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Latest market news

India’s NFL and Fact award/close DAP tenders

  • Market: Fertilizers
  • 18/08/26

Indian fertilizer importer NFL is likely to have bought two 30,000t DAP cargoes from trading firm Midgulf International in the high $920s/t cfr with credit, equivalent to the mid-$910s/t cfr sight. Fellow importer Fact has received four offers for 50,000t of DAP in its tender.

NFL's tender received four offers from trading firms Ameropa, Oasis Global, Agrifields and Midgulf upon closing on 11 August. The tender requested two 30,000t DAP cargoes for shipment to the west coast of India by 31 August.

The sale could not be confirmed with Midgulf and the origin of the cargoes is unknown.

Fact closed its tender for 50,000t of DAP today after delaying the deadline by a day on 17 August. The importer requested DAP for shipment by 31 August and received the following offers:

  • Producer OCP offered Moroccan DAP for delivery to New Mangalore or Tuticorin ports
  • Trading firm VB Venture offered US DAP for shipment to New Mangalore or Tuticorin
  • Oasis Global offered Russian DAP for shipment to Tuticorin
  • Ameropa offered open-origin DAP for shipment to New Mangalore or Tuticorin

By Adrien Seewald

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18/08/26

Hormuz closed until US delivers on MoU pledges: Iran

Hormuz closed until US delivers on MoU pledges: Iran

Dubai, 18 August (Argus) — Iran will keep the strait of Hormuz closed until the US fulfils commitments made under the now-expired ceasefire agreement signed in June, parliament speaker Mohammad Bagher Ghalibaf said on Tuesday. The memorandum of understanding (MoU), signed on 18 June, set a 60-day deadline to negotiate an end to the war, reach a deal on Iran's nuclear program and ensure safe passage through Hormuz. The agreement included provisions for the US to begin easing economic and sanctions pressure on Iran. The deadline expired on Monday. The MoU collapsed in mid-July after weeks of disputes over control and administration of the strait, during which Iran targeted several vessels and the US reinstated its naval blockade. "As we predicted, the enemy, who accepted the memorandum to end the war out of desperation, soon reneged on its commitments in order to compensate for its heavy political defeat," said Ghalibaf, who has led the Iranian negotiating team. Hostilities in the region have subsided after an intensification in the weeks after the MoU's collapse, but Iran has continued attacks on shipping , restricting vessel transits through Hormuz. Only 12 vessels crossed the strait on 16 August, eight inbound and four outbound, according to maritime security firm Windward, compared with well over 100 daily crossings before the war began in late February. Ghalibaf said the strait "will not reopen until the US commitments in the memorandum, including lifting the blockade, releasing the frozen assets, lifting the oil embargo, ending the threats and military operations on all fronts, and other conditions that the US committed to." 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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Sabic AN and Maaden eye Saudi fertilizer collaboration

18/08/26
News
18/08/26

Sabic AN and Maaden eye Saudi fertilizer collaboration

Amsterdam, 18 August (Argus) — Major Saudi Arabian fertilizer producers Sabic AN and Maaden have signed an agreement to explore potential collaboration opportunities. The non-binding agreement aims to establish a framework for exploring opportunities within the fertilizer value chain, including the production and manufacturing of value-added products, according to an exchange filing. The agreement is valid for three years from its signing, Sabic AN said. Sabic plans to add 2.6mn t/yr of urea capacity in the future, bringing its total capacity to around 7.4mn t/yr, after the Saudi energy ministry approved an allocation of gas for the addition in March. The agreement was signed between Sabic AN and Maaden Integrated Fertilizer (MIFC). MIFC was incorporated in September 2023 and is a holding company for Maaden's stakes in its phosphate businesses and other key subsidiaries. Sabic and Maaden have had a long association in the fertilizer space, with Sabic having held minority shareholdings in Maaden's Wa'ad Al-Shamal and Maaden Phosphate since their inception. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Egypt’s NCIC sells DAP, CAN, SOP in tender

17/08/26
News
17/08/26

Egypt’s NCIC sells DAP, CAN, SOP in tender

London, 17 August (Argus) — Egyptian fertilizer producer NCIC has reported the following awards in its latest sales tender, which closed on 11 August: 21,000t of DAP at $915-920/t fob 27,000t of CAN 26 at $250-270/t fob 500t of water-soluble SOP at $750/t bagged ex-works The DAP price is far above the $890-900/t fob awards in NCIC's 20 July tender. The awarded volume is slightly more than the 20,000t initially offered in this tender . The CAN price is broadly steady at the midpoint compared with the $261/t fob awarded in NCIC's 1 July tender. But the awarded volume is almost treble the 10,000t initially offered. The SOP price is also an increase from NCIC's 20 July tender, in which it awarded 500t at $730/t bagged ex-works. But the volume is half what NCIC had offered in this tender. No buyers have confirmed the awards, and the destinations of the products sold are not yet known. NCIC had also offered 10,000t of TSP and 30,000t of SSP, but did not award either product. This is likely to have been because the prices received were below its expectations. Prices for TSP and SSP have been under pressure in Brazil — the benchmark destination — in recent weeks. Meanwhile, prices for shipments of sulphur — a key raw material for phosphates production — to Egypt have held firm, squeezing production margins. 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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US threatens indefinite blockade on Iran: Update

14/08/26
News
14/08/26

US threatens indefinite blockade on Iran: Update

Adds details on President Trump's territorial claim to strait of Hormuz Washington, 14 August (Argus) — President Donald Trump is threatening an indefinite naval blockade against Iran — and a US territorial claim on the strait of Hormuz — marking a new approach to pressuring Tehran. The US resumed its naval blockade against Iran a month ago, seeking to ratchet up economic pressure on Tehran following the collapse of a short-lived ceasefire deal. Trump on Wednesday said the US had "total control" over the strait of Hormuz and might "keep it", even as Iran continues attacking passing ships. On Friday, Trump escalated his rhetoric at an event in New York. "After we finish defeating Iran, which is being very badly defeated, pretty soon I'll be declaring the Hormuz strait a territory of the United States," Trump said. Those remarks come as the Trump administration prepares to unveil new economic sanctions against Iran next week, while pledging to maintain a naval blockade against Iran indefinitely. "We can hold it as long as we need to. Indefinitely," US defense secretary Pete Hegseth said Thursday. The growing prospect of indefinite war marks a shift from earlier in the conflict, when Trump kept claiming that a US victory was only weeks away. Trump has been claiming "total control" over the strait of Hormuz, while saying that Iran's ability to threaten vessels will diminish because the country is "totally broke". Iran also claims to have control over vessel traffic through the strait. "The strait of Hormuz is closed. Our control over all movements is complete and decisive," Islamic Revolutionary Guard Corp Navy commander Ali Azami posted on X on Thursday. Iran is using sporadic drone and missile attacks to curtail traffic through the strait. The UAE on Friday said Iran had attacked two vessels affiliated with state-owned oil company Adnoc as they were transiting the strait of Hormuz. Such attacks may be nearly impossible for the US to stop, absent a massive escalation in the war or a ceasefire deal, analysts say. "There's no simple solution to it," Hudson Institute senior fellow Michael Doran said at an event the Washington-based think tank hosted on Thursday. "We have a messy conflict, which is going to be with us for many, many months, and probably years to come." The threat of indefinite war has created a tricky political environment for Republicans heading into the midterm elections on 3 November. On Friday, Trump said consumers currently paying an average of $4/USG for gasoline in the US should remember that that higher price is providing a "great service" for the world. "For you to pay a tiny little bit more for your gasoline, just remember you're doing it so that a very evil country cannot have" a nuclear weapon, Trump said. Trump administration officials say crude exports out of the Mideast Gulf are higher than would appear from available ship tracking data. US energy secretary Chris Wright said pipelines are exporting 6mn b/d, while tankers are exporting 8mn-9mn b/d through the strait of Hormuz. "In round numbers today, 14mn-15mn b/d are leaving the Arabian Gulf region, versus the 20mn b/d pre-conflict," Wright said Thursday in a Fox News interview, referring to the Mideast Gulf. "So we're short 4mn-5mn b/d from this region, but it's much smaller hole than people think it is." By Chris Knight and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Sulphuric acid Malawi production resumes for Lotus

13/08/26
News
13/08/26

Sulphuric acid Malawi production resumes for Lotus

London, 13 August (Argus) — Sulphuric acid production and uranium processing has resumed at Lotus Resources' Kayelekera uranium mine, the company announced on 12 August. Both the acid plant and processing plant were halted in June "following the disruption of third-party acid supply and a setback in the commissioning of the acid plant, due to the partial failure of refractory bricks within the sulphur furnace". The acid plant has sufficient sulphur inventory onsite and supply visibility for the remainder of 2026, managing director Greg Bittar said. This is a key strategic project for Kayelekera and "will deliver improved acid supply security and significantly reduced reagent costs", he added. The sulphur burner is understood to produce around 73,000 t/yr of sulphuric acid, requiring around 24,000 t/yr of sulphur to operate at full capacity. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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