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Latest market news

Indian government raises NBS for N, P, S

  • Market: Fertilizers
  • 08/04/26

The Indian government has raised the nutrient-based subsidy (NBS) for nitrogen, phosphate and sulphur each by 10pc for the April-September kharif season, while holding the rate for potash steady.

The NBS applies to phosphate and potash-based fertilizers including DAP, MOP and NPKs. It does not cover urea.

The latest subsidy rates per nutrient are as follows:

  • Rs47.32/kg for nitrogen
  • Rs52.76/kg for phosphate
  • Rs2.38/kg for potash
  • Rs3.16.kg for sulphur

The government has stated a tentative budgetary requirement for the season at 415bn rupees ($4.5bn), up by Rs43bn from the budgetary requirement for the 2025 kharif season.

This raises the NBS for DAP to around Rs32,787/t ($355/t), and keeps the NBS for MOP at Rs1,428/t.

Despite the rise in the subsidy, Indian DAP importers and producers would make a loss if receiving only the NBS and the maximum retail price of Rs27,000/t. Market participants expect the government to maintain the additional financial support for DAP importers and producers beyond the nutrient-based subsidy, but no official confirmation has yet emerged.

By Tom Hampson

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08/04/26

Mosaic to close SSP facility in Brazil

Mosaic to close SSP facility in Brazil

London, 8 April (Argus) — Fertilizer producer Mosaic today announced the closure and sale of its 243,000 t/yr P2O5 Araxa SSP production site in Brazil's southeast Minas Gerais state. Mosaic said it will also idle mining activities at the 1.3mn t/yr Patrocinio mine, also in Minas Gerais. The producer explained that the closure of the facility will reduce its phosphate output by an estimated 1mn t/yr, and that the decision is aimed at reducing costs. Mosaic did not comment on activity at its Fospar SSP production site in southern Parana state, which had stopped production in December last year. The decision comes as sulphur prices continue to firm. Mosaic first idled Araxa and Parana on 16 December , pinning the decision on a sharp increase in sulphur prices. At the time, sulphur costs had already reached $540-550/t cfr Brazil. The latest weekly assessment puts sulphur at $720-730/t cfr Brazil. 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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Egypt’s NCIC sells DAP, SSP higher in tender

07/04/26
News
07/04/26

Egypt’s NCIC sells DAP, SSP higher in tender

London, 7 April (Argus) — Egyptian fertilizer producer NCIC has awarded its latest tender to sell DAP and SSP , which closed on 4 April, at higher prices. NCIC has reported the following awards: 10,000t of DAP at $840/t fob, split between three buyers — NCIC last sold 10,000t of DAP at $780/t fob in a tender that closed on 4 March 25,000t of SSP at $375/t fob to one buyer — NCIC sold 25,000t of SSP at $335/t fob in a tender that closed on 15 March No buy-side confirmation has been acknowledged, and the destinations for the cargoes are not yet known. Argus understands that Australia is the likely destination for the SSP, possibly to be shipped in combination with the 25,000t that NCIC sold under its 15 March tender, although that product was initially confirmed for shipment to Brazil. Reports have circulated of a trader position for Egyptian SSP to Australia at the equivalent of $370/t fob Egypt. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

US, Iran reject terms of ceasefire deal: Update 2

06/04/26
News
06/04/26

US, Iran reject terms of ceasefire deal: Update 2

Adds details throughout Singapore, 6 April (Argus) — The US and Iran are dismissing terms of a proposed ceasefire, as President Donald Trump sticks by his threat to destroy power plants in Iran absent a deal for Tehran to allow free passage through the strait of Hormuz. The proposal for a ceasefire is "significant" but "not good enough", Trump said Monday morning. Trump subsequently said he was not backing down from his threat — reiterated over the weekend — to destroy power plants and bridges in Iran if there is not a deal to reopen the strait of Hormuz by 8pm ET on Tuesday. "We have a plan, because of the power of our military, where every bridge in Iran will be decimated by 12 o'clock tomorrow night, where every power plant in Iran will be out of business, burning, exploding and never to be used again," Trump said at a press conference later on Monday. The US has already escalated its assault on Iran by launching the "largest volumes of strikes" since the US-Israeli attacks began on 28 February, US defense secretary Pete Hegseth said. Even so, US-Iran negotiations are "going well", offering a potential off-ramp to an attack on Iran's power grid that would send the country back to the "stone ages", Trump said. "We have to have a deal that's acceptable to me, and part of that deal is going to be we want free traffic of oil and everything else," Trump said. Trump's deadline to reopen the strait of Hormuz will not change how Iran defends itself from attack, Iran's foreign ministry spokesman Esmail Baqaei said on Monday. Iran will not agree to a temporary ceasefire because that would only provide a "pause" for the US and Israel to refresh their military forces and equipment so they could attack again. "No intelligent person would accept such a thing," Baqaei said. "Our demand is for an end to the imposed war, along with assurances that this vicious cycle will not be repeated." Trump has repeatedly pushed back the timing of his threat to destroy power plants in Iran, most recently over the weekend when he said the attack would take place on Tuesday, rather than on Monday. Trump said he did not want to attack the day after Easter. Iran has threatened to respond to any attacks on its power infrastructure with a corresponding attack on neighboring countries that are hosting US military infrastructure. Assaults on Mideast Gulf energy infrastructure continued over the weekend. A vessel was attacked off the UAE, the UK Maritime Trade Operations (UKMTO) said. The Ice front-month June Brent contract traded as low as $107.03/bl on Monday, down by nearly 1.9pc from its settlement on 2 April. The price rebounded to $109.78/bl as of 2:47pm ET. By Chris Knight and Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

US, Iran reject terms of ceasefire deal: Update

06/04/26
News
06/04/26

US, Iran reject terms of ceasefire deal: Update

Adds details throughout Singapore, 6 April (Argus) — The US and Iran remain divided on a ceasefire proposal exchanged ahead of President Donald Trump's deadline for Iran to open the strait of Hormuz or face a major attack. The proposal for a ceasefire is "significant" but "not good enough", Trump told reporters on Monday. Over the weekend, Trump said that if Iran does not open the strait of Hormuz by 8pm ET on Tuesday, the US would launch a major attack on power plants and bridges in Iran. "They don't want to cry — as the expression goes — uncle, but they will," Trump said Monday ahead of a press conference scheduled for 1 pm ET. "If they don't, they'll have no bridges, they'll have no power plants, they'll have no anything." Trump's deadline to reopen the strait of Hormuz will not change how Iran defends itself from attack, Iran's foreign ministry spokesman Esmail Baqaei said on Monday. Iran will not agree to a ceasefire because that would only provide a "pause" for the US and Israel to refresh their military forces and equipment so they could attack again. "No intelligent person would accept such a thing," Baqaei said. "Our demand is for an end to the imposed war, along with assurances that this vicious cycle will not be repeated." Trump has repeatedly pushed back the timing of his threat to destroy power plants in Iran, most recently over the weekend when he said the attack would take place on Tuesday, rather than on Monday. Iran has threatened to respond to any attacks on its power infrastructure with a corresponding attack on neighboring countries that are hosting US military infrastructure. Attacks on Mideast Gulf energy infrastructure continued over the weekend. A vessel was attacked off the UAE, the UK Maritime Trade Operations (UKMTO) said. The Ice front-month June Brent contract traded as low as $107.03/bl on Monday, down by 1.5pc from its settlement on 2 April but had rebounded to $108.89/bl as of 12:36pm ET. By Chris Knight and Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Malaysia's Petronas takes Bintulu urea plant offline

06/04/26
News
06/04/26

Malaysia's Petronas takes Bintulu urea plant offline

Singapore, 6 April (Argus) — Malaysian state-owned fertilizer producer Petronas has taken its 700,000 t/yr Bintulu urea plant offline, because of an unplanned shutdown caused by technical issues, the firm said today. The plant is expected to restart by the end of this week or early next week, although the producer is still assessing the situation. The outage is likely to remove around 2,000 t/d of urea output. Petronas had planned a 45-day turnaround at the Bintulu plant in April-May, but the scheduled maintenance may be delayed as a result of the unplanned shutdown. By Dinise Chng Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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