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Latest market news

Indonesia floats tender to buy 20,000t white MOP

  • Market: Fertilizers
  • 18/05/26

An Indonesian importer has issued a tender to buy 20,000t of bagged white standard MOP for delivery in June-August to Palembang, closing on 21 May.

The same importer is expected to issue a larger tender for standard MOP soon after it cancelled its previous tenders seeking a total of 155,000t of standard MOP — 120,000t of red standard MOP and 35,000t of white standard MOP — which was initially scheduled to close on 27 April.

The tender was likely cancelled because it was waiting for the settlement of a new Indian standard MOP contract for price guidance, which was concluded today at $383/t cfr with 180 days' credit.

By Julia Campbell

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18/05/26

Pakistani DAP stocks slip in April

Pakistani DAP stocks slip in April

London, 18 May (Argus) — A lack of imports saw domestic sales erode Pakistani DAP stocks in April. But affordability for buyers and suppliers conserving stocks is putting offtake under pressure. Pakistan began May with 203,000t of DAP in stock, down by 11,000t from the start of April, according to the National Fertilizer Development Centre. Pakistan did not import any DAP last month, while domestic production was typical, at 74,000t. Domestic offtake almost halved to 85,000t, compared with March. But cumulative sales of 376,000t in January-April remain ahead of previous years, outpacing the average for January-April in 2023-25 by around 51,000t. Pakistani farmers and retailers anticipated that the globally bullish trend in DAP prices, primarily driven by the war in the Middle East, will eventually be felt in the domestic market and bolstered their stocks accordingly. Pakistan is now in its typical off-season, but the drop in offtake last month also reflects importers conserving their stocks and domestic prices testing farmers' affordability. Distributors expect DAP offtake to remain under pressure, seeing farmers prioritise nitrogen and potentially looking to other sources of phosphate, such as SSP and NPs. Prices for DAP from warehouses at Karachi have risen by 1,581 rupees/50kg bag — equivalent to around $114/t at current exchange rates — at the midpoint since the start of 2026. The latest stock total is in line with DAP inventories at the end of April 2025. But this is the third consecutive monthly fall in stocks. National DAP stocks had been growing since the beginning of January at the end of April last year and went on to grow for another three months. No DAP is lined up to arrive this month. But importers have lined up 60,000t of DAP, likely to arrive in June. This includes 20,000t of Moroccan DAP and 40,000t of Saudi Arabian DAP . May-June offtake in 2023-25 averaged 201,000t. If no more DAP imports are lined up, and if domestic offtake and production remain typical, national stocks are likely to remain largely unchanged by the end of June. If DAP stocks wither as distributors forecast, this could allow stocks to recover slightly. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Iran says diplomacy, negotiations continue

18/05/26
News
18/05/26

Iran says diplomacy, negotiations continue

Dubai, 18 May (Argus) — Iran's foreign ministry has said negotiations with Washington aimed at ending the war are continuing, even as US President Donald Trump issues increasingly incendiary rhetoric towards Tehran. Trump last week described Tehran's response to a US plan to end the war was "totally unacceptable" and a "piece of garbage" that he did not finish reading. He said the ceasefire, which has been in place since 8 April, was "on life support." At the weekend, Trump issued new threats against Tehran, saying "the clock is ticking" and that Iran had "better get moving, FAST, or there won't be anything left of them." On Monday, Iran's foreign ministry spokesman Esmail Baghaei dismissed Washington's framing of the negotiations. "After we presented our 14-point plan, the American side raised its concerns. In return, we also raised our concerns," he said. "And last week, despite the American side publicly announcing that the plan was rejected, we still received a set of amendments via our Pakistani mediators." Iran's latest response to the US was sent on Sunday 17 May, he said, and "the process continues through Pakistan." Iran's nuclear activities remain the foremost sticking point between the sides, with Trump repeatedly insisting Iran cannot be allowed to have a nuclear weapon. Iranian state media on Sunday published five conditions the US has set for Iran to secure a deal, including the shuttering of all but one nuclear facilities, and the transfer of Iran's stockpile of highly enriched uranium to the US. Baghaei today would not be drawn on the US proposals, but reiterated Iran's right to enrich uranium is protected as a signatory to the non-proliferation treaty (NPT), and is therefore up for neither negotiation nor compromise. Planning for Hormuz The unresolved situation means shipping is still disrupted through the strait of Hormuz. Trump has over the past two months repeatedly claimed agreements with Iran that he said should restore at least some traffic through the strait. But little has changed since the start of the war, prompting Washington to impose last month a blockade of its own on vessels travelling to and from Iranian ports. Argus reported in April that Iran's parliament was discussing a bill to formalise and govern Tehran's oversight and management of traffic through the strait. At that point, the bill had secured the approval from parliament's national security council, but had not been brought to parliament. Speaking at the weekend, Ebrahim Azizi, head of parliament's national security council, said this framework "to manage traffic in the strait" had been prepared, and would "be unveiled soon." "Under this framework, only commercial vessels and parties co-operating with Iran can benefit from it," Azizi said. The route will be closed to operators of Project Freedom, he said, referring a US operation to support vessels stranded in the Mideast Gulf to exit through the strait. Speaking on Monday, Baghaei said Iran is "in continuous contact with Oman and other relevant countries" as it develops this new mechanism. Iranian and Omani experts met on the matter last week, he said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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BPC, IPL set new India MOP contract at $383/t cfr

18/05/26
News
18/05/26

BPC, IPL set new India MOP contract at $383/t cfr

London, 18 May (Argus) — Belarusian potash marketer BPC has confirmed that it has settled a new standard MOP contract with Indian fertilizer importer IPL at $383/t cfr, with 180 days of credit for deliveries from June through to the end of December. IPL has not yet confirmed this price. The price is $34/t higher than the previous Indian contract price of $349/t cfr, also with 180 days of credit, signed in June 2025. It is also $35/t above China's 2026 standard MOP contract, which was signed in November 2025 at $348/t cfr. This is well above the average $8/t premium that India has held over China during 2016-2025. The higher price reflects sustained demand and tightening globally supply, BPC said. Contracted volumes are still under discussion but are likely to be around 650,000t — in line with volumes over the last two years. By Julia Campbell Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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India’s IPL secures over 1.3mn t of DAP: Update 2

14/05/26
News
14/05/26

India’s IPL secures over 1.3mn t of DAP: Update 2

Updates the lists for deliveries to each coast published on 12 May. The total quantity secured in the tender, the quantity per supplier, and the suppliers themselves are unchanged. London, 14 May (Argus) — Indian fertilizer importer and producer IPL has issued letters of intent to 14 suppliers, securing 1.3465mn t of DAP at $930-935/t cfr in a tender that closed on 7 May. Suppliers are to deliver 631,500t of DAP to India's east coast and 715,000t to the west coast. The delivery schedule is not yet available, but IPL had specified shipment from loading ports by 15 August in the tender. The quantity secured is above the 1.2mn t that IPL had sought in the tender. It received offers for 2.325mn t of DAP before asking all suppliers to match the lowest offers submitted at $935/t cfr east coast and $930/t cfr west coast India. The suppliers for the east coast are as follows: Indagro: 30,000t from Egypt Aditya Birla: 31,500t from Egypt Samsung: 50,000t, open origin Sun International: 40,000t from the US Fertistream: 50,000t from Russia Maaden: 60,000t from Saudi Arabia Oasis Global: 60,000t from Russia Ameropa: 15,000t from South Korea Agricommodities: 245,000t from the US/Saudi Arabia Hexagon: 50,000t, open origin The suppliers for the west coast are as follows: Indagro: 40,000t from the US Quest Group: 50,000t from Morocco Agrifields: 45,000t from Jordan VB Venture: 40,000t from Saudi Arabia Sun International: 40,000t from the US Maaden: 110,000t from Saudi Arabia Oasis Global: 90,000t from Russia Ameropa: 50,000t from the US/Tunisia Midgulf International: 60,000t from the US Agricommodities: 190,000t from the US/Saudi Arabia Agricommodities had initially accepted IPL's counterbid prices for up to 600,000t of DAP from Saudi Arabia . But Argus understands that IPL wanted Agricommodities to load all of its cargoes from Red Sea ports, rather than from Ras al-Khair in the Mideast Gulf. IPL had also sought 400,000t of TSP in the tender. Argus understands that IPL has countered Moroccan producer OCP at $710/t cfr for TSP. Talks with OCP for DAP and TSP are reportedly ongoing. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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EU eyes deducting carbon credits under CBAM

13/05/26
News
13/05/26

EU eyes deducting carbon credits under CBAM

London, 13 May (Argus) — Domestic and Paris Agreement-aligned international carbon credits used to pay for emissions in non-EU countries could be counted towards a carbon price already paid on an import's emissions under the bloc's carbon border adjustment mechanism (CBAM), under proposals published by the European Commission today. Under the CBAM regulation, declarants can claim a reduction in the CBAM certificates they must surrender for emissions embedded in imported goods if a carbon price has already been paid in the country of origin. In a draft implementing act published for consultation today, the commission proposed including all forms of compliance options allowed in the relevant country in the calculation, including carbon credits. Claiming this reduction should be allowed "irrespective of whether the mitigation activities linked to the carbon credit takes place domestically or outside the domestic jurisdiction", according to the draft implementing regulation. But while domestic credits could be counted with no additional criteria, only international credits issued under Article 6 of the Paris Agreement should be counted, the commission proposed. "This criterion should promote the development of Article 6 credits and provide the quality assurance necessary to ensure the environmental integrity of CBAM," it said. Counting international credits as a carbon price already paid on CBAM goods should also be limited to 10pc of the reported emissions to incentivise domestic emissions cuts, the commission said. Any rebates or compensation received by installations covered by carbon pricing should also be factored in, the commission proposed, including free allowances or other exemptions. The carbon price could have been paid on direct, indirect or precursor emissions, under the draft. The commission may publish default carbon prices for relevant countries, it said. And it proposed publishing a yearly reference price for CBAM certificates to be used in the calculation of the deduction. The price paid in the non-EU country would be based on either a yearly average primary or secondary market price or individual records of payment, converted to euros based on yearly average exchange rates. The regulation would apply from 1 January this year. The consultation closes on 10 June. By Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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