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.
Weak monsoon may curb Thailand's fertilizer demand
Weak monsoon may curb Thailand's fertilizer demand
Singapore, 16 April (Argus) — Thailand is expected to receive lower-than-normal rainfall in the upcoming southwest monsoon season starting in May, which could slow paddy planting and reduce fertilizer offtake. The main fertilizer application season, mainly for paddy planting, runs over May-October and depends on monsoon rains because paddy cultivation requires a large amount of water throughout the growing period. Rainfall across most of Thailand over April-June could be about 10pc below normal, according to the Thai Meteorological Agency. In the northeastern and central regions, where most of the paddy is planted, rainfall is forecast at 380-480mm compared with the normal 474mm in the northeast, and 270-370mm compared 352mm in the central region. Rainfall will likely be above normal in April, but below normal in May and June. Fertilizer suppliers are also concerned about growers' affordability, given that rice export prices have fallen year on the year , likely reducing farmers' cash flow for purchasing inputs. The ongoing US-Iran war has also tightened urea and phosphate supply, pushing delivered prices to Thailand sharply higher in recent weeks. This will further erode growers' ability to afford fertilizers, traders said. Thailand's department of internal trade has launched a subsidy programme, Green Flag Fertilizer Plus, to ease the impact of high fertilizer costs and falling rice prices. But the initiative will likely do little to boost planting and fertilizer offtake this season, given expectations of below-normal rainfall levels. By Huijun Yao Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Indian government raises NBS for N, P, S
Indian government raises NBS for N, P, S
London, 8 April (Argus) — The Indian government has raised the nutrient-based subsidy (NBS) for nitrogen, phosphate and sulphur each by 10pc for the April-September kharif season, while holding the rate for potash steady . The NBS applies to phosphate and potash-based fertilizers including DAP, MOP and NPKs. It does not cover urea. The latest subsidy rates per nutrient are as follows: Rs47.32/kg for nitrogen Rs52.76/kg for phosphate Rs2.38/kg for potash Rs3.16.kg for sulphur The government has stated a tentative budgetary requirement for the season at 415bn rupees ($4.5bn), up by Rs43bn from the budgetary requirement for the 2025 kharif season. This raises the NBS for DAP to around Rs32,787/t ($355/t), and keeps the NBS for MOP at Rs1,428/t. Despite the rise in the subsidy, Indian DAP importers and producers would make a loss if receiving only the NBS and the maximum retail price of Rs27,000/t. Market participants expect the government to maintain the additional financial support for DAP importers and producers beyond the nutrient-based subsidy, but no official confirmation has yet emerged. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil’s industrial output falls in February
Brazil’s industrial output falls in February
Sao Paulo, 2 April (Argus) — Brazil's industrial output stepped down by an annual 0.7pc in February, mainly driven by auto, chemical products and machinery, according to national statistics agency IBGE. The decrease follows an annual 0.2pc increase in January and a 0.1pc decline in December. Production of intermediate goods — feedstocks for industries that do not directly reach the final consumer — rose by 1.1pc in February from a year earlier. Output of non-durable and semi-durable goods fell by 0.3pc from a year earlier. Output of capital goods and durable consumer goods were down by 13.5pc and 9.3pc, respectively, from February 2025. It is the ninth consecutive annualized decline in capital goods production. Auto, chemical products and machinery were among the largest negative contributors, down by 7.3pc, by 6.4pc and 11pc, respectively, from a year prior. Heavy vehicles and NPK fertilizers pushed down their respective categories, IBGE said. Output of petroleum coke, oil products and biofuels rose by 4pc in February from a year earlier, following a 1.2pc decline in January. Metal products output was down by 8.4pc. Brazil's central bank lowered its target rate to 14.75pc in March. Brazil's headline inflation decelerated to an annual 3.81pc in February . By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Morocco’s OCP to cut production in 2Q
Morocco’s OCP to cut production in 2Q
London, 2 April (Argus) — Morocco's OCP is bringing forward scheduled maintenance at several plants, the firm said. Maintenance at some OCP plants will begin next week, although it has not said which plants will begin maintenance first. The works will affect up to 30pc of OCP's second-quarter production capacity, the company said. Morocco exported 4.40mn t of DAP, 2.71mn t of MAP and 2.98mn t of TSP last year, according to Argus data. OCP has not given a reason for its decision, but tight supply of sulphur and ammonia — key raw materials for phosphates production — following the effective closure of the strait of Hormuz are likely to be the main drivers. The Middle East supplied 52pc of Morocco's sulphur imports last year. Bad weather disrupted operations at Moroccan ports earlier this year, curbing OCP's production and exports. 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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