 trillion for domestically produced urea and Rs0.32 trillion for imports in the year running April-March. The figure for imports marks a drop from the eventual 2025-26 subsidy of Rs0.52 trillion, but is up from the original planned subsidy of Rs0.21 trillion. Indian fertilizer subsidies are subject to revision and quite frequently shifted, typically upwards, to account for a shortfall owing to international price movements. The outlined spend for domestically produced urea is largely in line with the Rs0.90 trillion revised figure for 2025-26, bringing the total urea budget to Rs1.265 trillion for the current fiscal year. India separates subsidies for urea, which is sold at a price fixed considerably below market levels to the farmer, from other fertilizers, such as DAP and MOP, which fall under the nutrient-based subsidy mechanism. The country buys most of its urea imports through tenders held by state-backed firms, with imports ranging from 6mn-10mn t/yr, depending on domestic stocks, demand and output, while domestic production hovers at 30mn-31mn t/yr. End-user demand in India is substantial and growing, with sales hitting nearly 40mn t in the 2025 calendar year. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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India sets 2026-27 budget for P, K subsidy

02/02/26
News
02/02/26

India sets 2026-27 budget for P, K subsidy

London, 2 February (Argus) — The Indian finance ministry has issued a revised fertilizer budget for the current fiscal year and presented the fertilizer budget for the 2026-27 fertilizer season to the country's parliament. The ministry has provisionally set the overall funding for the urea subsidy and the nutrient-based subsidy (NBS) for phosphate and potash fertilizers for the upcoming season (April 2026-March 2027) at 1.71 trillion rupees ($18.65bn). Spending for the current fiscal year is Rs1.86 trillion, up from am initial estimate of RS1.57 trillion. The ministry intends to lower the sum for the NBS to Rs540bn for the 2026-27 fiscal year. The NBS fund for the current fiscal year is Rs600bn, up by 22.5pc from the provisional figure, as the cost of subsidising phosphate and potash imports and production overshot the initial budget by 24pc and 14pc, respectively. India rebuilt its DAP inventories from a historic low over most of 2025 despite high international prices, while phosphoric acid and sulphur costs increased on the year. India began this fertilizer year with DAP at $648.50/t cfr at the midpoint, before prices peaked at $810/t cfr in August. The assessment is currently in the high $660s/t cfr and is expected to firm this quarter. The latest settlement of the yearly MOP contract was concluded at $349/t cfr in June, up by $66/t. The next settlement is expected to firm slightly in March-April. DAP imports in April-December 2025 totalled 5.95mn t, well above 4.13mn t in the same period a year earlier, Indian government data show. TSP imports in April-December 2025 totalled 959,000t. MOP imports totalled an estimated 2.7mn t over that period based on the GTT April-November import data and Argus lineup data showing 315,000t scheduled to arrive in December. This total is below 3.25mn t in April-December 2024. By Adrien Seewald Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Kuwait's KPC raises Feb sulphur price by $4/t

02/02/26
News
02/02/26

Kuwait's KPC raises Feb sulphur price by $4/t

London, 2 February (Argus) — Kuwait's state-owned sulphur producer KPC has set its February Kuwait Sulphur Price (KSP) at $520/t fob Kuwait, up by $4/t from the January KSP. The February KSP implies a delivered price to China of $542-547/t cfr at current freight rates, which were assessed on 29 January at $22-24/t to south China and at $26-27/t to Chinese river ports for a 30,000-35,000t shipment. 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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