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Latest market news

ME ammonia futures rise to $590/t fob for April

  • Market: Fertilizers
  • 03/03/26

Ammonia future prices have increased in the wake of the US-Israel conflict with Iran. The SGX Argus ammonia fob Middle East futures contract (AMMF) traded at $590/t fob for a 1,000t clip today.

AMMF last traded at $446.50/t fob Middle East for a December-April strip.

European ammonia futures surged on 2 March in anticipation of a potential disruption to global supply as a result of the escalating Middle East conflict. A 1,000t April clip traded at $725/t cfr duty free/paid on the Ice Ammonia Outright — Argus Ammonia northwest Europe contract, a $130/t increase from where the April contract last traded on 17 February.

By Ruth Sharpe

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03/03/26

Qatar to stop sulphur production

Qatar to stop sulphur production

London, 3 March (Argus) — QatarEnergy (QE) will halt sulphur production alongside LNG and all associated products, the company announced today. QE's sulphur production capacity is around 3.8mn t/yr, with 2025 exports totalling 3.4mn t. This represents around 8pc of global seaborne sulphur trade, Argus estimates. The stoppage follows damage from a drone strike on Monday as part of Iran's retaliation against US and Israeli missile strikes that started on 28 February. 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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Nola DAP re-export demand drives prices higher

02/03/26
News
02/03/26

Nola DAP re-export demand drives prices higher

Houston, 2 March (Argus) — Re-export demand for DAP at New Orleans (Nola) drove prices higher today as traders looked to capture a premium in the global market while the US-Israel conflict with Iran unfolds. At least 30,000 short tonnes (st) of DAP were sold Monday morning at Nola. Multiple March barges at Nola traded from $640-645/st fob, with most recent offers for the loading period at $650/st fob. That is up $25.50/st or 4pc from business trade last week at $617/st fob Nola. Nearly all of the DAP barges were sold for re-export to a major global distributor with a notable position in Latin America, according to multiple sources. Re-exports from Nola will tighten the US market, but sellers today believe they could shave some of their stocks, sources said. US grower demand for P2O5 this spring could still be subject to demand destruction because of low affordability for phosphate fertilizer. Meanwhile, a sizeable volume of DAP recently reached the Nola port. At least 170,000t of DAP were unloaded at Nola in February, with 132,000t of Saudi Arabian DAP being dropped into the port last week alone, according to vessel tracking data and Argus estimates. Global market participants expect supply to tighten, especially from Saudi Arabia because of the conflict in Iran. Loading operations at Saudi Arabia's Ras Al-Khair port are reportedly proceeding normally, but cargoes loaded from the port must pass through the strait of Hormuz to reach their destination markets. Any disruption to shipping through the strait could affect phosphate exports. Roughly 80,000-85,000t of DAP/MAP is expected to load or ship this month from the Ras Al-Khair port to Latin America, according to sales reported by Saudi Arabia's Maaden and Sabic. The US phosphate market will further tighten as well, just days away from the start of farmer applications across the Corn Belt, with DAP tons being redirected from the Nola port back into the global market. Ammonia applications are nearly done in Kansas and Nebraska, which usually means phosphate and potash applications should follow, one distributor said. If Saudi Arabia imports are reduced or delayed, the US supply outlook becomes more snug, they said. Additionally, some traders expected the significant increase in Nola urea prices on Monday morning would incentivize more growers to turn to phosphate and potash during the spring application season. But with a massive wave of DAP now being sold for re-export, US traders feel more uncertain about near-term supply and demand fundamentals for multiple fertilizer products. Because US crop prices are relatively low, farmers will have little ability to absorb higher fertilizer prices if the Iran conflict continues to tighten global fertilizer supplies. By Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Prompt ammonia prices jump at inland US locations

02/03/26
News
02/03/26

Prompt ammonia prices jump at inland US locations

Houston, 2 March (Argus) — Spot ammonia offers in the Corn Belt rose sharply on Monday, supported by applications across the region and as nitrogen markets digest impacts from the conflict in the Mideast Gulf . Fertilizer producer CF Industries raised spot offers at multiple inland locations, according to customers. CF increased offers from its Woodward, Oklahoma, facility to $760/st fot, as applications raise demand for prompt delivery. Offers in Illinois and Indiana climbed to $850/st fot, while offers from its Garner, Iowa, location were heard at $850/st fot. The producer initially pulled offers on Monday in the mid-$700s/st fot. The market was expecting higher offers in the region as pre-plant applications spread and raised demand for prompt shipment. Although the increases are not directly related to the ongoing conflict, firming nitrogen markets and tight supplies in the southern Plains could contribute to an already tight supply environment ahead of the application season, especially with CF's continued outage at its Yazoo City, Mississippi, facility . The market anticipates more suppliers to raise offers as growers in the Corn Belt move closer to the direct ammonia applications. By Chris Mullins Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Nola urea prices surge on US-Iran conflict

02/03/26
News
02/03/26

Nola urea prices surge on US-Iran conflict

Houston, 2 March (Argus) — The price of urea barges sold at New Orleans (Nola) surged higher today and over the weekend in response to the conflict between US and Israeli forces and Iran, because of the risk posed to global urea supplies. Barges at Nola traded roughly $50-80/st, or 11-17pc, higher on Monday compared with trade at $470/st fob Nola on 28 February. Barges loading in the second half of March transacted from $520-550/st fob Nola on Monday morning. Trade also occurred on 28 February, the same day the US and Israel launched its attacks. A March loading barge transacted at $495/st fob Nola, second-half March barges from $490-505/st fob and first-half April volumes from $487-492/st fob. The conflict presents a major risk to US urea supplies, especially ahead of the spring planting season when the bulk of urea applications occur. Vessels loading on Monday in the Middle East would arrive in mid-April. March and April represent the largest-volume months of urea imports in a given July-June fertilizer year. If shipments from the Middle East are delayed or disrupted, the US would lose a critical source of urea, likely crunching supply and laying the groundwork for upward price volatility. Middle Eastern producers of urea so far have suspended offers and are grappling with shipping complications in the strait of Hormuz. US urea imports from July through February totaled 2.35mn t, leading year-earlier levels by 5pc and the five-year average by 1pc, based on Argus estimates and US Census Bureau data. But the US ended the last fertilizer year with abnormally low inventories and lost more supply than usual to planned production plant turnarounds, increasing its need for seaborne shipments. The Middle East accounted for 28pc of US urea imports in 2025 and the region is the world's largest urea exporter, shipping around 20mn t/yr, 35pc of global seaborne trade, of which Iran accounts for about a quarter. By Calder Jett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Sulphur exports caught up in conflict shorten market

02/03/26
News
02/03/26

Sulphur exports caught up in conflict shorten market

London, 2 March (Argus) — Sulphur exports from the Middle East are likely to be delayed following the backlog of vessels building outside the strait of Hormuz since the 1 March US-Israel attack on Iran and the ensuing counter-attacks targeting US bases in the Middle East. Sulphur loadings continue at most Middle East ports, but it is unclear if vessels can safely navigate the strait of Hormuz to move export cargoes out. Some sulphur production facilities have also been affected by strikes, leading to likely production outages. Ras Laffan facility hit by drones An energy facility in Qatar's Ras Laffan industrial complex — home to a 77mn t/yr LNG export terminal — has been attacked by drones launched from Iran, Qatar's defence ministry said today at 10:36 GMT on social media site X. It is unclear which energy facility was targeted. By far the largest operations at the site involve natural gas liquefaction, although QatarEnergy also operates LPG, ethane, sulphur and natural gas liquids production at the facility. Ras Laffan provides 10,000 t/d of liquid sulphur for the export market. Ras Tanura refinery shut after drone strike State-controlled Saudi Aramco has shut its 102,000 t/yr sulphur capacity Ras Tanura refinery on Saudi Arabia's east coast after it was struck by debris from intercepted Iranian drones early on Monday. The refinery sustained "limited damage" after at 07:04 local time, state news agency Spa said. Sulphur prices softened after a sustained period of increases. The Middle East fob spot price rose by 207pc from $173/t fob on a midpoint basis on 30 January 2025 to $531.50/t fob on 29 January 2026. Prices were beginning to soften as a result of affordability concerns, leading to demand destruction, and dropped by 7pc to $495/t fob on 26 February. This trend is now expected to reverse, as close to half of global sulphur exports are potentially delayed by the conflict, and the duration of the attacks will be crucial in determining the sulphur price direction moving forward. Increased volatility is likely, with a short-term move up followed by a correction once flows are re-established. Chinese domestic sulphur prices rose sharply today following the escalation of US-Iran conflict. Domestic prices jumped [to 4,250 yuan/t ex-works following a concluded sale, equivalent to around $531/t cfr on an import parity basis, up by around 5pc from Yn4,045-4,055/t ex-works on 27 February. Argus last assessed granular sulphur cfr China at $512-515/t cfr on 27 February](https://direct.argusmedia.com/newsandanalysis/article/2794637) QatarEnergy Marketing has postponed the announcement of its March Qatar Sulphur Price (QSP) to 4 March . The supplier quoted recent geopolitical developments as the reason for the postponement from 1 March. February's QSP was set at $520/t fob and a substantial downward correction was anticipated before the attacks. 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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