Nitrogen
Overview
The ease of urea availability east and west of Suez has shaped the current trade flows of this key nitrogen fertilizer. Despite challenges posed by energy prices and military conflicts, key import markets such as India, Australia, and Latin America remain robust. But structural oversupply and the role of China as a swing exporter have led to price volatility as this fast-moving market seeks equilibrium, more so during seasonally high-demand periods.
Our extensive nitrogen coverage includes prilled and granular urea, UAN, ammonium nitrate, and ammonium sulphate. Argus has many decades of experience covering the nitrogen market and incorporates our multi-commodity market expertise in key areas including ammonia and natural gas to provide the full market narrative.
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- Daily and weekly nitrogen price assessments, proprietary data and market commentary
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Latest nitrogen news
Browse the latest market moving news on the global nitrogen industry.
Ivory Coast’s Intercoton issues NPK, urea buy tender
Ivory Coast’s Intercoton issues NPK, urea buy tender
London, 6 September (Argus) — Ivory Coast cotton producers association Intercoton is understood to have issued a tender to buy 102,000t of 15-15-15+6S+1B and 30,720t of urea, closing on 7 October. Intercoton is seeking 11,500t less NPKSB and 2,380t less urea than its request under its large-scale tender last year, which it awarded to 16 suppliers . By Nykole King Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
NFL urea tender acceptances total 1.17mn t: Update
NFL urea tender acceptances total 1.17mn t: Update
Adds table and breakdown of tender acceptances Amsterdam, 4 September (Argus) — Indian fertilizer importer NFL is in line to buy up to 1.17mn t of urea under its 29 August tender. For the east coast, 10 firms appear to have agreed to supply just over 730,000t of urea, while two suppliers have committed to delivering 440,000t to the west coast. Suppliers had until 16:00 IST (11:30 BST) today to accept NFL's counter of $340/t cfr west coast and $349.88/t cfr east coast. Ameropa submitted the initial lowest offer of $349.88/t cfr and is set to ship the most to the east coast, at just over 136,000t. Aditya Birla and Sun International have accepted 100,000t and 95,000t, respectively. The full breakdown of acceptances is listed in the table below. Meanwhile, Fertistream has accepted 40,000t of urea for the west coast, and OQ will ship 400,000t to the west coast after it submitted the lowest offer at $340/t cfr. The prices are set to weigh most heavily on Russian fob prices, with east-of-Suez origins less affected. Netbacks from India broadly reflect urea in the mid-$280s to $290/t fob Baltic spanning both coasts, marking a sharp drop from prices for prilled urea at $295-310/t fob last week. Prices out of the Middle East equate to $323-330/t fob for both coasts, a slight softening from last week's price of $325-335/t fob. Potential southeast Asian netbacks would be around $325/t fob to the east coast, if accepted, down from the granular urea assessment of $330-335/t fob last week. By Harry Minihan NFL 29 August urea tender acceptances t Supplier East coast West coast Total Sun International 95,000 95,000 Midgulf International 45,000 45,000 Agricommodities (ETG) 49,500 49,500 RE Energy Fertistream 80,000 40,000 120,000 Dreymoor Ameropa Asia 136,300 136,300 Indagro Continental Samsung 45,000 45,000 Aditya Birla 100,000 100,000 PIC Hexagon OQ Trading 400,000 400,000 Coastal Chemical 90,000 90,000 Koch Keytrade Macrosource Medallion Alkagesta Agrifields 40,000 40,000 Sabic 50,000 50,000 Total 730,800 440,000 1,170,800 Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Thailand’s 4Q urea imports face pressure
Thailand’s 4Q urea imports face pressure
Singapore, 4 September (Argus) — Thailand's fourth-quarter urea imports are largely expected to fall because of high inventories and slowing domestic demand, despite a spur in arrivals in July. Thailand's domestic main application season usually begins in May but heavy rainfall accelerated at the end of July and slowed fertilizer application. Continued monsoon rainfall in most regions in August has led to widespread flooding, especially in the northeast of the country, with further severe rainfall forecast for early September. Flooding has damaged rice and corn field crops in some regions and extra measures have had to be taken to drain fields. In-season rice paddy plantings nationwide have also been affected and were less than expected at 15.04mn rai (2.4mn ha) compared with a projected 17.01mn rai. Plantings for field-crop vegetables were also projected at 540,000 rai but only hit 360,000 rai, as of 28 August, according to Thailand's Royal Irrigation Department. This has slowed overall agricultural activity and stifled domestic urea buying demand. Urea stocks have yet to be fully liquidated for July-August, while incoming vessels of contractual shipments due to arrive in August and September further adding to inventories. Farmers and consumers are also facing reduced affordability and have refrained from purchasing more than necessary urea cargoes. Price sentiment for rice exports has been bearish in Thailand, with July wholegrain prices dipping by around 3-7pc below June levels. Thai 100pc B white rice prices were indicated mostly around $602.70/t fob in July, down by 7pc from a month earlier, while Thai parboiled 100pc rice was indicated at $590.70/t fob and down by 5pc, according to the UN Food and Agriculture Organisation. This was despite an appreciation of the Thai baht against the US dollar and the announcement of a rice import tender from Indonesia, which typically boosts Asian rice prices and trade. Importers are unlikely to seek any additional urea spot cargoes in this year's fourth quarter because of weaker farmer demand, instead seeking to sell existing inventories. Thailand's urea imports in July more than doubled to 445,000t, the largest monthly intake this year. This was largely driven by anticipation of firm urea demand, as ample rainfall across most regions in June had encouraged importers to schedule contractual urea vessels for July arrival. By Dinise Chng Thailand urea imports (t) Saudi Arabia Oman Malaysia Indonesia Brunei Others YTD Jan 137,092 16,501 40,715 16,756 3,040 30,705 244,809 Feb 91,112 30,050 15,513 0 38,193 17,472 192,340 Mar 107,008 41,125 27,957 21,462 35,158 52,476 285,186 Apr 56,875 5,655 33,644 7,830 0 120,741 224,745 May 69,410 62,576 13,344 2,000 13,500 12,626 173,456 Jun 108,156 58,263 46,965 5,915 12,391 69,056 300,746 Jul 248,031 79,331 47,015 7,894 28,227 34,223 444,721 Total 817,684 293,501 225,153 61,857 130,509 337,299 1,866,003 Source: GTT Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
India's NFL opens prices under 29 August urea tender
India's NFL opens prices under 29 August urea tender
Amsterdam, 3 September (Argus) — Indian fertilizer importer NFL has opened prices submitted in its 29 August urea buy tender, which saw the lowest levels at $340/t cfr west coast and $349.88/t cfr east coast, and valid offers totalling 3.87mn t. OQ Trading offered 400,000t at $340/t cfr west coast, while Ameropa offered just over 136,000t at $349.88/t cfr east coast. These offers are the lowest and set to be automatically accepted as per tender rules. There were eight other offers in the $340s/t cfr west coast, while the bulk of the east coast offers were in the $350s/t cfr. Offers to the west coast totalled 1.97mn t and 1.86mn t to the east coast. PIC also offered 45,000t at $362/t fob Bahrain, bringing overall valid volumes to 3.87mn t. One trading firm, which had offered 50,000t to the west coast, was disqualified. NFL has requested that cargoes load to the end of October. The full breakdown of offers is as below, but there was no confirmation from the parties involved. By Harry Minihan India's NFL 29 August urea tender offers t Supplier East coast $/t cfr EC West coast $/t cfr WC Fob $/t fob Sun International 100,000 352.40 0 0 Midgulf International 150,000 355.15 150,000 350.15 0 Agricommodities (ETG) 150,000 363.12 47,500 345.60 0 RE Energy 0 50,000 358.50 0 Fertistream 80,000 356.00 80,000 351.00 0 Dreymoor 100,000 374.92 100,000 367.92 0 Ameropa Asia 136,300 349.88 136,300 346.48 0 Indagro 42,500 351.00 42,500 346.00 0 Continental 100,000 357.00 100,000 341.25 0 Samsung 135,000 352.90 135,000 345.20 0 Aditya Birla 200,000 353.00 200,000 345.45 0 PIC 0 0 45,000 362 Hexagon 50,000 357.09 50,000 355.09 0 OQ Trading 100,000 355.50 400,000 340.00 0 Coastal Chemical 90,000 360.00 90,000 353.00 0 Koch 95,000 361.95 95,000 356.95 0 Keytrade 50,000 359.50 50,000 355.00 0 Macrosource 45,000 362.00 45,000 355.00 0 Medallion 50,000 357.50 50,000 344.50 0 Alkagesta 45,000 356.00 45,000 350.00 0 Agrifields 40,000 359.00 0 0 Sabic 100,000 357.50 100,000 345.50 0 Sub-total 1,858,800 1,966,300 45,000 Lowest Lowest Grand total 349.88 340 3,870,100 Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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