NPKs
Overview
The global market for compound NPKs is one of the most important and dynamic markets in the fertilizer sector. Greater agricultural sophistication is bringing an increasing variety of grades to the market. Producers are also striving to move from commodity grades, such as 15-15-15, to more specific formulations (often tailored to specific customer needs) to increase nutrient-use efficiency and capture market share.
The impact of the Russia-Ukraine conflict has also seen major shifts in trade flows, given Russia’s significant compound-NPK capacity, and Russian-origin product has long been seen as a benchmark for high-quality NPKs.
Argus has decades of experience covering the NPKs market. We incorporate our multi-commodity market expertise in key areas including nitrogen, phosphates, potash and sulphur to provide the full market narrative.
Argus support market participants with:
- Argus NPKs: Weekly NPKs price assessments, proprietary data and market commentary
- Bespoke NPKs consulting project support
Latest NPKs news
Browse the latest market moving news on the global NPKs industry.
Romgaz still open to buy ferts producer Azmoures
Romgaz still open to buy ferts producer Azmoures
London, 14 January (Argus) — Romanian state-owned natural gas company Romgaz remains interested in acquiring fertilizer producer Azomures, but will consider investing in other Romanian fertilizer projects. Romgaz has made an offer for the company and remains "open to an honest and coherent dialogue" concerning an acquisition, the company said today. Azomures said earlier this week that it was mothballing production after negotiations with Romgaz stalled. Azomures has not produced fertilizer since August 2024 , barring small-scale production in the second half of last year . The company, currently owned by Switzerland-based trading firm Ameropa, can produce up to 1.6mn t/yr of NPK and nitrogen fertilizers, and consumes around 1bn m³/yr of gas when operating at full capacity. Around three-quarters of its production is sold on the Romanian domestic market. Romgaz first expressed interest in Azomures in February and an acquisition was presented as the best solution for Romanian farmers. By Aidan Hall Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Romania’s Azomures mothballs ferts production
Romania’s Azomures mothballs ferts production
London, 12 January (Argus) — Romanian fertilizer producer Azomures has today mothballed its production facilities after efforts by state-owned natural gas company Romgaz to acquire the firm stalled. Azomures will temporarily terminate the employment of 600 workers and suspend all major plant maintenance. But production facilities remain ready to restart when conditions are deemed "economically feasible". Azomures has not produced fertilizer since August 2024 , barring small-scale production in the second half of last year . The company, currently owned by Switzerland-based trading firm Ameropa, can produce up to 1.6mn t/yr of NPK and nitrogen fertilizers, and consumes around 1bn m³/yr of gas when operating at full capacity. Around three-quarters of its production is sold on the Romanian domestic market. Romgaz first expressed interest in Azomures in February and an acquisition was presented as the best solution for Romanian farmers. But negotiations between the two parties stalled this week after Romgaz failed to submit an offer and acquisition timeline. By Aidan Hall Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Global fertilizer affordability recovers some ground
Global fertilizer affordability recovers some ground
London, 19 November (Argus) — Global fertilizer affordability remains weak at levels similar to those of September 2022, but has recovered slightly from a more than three-year low in August because of a fall in fertilizer prices. Nutrient affordability stood at 0.72 points in October, up from 0.69 in September and 0.61 in August, when it dropped to its lowest since April 2022, Argus data show. Global fertilizer affordability had been on a downward trend since January. An affordability index — comprising a fertilizer and crop index — above one indicates that fertilizers are more affordable compared with the base year set in 2004. An index below one indicates lower nutrient affordability. The fertilizer index in October crept up to just below June's levels at 0.74 points, driven by falling urea, phosphates and potash prices. But the crop index — which includes global prices for corn, wheat, rice and soybeans adjusted by output volumes — resumed its downward trend in October, having gained some ground in September, and crop prices are now as low as those of November 2019. Urea price falls were the heaviest in recent months, with fob Middle East prices in October down by over $100/t from recent highs in August, when they averaged just over $500/t fob. Prices fell as buyers hesitated in the face of renewed Chinese exports, which outweighed strong import demand from India. Most market participants remained cautious into October, largely because of the lack of clarity on potential fresh exports from China. But prices received support from the end of October onwards, driven by a flurry of buying in Europe ahead of the implementation of the EU's Carbon Border Adjustment Mechanism on 1 January. Phosphate prices began to decline earlier. Moroccan DAP export prices have now shed $93/t at the midpoint from a peak in early August averaging just under $800/t fob, their highest since October 2022. The seasonal decline in global demand going into the fourth quarter coupled with higher DAP inventories in key destination markets — notably India — and wide-ranging affordability concerns pressured prices. Brazilian buyers turned to more affordable NPs and superphosphates ahead of soybean applications, fostering a surplus of MAP that similarly weighed on prices. Potash prices have experienced a milder decline, dropping by only $6/t since hitting a 28-month high in August at $314/t. MOP demand has slowed in most major importing markets since July, with ample inventories likely to be able to cover the majority of demand for the rest of 2025. By Elena Mataro Global fertilizer affordability index Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
EU CBAM draft sets dual methods for free allowances
EU CBAM draft sets dual methods for free allowances
London, 18 November (Argus) — Free allocations under the EU's carbon border adjustment mechanism (CBAM) will be calculated using two distinct methodologies, a draft of the implementing regulation seen by Argus shows. The draft, which may change before its adoption by the end of the year , also details provisional benchmark values, leaving the key ammonia value unchanged. The documents give insights into how a major component needed to calculate costs under the mechanism, which will come into effect on 1 January, will likely look. They follow similar drafts emerging last week on the CBAM pricing methodology . The commission has also scheduled 10 December for presenting additional legislation, aimed at strengthening CBAM, tackling circumvention, resource-shuffling, expanding CBAM scope and protecting exports of CBAM goods. CBAM costs for imported fertilizers to the EU will be calculated by subtracting free allowances from actual emissions, or default values if no actual data is available. Free allowances will decrease between 2026 and 2034, in line with the free-allowance phase-out for European producers under the EU's Emissions Trading System (ETS). The draft defines two main ways of calculating free allowances: one where actual emissions are known, and one where default values are used as the basis of calculating CBAM costs. The free allowance calculation for ‘simple goods', such as ammonia, is nearly unchanged on previous expectations. It is based on the CBAM factor — at 97.5pc for 2026 — a cross-sectoral correction factor as known from the ETS, and the benchmark value. The EU has left unchanged the provisional benchmark for ammonia at 1.57 t CO2e/t, and the same value applies for calculations using actual and default emissions. The provisional benchmark for nitric acid has also stayed at 0.23t CO2e/t when calculating free allowances for actual emissions data. Calculating free allowances for complex goods — which are made from other goods, so-called precursors — requires more variables. The calculation for free allowances should reflect the production process, according to the drafts. On top of the variables for simple goods, the calculation also considers emissions from precursors, for which the draft suggests full-year consumption data and activity levels need to be calculated. The methodologies for these components are not yet known. The draft normally foresees a presumption complex good precursors were produced during the reporting period, and no periods from before 2026 can be considered. If this calculation is adopted in a similar format by the commission, this may add additional complications for importers trying to estimate CBAM costs from 2026. For calculating actual emissions of a complex good, a series of products can be considered as precursors, namely anhydrous ammonia, nitric acid, NOP, urea, amsul, AN, DAP and MAP. If producers do not report actual emissions, then free allocations will be calculated using default benchmark values. The draft calculations foresee the inclusion of the CBAM factor, as well as the cross-sectoral correction factor, alongside these benchmarks. The provisional benchmark values for the default calculation can be found in the table below. By Claudia Wlk Provisional CBAM benchmarks for selected products t CO2/t CN code Product Process-related CBAM benchmark* Default benchmark** Nitrogen 2808 Nitric acid 0.230 0.674 28141 Anhydrous ammonia 1.570 1.570 28142 Ammonia in aqueous solution 0.471 0.471 283421 NOP 0.028 0.706 31021019 Urea 0.025 0.301 310221 Amsul 0.033 0.438 310229 ASN 0.028 0.624 31023090 AN 0.028 0.856 310240 CAN 0.028 0.775 310280 UAN 0.000 0.344 Phosphates and NPKs 31052010 NPK (>10pc N) 0.137 0.520 31052090 NPK (<10pc N) 0.137 0.393 310530 DAP 0.009 0.353 310540 MAP 0.009 0.182 310551 NP (nitrate) 0.137 0.648 310559 NP (excl. nitrate) 0.009 0.414 * Process-related benchmarks are used to calculate free allowances when actual data are available; these can be either for simple (e.g. for ammonia) or complex goods (e.g. for goods using ammonia as a feedstock). For complex goods, precursor emissions are also used. ** Default benchmarks are used to calculate free allowances when no actual emissions data are available. - EU Commission draft Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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