Indian NPK/NP imports hit record in December, stocks up

: Fertilizers
26/01/19

Indian imports of NPKs and NP fertilizers in December 2025 hit a 14-year high, helping to drive inventories up by 327,400t, government data show.

Imports totalled 577,000t, up from 118,000t in December last year and the highest since November 2011, Argus' records show.

India produced almost 1.12mn t of NPK and NP fertilizers last month, up by nearly 8pc year-on-year.

Sales were broadly steady at 1.36mn t, inching down by less than 1pc from December 2024 at just below 1.36mn t.

The stockbuild — production plus imports minus sales — was 327,400t for December.

Indian total stocks of NPKs and NPs stood at 4.5mn on 1 January, Argus estimates.

Cumulative production reached nearly 9.27mn t in the first nine months of the April-March 2025-26 fertilizer year, a 13pc increase from the same period last year. Imports totalled 3.30mn t, up by 122pc, while sales hit 11.74mn t, up from 11.72mn t last year.

By Elena Mataro

Indian NPK stocks, production, imports and sales

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26/01/19

Indian DAP stocks down, despite lower sales

London, 19 January (Argus) — Indian domestic DAP sales fell further than expected in December to 869,000t, according to latest government data. This is likely because farmers focused their attentions on securing nitrogen. Provisional data in early January had estimated offtake last month at 955,000t. But DAP stocks still fell because of lower imports, as DAP importers retreated to the sidelines on seeing the domestic market enter its off-season. Latest government data for domestic DAP production and imports last month are 350,000t and 407,000t, respectively — broadly in line with expectations. This implies a net stock draw (production plus imports minus sales) of 112,000t through December. DAP sales in April-December totalled 7.99mn t, lagging the same period in 2024 by 4pc. But combined DAP and TSP offtake of 8.56mn t in April-December was broadly in line with around 8.61mn t over the same period in 2024. TSP imports slipped to just 34,000t in December, according to Argus lineup data, bringing imports in April-December to 959,000t. Sales of TSP over the same period reached 570,000t, according to the latest government data. This implies that India's TSP inventory grew by 389,000t since April, since India does not produce TSP domestically. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Indian urea stocks fall by 2.24mn t in December

26/01/19

Indian urea stocks fall by 2.24mn t in December

Amsterdam, 19 January (Argus) — India's urea inventories dropped by 2.24mn t on the month in December, marking the second-highest month-on-month fall on record after domestic urea sales hit an all-time high of 5.76mn t, government data show. The latest sales data are in line with provisional figures released earlier this month . Higher sales outweighed production of 2.69mn t and imports of 826,000t, resulting in a 2.24mn t reduction in urea stocks — the highest drawdown since July 2020. Stocks ended the year at 5.3mn t, down from 6.3mn t in mid-December and 7.1mn t at the start of the month, according to Argus estimates. India's cumulative urea sales rose by nearly 1.2mn t on the year to 31.2mn t in April-December, as increased crop acreage and a shortage of DAP boosted urea demand. Imports also boomed last year, rising to 8mn t in April-December from 4.3mn t a year earlier, as importers scrambled to secure enough product to meet higher domestic demand. Indian importers collectively issued six tenders across June-November and finalised another earlier this month . Local Indian urea production fell to 22.4mn t in April-December from 23.2mn t a year earlier. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

IMF warns of major risk to growth from US-EU tensions

26/01/19

IMF warns of major risk to growth from US-EU tensions

London, 19 January (Argus) — The IMF has upgraded its global economic growth forecast for 2026 but warned an escalation in trade tensions between the US and Europe is a "major risk." US president Donald Trump on 17 January threatened tariffs on several European countries in a bid to acquire the Danish territory of Greenland. This has raised concerns about a potential trade war between Europe and the US. "If we were to enter a phase in which there would be escalation and tit-for-tat policies… that would certainly have even more of an adverse effect on the economy, both through direct channels, but also through confidence, investment, and potentially through a repricing by [financial] markets," IMF chief economist Pierre-Olivier Gourinchas said at the launch of the IMF's World Economic Outlook Update (WEO) today. The IMF raised its global growth forecast for 2026 by 0.2 percentage points to 3.3pc, citing improvements in the US and China, and kept its projection for 2027 unchanged at 3.2pc. It puts 2025 economic growth at 3.3pc, from a previous 3.2pc. IMF forecasts are used by many economists to model oil demand projections. The IMF has repeatedly upgraded its growth projections since April 2025 and now sees 2025 and 2026 growth higher than when US-led tariff disruptions started in early 2025. The outlook's economic assumptions are current as of 31 December so do not take into account the US' latest tariff threat against European countries. It assumes an effective tariff rate of 18.5pc for US imports from the rest of the world. Any change to this would be a major risk," Gourinchas said. "This is something that could materially impact growth if we have higher levels of tariffs, if we have higher levels of geopolitical tension." The IMF said the US-led investment boom in AI and strong fiscal stimulus in China and Germany was offsetting economic losses associated with higher tariffs. But Gourinchas warned that debt financing in the AI sector was becoming more prevalent, and this could "amplify shocks if returns failed to materialise." He said any correction in AI stock market valuations would have far reaching negative effects or the global economy. The IMF said fiscal discipline is weakening across the globe, particularly in advanced economies. "The risk here [is] that countries will be unable to face the significant challenges ahead in terms of population aging, climate transition, national security or ability to support the economy, should a large shock occur," Gourinchas said. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Indonesia’s Kaltim granular urea bids hit $430s/t fob

26/01/19

Indonesia’s Kaltim granular urea bids hit $430s/t fob

Singapore, 19 January (Argus) — State-owned Pupuk Indonesia subsidiary Kaltim closed a tender today to sell granular urea, with the highest bids reaching the high-$430s/t fob. A trading firm bid in the high-$430s/t fob, market participants said. Two others also bid in the $430s/t fob, traders said. Other bids largely spanned $420-430/t fob. The product is for loading from Bontang in the fourth week of January through February. Bids are to be valid until 21 January, and further negotiations are likely to take place. Market participants expect multiple 45,000t granular urea cargoes will be available, but there was no clarification from Pupuk. Bids into Kaltim's tender are around $10-15/t higher than prices for larger cargoes last week. Urea prices rose in line with the international trend, on the back of growing anticipation for further import demand from Australia and India. By Dinise Chng Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

CF, Trafi sign low-carbon ammonia bunkering agreement

26/01/16

CF, Trafi sign low-carbon ammonia bunkering agreement

London, 16 January (Argus) — US fertilizer producer CF Industries, global trading firm Trafigura and marine fuel supplier TFG Marine have signed a memorandum of understanding (MoU) to develop low-carbon ammonia as a marine fuel, targeting future bunkering demand in the US Gulf coast and northwest Europe. The firms will work together to develop a market for ammonia as a marine fuel through stakeholder engagement and bunkering logistics planning, they said. The partners did not disclose any timelines for possible bunkering operations or expected volumes. The agreement builds on CF and Trafigura's previous collaboration in October last year, when the two companies partnered to ship CF's first ‘certified low-carbon' ammonia cargo to Europe. Trafigura already lifts both grey and low-carbon volumes on a contract basis from CF's Donaldsonville plant in Louisiana, which is currently the largest ammonia and nitrogen production facility in the world. CF has also taken a final investment decision on a 1.4mn t /yr ammonia project in Louisiana which could come on line by 2030, where up to 95pc of CO2 emissions will be captured and stored. The fertilizer producer has made various efforts to reduce its own emissions, monetising its greenhouse gas (GHG) abatement efforts through tax and carbon credits . Trafigura will work alongside the fertilizer firm to support market development and logistics. The trading firm currently has four ammonia-fuelled gas carriers (MGCs) on order , which will all be delivered by 2028. TFG Marine, the bunkering joint venture between Trafigura, Frontline and CMB. TECH, of which Trafigura owns 75pc, will focus on last-mile delivery and establishing ammonia bunkering hubs. Ammonia is one of several alternative fuels being considered by shipowners as the sector seeks to cut emissions. Current ammonia trade flows are dominated by fertilizer and industrial demand, with major export hubs in the US Gulf, Middle East and Trinidad supplying Europe, Asia and South America. The development of ammonia as a marine fuel could eventually redirect volumes toward emerging production hubs in the US Gulf and key bunkering ports in northwest Europe. But any shifts in trade flows will depend on the pace of vessel adoption and the development of ammonia bunkering infrastructure, which remains at an early stage. By Lauren Hadeed Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Indian NPK/NP imports hit record in December, stocks up

Related news posts

Indian DAP stocks down, despite lower sales

Indian DAP stocks down, despite lower sales

Indian urea stocks fall by 2.24mn t in December

Indian urea stocks fall by 2.24mn t in December

IMF warns of major risk to growth from US-EU tensions

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Indonesia’s Kaltim granular urea bids hit $430s/t fob

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