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Latest Market News

Urea derivatives surge on Middle East conflict

  • Spanish Market: Fertilizers
  • 02/03/26

Paper contracts for urea have jumped, some up by more than 10pc from the end of last week, in the wake of the US-Iran conflict in the Middle East.

March and April US Gulf futures have traded at $500/t on the CME. The April contract had been framed at around $440-450/t by at least one broker on 27 February.

Bids for Middle East urea derivatives have pushed to above $500/t, with March in the low $500s/t and April bid at around $510/t, up from around $470/t and the mid-$450s/t at the midpoint, respectively, on 27 February.

Major Middle East urea suppliers have withdrawn physical offers as they take stock of the situation and gauge the increasingly complicated shipping situation in the region. But Egyptian physical sales are continuing, with north African deals taking place in the $520s/t fob earlier today.

Urea prices are surging in the wake of the conflict, which threatens to choke supply from a region that accounts for around 35pc of global seaborne urea trade.

By Harry Minihan

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02/03/26

US-Iran conflict: Latest news

US-Iran conflict: Latest news

London, 2 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP HEADLINES Iran rejects US talks as conflict widens Vessels steer clear of strait of Hormuz India mulls raising Russian oil buy on Mideast conflict Ras Tanura refinery shut after drone strike: Update Opec+ agrees April output boost as war threatens supply Crude futures surge 13pc as US-Iran attacks continue LATEST STORIES Crude oil UAE's Fujairah port ‘largely resumed' from stoppage Iraq's Shaikan shut amid widening Iran conflict Refined products Asian oil product spreads continue to strengthen Projectiles hit ships near strait of Hormuz: Update Thailand halts oil exports on US-Iran conflict Asian HSFO rises on supply risks from US-Iran conflict Asian naphtha spikes on Iran conflict Asian gasoline surges on supply disruptions Asian middle distillate prices rise on US-Iran conflict Egypt's EGPC seeks prompt delivery gasoline, gasoil LNG India's LNG tankers divert away from strait of Hormuz Asia LNG buyers stay cautious as Mideast crisis unfolds LPG Asian LPG rises 12pc on Iran conflict India's LPG imports face disruption on Mideast conflict Petrochemicals Iran conflict disrupts Middle East methanol supply China's PDH to cut runs on propane disruptions Chinese polymer futures rise on Middle East conflict Freight Major P&I clubs cancel war risk cover for Mideast Gulf Fertilizers Chinese domestic sulphur prices surge on Iran crisis Australia urea faces supply risk on Iran conflict Major Middle East urea producers withdraw offers Thai ferts importers halt sales on US-Iran conflict Chinese domestic amsul prices surge on US-Iran conflict Metals China tungsten hits record high on Mideast conflict Coal US-Iran conflict has limited impact on Asia coal, gas Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Egypt’s NCIC issues March fertilizer sales tender

02/03/26
02/03/26

Egypt’s NCIC issues March fertilizer sales tender

London, 2 March (Argus) — Egyptian producer NCIC has issued its second tender to sell various fertilizers for loading this month, closing on 4 March. NCIC is offering the following fertilizers: 10,000t of DAP 10,000t of TSP 10,000t of granular urea 15,000t of CAN26 Under its previous tender to sell fertilizers for loading in March, which closed on 19 February, NCIC reported the following awards : 20,000t of DAP at up to $750/t fob 25,000t of TSP at up to $560/t fob 20,000t of granular urea at up to $492/t fob 20,000t of CAN26 at up to $305/t fob 500t of water-soluble SOP at up to $575/t fob By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Chinese domestic sulphur prices surge on Iran crisis

02/03/26
02/03/26

Chinese domestic sulphur prices surge on Iran crisis

Singapore, 2 March (Argus) — Chinese domestic sulphur prices rose sharply today following the escalation of conflict between the US and Iran over the weekend. Domestic prices jumped to 4,250 yuan/t ex-works following a concluded sale, which is equivalent to around $531/t cfr on an import parity basis, up by around 5pc from Yn4,045-4,055/t ex-works on 27 February. Argus last assessed granular sulphur cfr China at $512-515/t cfr on 27 February. Offers were indicated at Yn4,300/t ex-works in both the paper market and spot trade. Some buyers remain reluctant to conclude new business, however, opting instead to wait for clearer signals on Middle East supply. China is the world's largest importer of sulphur. It imported 9.61mn t in 2025, of which 3.82mn t or just under 40pc originated from the UAE, Saudi Arabia, Kuwait, Oman and Iran. Market concerns are intensifying that prolonged instability in the region could trigger supply shortages, given roughly half of global seaborne sulphur originates from the Middle East. There may also be shipment delays for cargoes headed to nickel producers in Indonesia, market participants said, although this has not been confirmed. By Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Australian urea faces supply risk on Iran conflict

02/03/26
02/03/26

Australian urea faces supply risk on Iran conflict

Sydney, 2 March (Argus) — The Australian urea market is at risk of short supply and domestic prices are expected to rise ahead of peak seasonal demand, in the aftermath of the US and Israeli attack on Iran. Australian fertilizer suppliers have received increased enquiries from local buyers reacting to the escalated conflict in the Middle East. Domestic prices for urea, ammonium sulphate (amsul), and ammonium phosphates prices are already increasing, suppliers said. Local prices remained high last week despite weak demand, because of the threat of escalation in the Middle East and potential closure of the strait of Hormuz. Fertilizer prices last surged during the 12-day war between Israel and Iran in June 2025. The Argus assessed granular urea price increased by A$118/t ($84/t) to A$855-875/t fca Geelong over 12-19 June 2025. Argus last assessed granular urea at A$830-840/t fca Geelong on 26 February. Australia imported 64pc of its urea from the Gulf nations of Saudi Arabia, Qatar, the UAE, Bahrain and Oman in 2025, trade data from the Australian Bureau of Statistics (ABS) show. Urea imports typically peak in April–June for pre-seeding and top-dressing application for winter crop ( see graph ). US president Donald Trump expects the conflict to last four weeks, which would disrupt cargoes leaving the Persian Gulf in March and April. Australia imported 1.2mn t of urea in April and May 2025, of which 911,000t came from the region, ABS data show. Growers have not bought significant amounts of urea in recent weeks because of dry conditions in many of Australia's key growing regions, but recent rainfall has improved market sentiment. One supplier reported increased enquiries for amsul, which can be used as an alternative to urea. Australia imported 579,500t of amsul in 2025, of which 99pc came from China. By Susannah Cornford Australian urea imports (t) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Qatar March sulphur price announcement postponed

01/03/26
01/03/26

Qatar March sulphur price announcement postponed

London, 1 March (Argus) — State-owned QatarEnergy Marketing has postponed the announcement of its March Qatar Sulphur Price (QSP) to Wednesday 4 March. The supplier quoted recent geopolitical developments as the reason for the postponement today, 1 March. The QSP was expected to be issued today. February's QSP was set at $520/t fob, up by $3/t from $517/t fob Ras Laffan/Mesaieed for January. A downward correction was widely anticipated for March prior to the US-Israeli attack on Iran on Saturday, 28 February. Markets are now bracing for disruptions to oil, gas and sulphur deliveries, which could change the direction of the market. 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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