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Latest Market News

Urea derivatives offered substantially higher: Update

  • Spanish Market: Fertilizers
  • 09/03/26

Adds latest offers for paper, physical granular urea in Middle East

Escalating hostilities in the Middle East and an associated surge in energy prices have prompted sellers to pull their offers for urea in the paper markets and return at considerably higher levels.

The Middle East April urea contract is bid at a minimum of $675/t, in line with a derivative trade for the contract on 6 March, according to a broker. Sell-side interest for the Middle East contract disappeared earlier today and has now returned at $790/t for April, according to another broker.

One of the brokers expects trade for Middle East derivatives to slow and largely be confined to holders closing out positions, as concerns build over how the index will settle given slowing physical trade in the region. Physical granular urea was heard offered at $700/t fob Oman for loading at the end of this month.

Prices across the nitrogen complex are rising further today, driven upwards by the surge in energy markets, with European front-month gas futures and Brent crude contracts up by more than 15pc and 10pc, respectively. International urea prices have risen by around $200/t — or 40pc — from pre-war levels on 27 February.

By Harry Minihan

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09/03/26

Kuwait's KPC rolls over March sulphur price

Kuwait's KPC rolls over March sulphur price

London, 9 March (Argus) — Kuwaiti state-owned sulphur producer KPC has rolled over its Kuwait Sulphur Price at $520/t fob Kuwait. This follows announcements from Qatar's state-controlled QatarEnergy and Abu Dhabi state-owned Adnoc that they are also rolling over their March prices. Middle East sulphur exports are largely stranded because of the effective closure of the strait of Hormuz, as a result of the US-Israel war with Iran. The strait of Hormuz is the main export route for Mideast Gulf crude oil, gas and sulphur shipments. Vessel traffic through the waterway has almost come to a standstill since the US and Israel began launching air strikes on Iran on 28 February. Tehran has responded by attacking other countries in the region, including targeting oil and gas infrastructure and shipping. A Chinese-owned Handymax bulk carrier safely transited the strait of Hormuz over the weekend, moving east to dock at Fujairah in the UAE, ship-tracking data. It is the second such case in recent days. The 53,395 deadweight tonne KSL Hengyang passed through the strait during the night of 6–7 March, having loaded sulphur in Jubail, Saudi Arabia. It set sail from Jubail on 3 March, idled in the Gulf for more than a day, resumed its voyage on 5 March, and has now moved to anchorage at Fujairah, data from analytics firm Kpler show. Sulphur production falls Sulphur production has fallen as result of the war in the Middle East, causing the previous softening price trend to reverse since last week. KPC has started to reduce its crude output and refinery run rates, after oil exports were effectively halted because of the war, the company said 7 March. KPC has issued a force majeure notice on its crude and refined products exports, it said in a statement on 7 March. Sulphur production is expected to be reduced by at least 2pc. Kuwait exported 2.4mn t of sulphur last year. Qatar has shut down its massive LNG production complex at Ras Laffan after attacks near the facility. QatarEnergy's sulphur production capacity is around 3.8mn t/yr, and it exported 3.4mn t last year. The majority of the firm's sulphur comes from the Ras Laffan complex, with a small share of production at Mesaieed. Iran has launched drone strikes at Saudi Arabia's 102,000 t/yr sulphur capacity Ras Tanura refinery, Kuwait's 146,000 t/yr Mina al-Ahmadi refinery and Bahrain's 210,000 t/yr b/d Sitra refinery. The Ras Tanura facility has been off line since early last week. By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Turkey removes import duty on urea

09/03/26
09/03/26

Turkey removes import duty on urea

London, 9 March (Argus) — Turkey has eliminated its 6.5pc import duty on urea under a Presidential Decree published in the Official Gazette on 7 March. Most urea origins, apart from Egypt, Qatar and Malaysia, faced a 6.5pc import duty prior to the move. The amendment covers urea spanning HS codes 31021012, 31021015, 31021019 and 31021090, and took immediate effect upon publication. Import dependence Turkey remains heavily reliant on imported nitrogen products, with urea imports averaging 2.8mn t/yr in 2023-25. Imports reached about 2.7mn t in 2025, with Iran — frequently listed as Oman — supplying roughly 44pc of total volumes. Egypt accounted for around 24pc, while Russia supplied about 13pc, mainly in the first half of the year. Deliveries from Turkmenistan and Uzbekistan together totalled around 300,000t. Turkey also imported 60,000t of Qatari urea in 2025. Qatari urea last featured in the Turkish line-up in 2022 and 2023, with just 44,000t and 22,000t imported, respectively. Turkey opted to remove import duties on Qatari urea from 1 August. Market implications The removal of import duty is expected to increase urea inflows ahead of Turkey's spring demand peak, particularly for wheat top dressing, as well as barley, rapeseed and early corn applications. The change is set to reshape trade flows, eroding the previous duty-free advantage enjoyed by Egypt and more recently Qatar, and bringing other exporting origins into more direct competition. Competitive pressure on domestic producers The elimination of import duties will intensify competitive pressure on Turkish nitrogen producers, whose costs are structurally higher, given their reliance on imported gas and other feedstocks. Local producers may respond by focusing on contract sales or maybe blending products to protect market share. The policy shift will likely reinforce Turkey's role as a growing import, blending and redistribution hub, a local market participant told Argus . By Dana Hjeij Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Offers for urea derivatives evaporate

09/03/26
09/03/26

Offers for urea derivatives evaporate

Amsterdam, 9 March (Argus) — Escalating hostilities in the Middle East and an associated surge in energy prices have prompted sellers to pull their offers for urea in the paper markets. The Middle East April urea contract is bid at a minimum of $675/t, in line with a derivative trade for the contract on 6 March, according to a broker. But sell-side interest has disappeared. Urea paper prices are set to push above $700/t, in light of southeast Asian granular urea trading at that price earlier today , another broker said. One of the brokers expects trade for Middle East derivatives to slow and largely be confined to holders closing out positions, as concerns build over how the index will settle as physical trade in the region slows. Prices across the nitrogen complex are rising further today, driven upwards by the surge in energy markets, with European front-month gas futures and Brent crude contracts up by more than 15pc and 10pc, respectively. International urea prices have risen by around $200/t — or 40pc — from pre-war levels on 27 February. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

CIP, Hy2Gen cancel renewable ammonia project in Norway

09/03/26
09/03/26

CIP, Hy2Gen cancel renewable ammonia project in Norway

Paris, 9 March (Argus) — Danish renewables developer Copenhagen Infrastructure Partners (CIP) and German hydrogen company Hy2Gen have cancelled a 240MW renewable hydrogen and ammonia project in Norway. The Iverson eFuels project, planned for Sauda, in southwest Norway, lost its grid access. Norwegian power system operator Statnett decided in late 2025 to withdraw a previously allocated 270MW of electricity capacity because project development was more than two years delayed compared to original plans, Iverson said. When the Iverson project was announced in 2022 , the companies expected construction to begin in 2024 and operations to start in 2027, targeting production of 200,000 t/yr of renewable ammonia. Statnett said that new capacity could be available only once the grid is upgraded, which is expected in 2033-2035. "Such an uncertain situation" about securing grid capacity "is not compatible with further development of the project," Iverson said. The project partners will assess possible development of a data centre project at the Sauda site "so that the work and resources invested in the Iverson project can be utilised to create new activity", they said. By Pamela Machado Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Southeast Asian urea prices surge on US-Iran war

09/03/26
09/03/26

Southeast Asian urea prices surge on US-Iran war

Singapore, 9 March (Argus) — Southeast Asian granular urea prices have surged to $700/t fob and above, supported by escalating hostilities in the ongoing US-Iran war. Vietnamese producer Ca Mau has sold 30,000-40,000t of granular urea to a trading firm at $700/t fob for April loading, according to market participants. The cargo will likely head to Australia, which is entering its main fertilizer application season. Australia is heavily dependent on imports from the Middle East, taking around 64pc of its urea from the region . Petronas is also in the market offering fresh granular urea cargoes in the $700-750/t fob for May loading, according to market participants, following its sale last week at $650/t fob . No confirmation was available from the producer. Southeast Asian granular urea prices were last assessed at a midpoint of $491.50/t fob on 26 February, before the conflict begun. Buyers in southeast Asia have been testing the market for additional urea volumes to top up inventories, but availability is limited. BFI is largely sold out of March and April availability and is offering only first-half May cargoes, whereas Pupuk Indonesia has yet to issue a new sales tender. The likelihood of new Chinese urea export quotas also remains unlikely in the near term as international urea prices continue to rise. By Dinise Chng Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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