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Latest market news

India's Fact issues long-term ammonia buy tender

  • Market: Fertilizers
  • 26/06/26

Indian fertilizer producer Fact issued a tender to purchase up to 93,500t of ammonia on 25 June for delivery to Kochi port over a one-year period.

Fact is seeking monthly lots of 8,000t +/- 5pc, and requested that suppliers must offer at least one lot of 8,000t. Pricing offers are to be submitted on a formula basis linked to the four-week average midpoint of Argus' Middle East Fob assessment, with a variable premium or discount.

Offers are to be submitted by 9 July 14:00 IST (08:30 GMT), and will be opened on the same day at 14:30 IST.

Argus last assessed delivered prices to India at a midpoint of $760/t cfr on 25 June, and loading prices from the Middle East at a midpoint of $700/t fob.

By Dinise Chng

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News
25/06/26

More sulphur vessels leave the Mideast Gulf

More sulphur vessels leave the Mideast Gulf

London, 25 June (Argus) — More vessels carrying sulphur have left the Mideast Gulf, switching on their AIS tracking at the Fujairah bunkering hub after successfully transiting the strait of Hormuz. From a peak of around 1mn t of sulphur built up in floating storage in the Gulf by late April owing to the effective closure of the strait of Hormuz, around 300,000-400,000t remains loaded on vessels in the region. Most of this product is tied up under earlier commitments, and while at least two shipments are being offered on a spot basis, spot availability remains limited. One spot shipment is understood to be from a vessel that has already transited Hormuz, while another is yet to pass through the strait. The 56,600dwt Poly Odyssey is due to deliver to south China under contract The 50,100dwt Xing Qiang 1 is due to deliver to Indonesia under earlier commitments The 40,000dwt Warrior will deliver to Jorf Lasfar, Morocco, under regular contracts The 36,800dwt Lady Anastasia will deliver to Dar es Salaam, Tanzania The 39,300dwt Western Doncaster will deliver to southern Africa under an existing agreement These shipments follow several vessels that exited the strait in the past 10 days . Seven vessels had crossed from the UAE to primarily Morocco during May-early June and from Saudi Arabia towards Singapore, with at least one of the two sold to Indonesia rather than China, despite earlier tracking information pointing to China . 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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News

Tupras' latest sulphur award prices slow to build

25/06/26
News
25/06/26

Tupras' latest sulphur award prices slow to build

London, 25 June (Argus) — Turkish refiner Tupras has awarded its latest July domestic sulphur e-tender in full at $650-804/t fca for various lot sizes. Prices overall are up by $17/t on average compared with its last tender awarded on 21 May, which ranged from $690-730/t fca. Tupras awarded product for its Izmir and Kirikkale refineries on 23 June as follows: From Izmir — lots ranging from 150-800t totalling 4,400t at $728-737/t fca. Tupras initially set a floor price at $925/t fca, which was cut to $625/t fca before competitive bidding ensued. From Kirikkale — lots ranging from 250-750t totalling 2,850t at $650-652/t fca. Tupras' floor price for these lots was also $925/t fca, which was reduced to $778/t fca and finally to $625/t fca before competitive bids started. Tupras additionally awarded product from its Izmit refinery late on 24 June for lots ranging from 100-1,400t at $796-804/t fca. Tupras set a floor price originally at $925/t fca, reducing it to $775/t fca and to $625/t fca before competitive bidding began. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Indian May DAP stocks improve but could slip in 3Q

24/06/26
News
24/06/26

Indian May DAP stocks improve but could slip in 3Q

London, 24 June (Argus) — Indian DAP stocks edged up to 1.96mn t over May as a boost in domestic production and imports helped offset the uptick in demand. Combined imports and domestic output outpaced offtake in May, raising stocks by 33,000t on the month, the latest data from the Fertilizer Association of India (FAI) show. India started May with 1.93mn t of DAP in stock. May domestic output was at 393,000t, the highest of any month since August 2024, according to FAI data. In the face of bullish international DAP prices, domestic production margins are almost $200/t more attractive when using ammonia and phosphoric acid than importing DAP as of last week. The FAI data show an increase in May imports to 132,000t compared with underwhelming arrivals in March and April. But last month's total is only about a third of average 2021-25 May imports at 393,000t. The lack of clarity on whether importers will be compensated by the government for their losses, coupled with steep price increases since the start of the US-Iran war, have dampened import interest. Domestic sales seasonally rose to 492,000t in May, but the total remains below the 573,000t five-year average for the month. More imports needed ahead of 4Q Indian importers will have to intensify their DAP purchases in the coming months, as domestic demand will rise seasonally over the third quarter and peak in the fourth quarter. Margins for the production of DAP with phosphoric acid may worsen next quarter on the back of expectations of higher phosphoric acid prices. Producers and traders envisage a significant price increase from the second-quarter settlement at $1,360/t P2O5 cfr as sulphur costs have continued to rise over the second quarter while supply has dried up. A lack of ammonia stocks helped Indian importers secure a lower-than-expected second-quarter phosphoric acid settlement, but improved ammonia supply over the second quarter is likely to weaken importers' hands in negotiations for the third quarter. Indian importers are expected to soon emerge with fresh demand for DAP. The apparent de-escalation of hostilities around the strait of Hormuz raised the prospect of softer DAP prices and delayed Indian import demand. TSP stocks fall on lack of imports Indian TSP demand rose to 59,000t in May, while no imports were recorded for the third month in a row, causing stocks to fall to 314,000t. Stocks are due to improve with new arrivals of 100,000t of Moroccan TSP bought at the start of the month for shipment in June-July, and another 100,000t from OCP bought last week for loading in June. By Adrien Seewald Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

US mulls offshore Va. mineral lease request

23/06/26
News
23/06/26

US mulls offshore Va. mineral lease request

Houston, 23 June (Argus) — The US Bureau of Ocean Energy Management (BOEM) today published a request for information and interest (RFI) regarding the development of critical minerals off the coast of Virginia. The federal agency, part of the Department of the Interior, launched the RFI after receiving an unsolicited request on 13 November from US-based deep sea firm Odyssey Marine Exploration. The company seeks a mineral lease sale for an approximately 1.8mn acre (7,160 km²) area off the coast of the Delmarva peninsula. Odyssey aims to target heavy mineral sands, rare earth elements and phosphates, according to the company. The notice does not signify that BOEM will make a lease offer for commercial development. Responses to the RFI are due by 23 July. US president Donald Trump signed an executive order to fast-track seabed mineral exploration and mining for critical minerals in April 2025, aiming to expedite the review process for issuing exploration and commercial recovery permits. By Reagan Patrowicz Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Saudi DAP cargo transits Hormuz: Update

23/06/26
News
23/06/26

Saudi DAP cargo transits Hormuz: Update

London, 23 June (Argus) — Since the start of the week, three out of eight Saudi Arabian DAP/MAP cargoes stuck in the Mideast Gulf have managed to transit through the strait of Hormuz, totalling 154,000t of product. The Global Unity carrying 61,000t of Saudi Arabian DAP crossed the strait of Hormuz yesterday and is scheduled to arrive at Visakhapatnam in India on 3 July, vessel tracking data show. The cargo loaded at the Saudi port of Ras al-Khair in the first half of March but the effective closure of the strait of Hormuz following the outbreak of the regional war prevented it from leaving the Mideast Gulf. The Banglar Joyjatra crossed last night with 37,000t of MAP. The trader holding the cargo has specified that all the volume will go to South Africa, likely for arrival in early July. The cargo loaded at Ras al-Khair in early April. Vessel tracking data shows that the BC Agility has crossed the strait with 55,000t of MAP for arrival at Rio Grande in Brazil on 25 July. Loading had completed in the second half of March. These crossings come after a deescalation of tensions between the US and Iran last week. They mark the first phosphate cargoes to cross the strait since the first half of May, when [the Mdl Toofan carried 55,000t of Saudi MAP](https://direct.argusmedia.com/newsandanalysis/article/2825221) to Brazil. Another 319,000t of Saudi Arabian DAP/MAP is still stuck on five vessels in the Mideast Gulf. Phosphates sellers and buyers have remained cautious about last week's announcement of a provisional peace deal between the US and Iran. 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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