Italian urea spring needs mostly covered

: Fertilizers
26/04/21

Italian urea imports will probably be limited for the rest of the quarter as high international prices have curbed demand, leaving buying interest for the 2026 spring corn season almost fully covered.

Market estimates put urea demand destruction at 15pc for the mid-March/mid-June spring season this year, meaning that total demand could slip to 300,000-350,000t. Combined lined-up imports since March and domestic production estimates over the period are expected at around 300,000t, meaning that Italy has already mostly covered its urea needs for the corn season, limiting its need for further imports this quarter.

Italian urea demand for the spring season, typically concentrated from around mid-March to mid-June for corn applications, usually amounts to 350,000-400,000t. But importers and distributors expect demand destruction for the season of 10-20pc of normal levels.

Domestic urea prices have leapt since the start of the war in the Middle East and the closure of the strait of Hormuz. They rose from €522/t fca in big bags at the midpoint at the end of February to €770/t fca in big bags on 16 April, Argus data show. This is up from €435/t at the midpoint on 11 April last year, a 77pc year-on-year rise.

Yara's Ferrara plant returned to full production in early March, following maintenance in most of December-February. The plant is understood to have a monthly production capacity of slightly under 50,000t. Assuming full-capacity output in March-May, this could add around 150,000t of urea supply to the market.

And up to 149,000t of urea has been lined up for arrival in Italy in March-April, vessel tracking data show. This is below the 249,000 t/yr average for the period over 2021-25, but adds to 139,000t of urea imports in January-February, GTT data show.

Importers and distributors this week have reported that traders aim to re-export at least 30,000t of urea to India, where importer IPL has secured a record 2.79mn t in its 15 April tender. This could not be confirmed with the alleged relevant parties, and IPL's tender is yet to be finalised.

By Adrien Seewald

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26/04/20

Iran yet to commit to new US ceasefire talks

Dubai, 20 April (Argus) — Iran has signaled deep mistrust of the US and is yet to commit to joining potential renewed negotiations in Pakistan. Foreign ministry spokesman Esmail Baghaei today said Tehran is wary of Washington's intentions. "We must be cautious of the enemy's conspiracies," Baghaei said in comments carried by state-news agency IRNA, adding that Iran "cannot forget" recent experiences in which diplomacy was, in his view, undermined. Iranian president Masoud Pezeshkian echoed that stance today, calling for a "rational approach" to the current situation while stressing the need for "utmost vigilance" in dealings with the US, who he said had been displaying contradictory behavior. He said Iran should pursue diplomatic efforts to reduce tensions while continuing to resist external pressure. The remarks come as a two-week ceasefire, brokered by Pakistan and nominally in effect until 22 April, faces growing strain. The US at the weekend said it intercepted and disabled an Iranian-flagged cargo vessel attempting to breach its blockade on Iranian ports. Tehran described this as "armed piracy" and warned of potential retaliation. Oil prices rose today with the prospect of the ceasefire ending. At 11:20 GMT, the Ice front-month June Brent contract was at $95.19/bl, up by $4.81/bl from its settlement on 17 April, when it ended $9.01/bl lower. The weekend episode underscores the central friction point between the two sides: the US blockade of Iranian ports, and Iran's chokehold over commercial transit through the strait of Hormuz. Baghaei today rejected what he described as "unrealistic" US demands, reiterating that key issues — including its missile programme and broader defensive capabilities — are not open for negotiation. But neither side appears to be closing the door entirely. US officials had been preparing for a new round of talks in Pakistan ahead of the ceasefire's expiry, and regional mediators continue to engage both sides, suggesting that diplomatic channels remain active despite the escalation in rhetoric. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Shipowners wary after Hormuz reopening pledge: Update

26/04/17

Shipowners wary after Hormuz reopening pledge: Update

Adds Bimco comment in final paragraph London, 17 April (Argus) — Iran's announcement that the strait of Hormuz is open to commercial vessels is unlikely to trigger an immediate pickup in tanker traffic through the waterway, as shipowners remain wary of security risks and the terms of passage remain unclear, market sources told Argus . Iran said on Friday that the strait would be open for commercial shipping for the duration of the US-Iran ceasefire, following a halt to fighting in Lebanon. But the limited timeframe and lack of detail are likely to deter shipowners from resuming transits straightaway, participants said. Owners would probably still have to "co-ordinate with Iran and adhere to their rules, unless of course the conditions are specified and more clarity appears, in which case more ships would consider the transit", one market participant said. Questions also remain around routing and tolls. Iran said passage would be permitted on the "co-ordinated route as already announced", which is likely to refer to the channel between the islands of Qeshm and Larak. This could imply that Iran will continue charging transit tolls. Transits through the strait have continued despite the US naval blockade on ships entering or leaving Iranian ports, which President Donald Trump has said will remain in place until peace talks with Iran are concluded. But the blockade is focused on the mouth of the Gulf of Oman rather than the strait itself, raising concerns that vessels exiting the waterway could still be intercepted further downstream, participants said. At least 10 vessels crossed the strait of Hormuz with their AIS transponders active in the past 24 hours, most of them westbound into the Mideast Gulf. Of those crossings, three were eastbound. These included the Shalamar , a Pakistani-flagged Aframax tanker that loaded at Das Island on 12 April and is heading to Karachi, according to Kpler data. The announcement about reopening the strait may be aimed primarily at allowing vessels already in the Gulf to exit, easing vessel availability constraints, rather than encouraging ships to enter for new business, according to one market participant. The International Maritime Organisation (IMO) is assessing Iran's announcement for compliance with freedom of navigation and use of the IMO-recognised traffic separation scheme. Shipping association Bimco, meanwhile, said the announcement does little to change the risk outlook for vessels. Trump's claim that the strait is "fully open" is inaccurate, as the status of mine threats within the traffic separation scheme remains unclear, Jakob Larsen, Bimco's chief safety and security officer, said. The scheme has not been declared safe for transit, and shipping companies should "consider avoiding the area", he added. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Tanker owners wary after Hormuz reopening pledge

26/04/17

Tanker owners wary after Hormuz reopening pledge

London, 17 April (Argus) — Iran's announcement that the strait of Hormuz is open to commercial vessels is unlikely to trigger an immediate pickup in tanker traffic through the waterway, as shipowners remain wary of security risks and the terms of passage remain unclear, market sources told Argus . Iran said on Friday that the strait would be open for commercial shipping for the duration of the US-Iran ceasefire, following a halt to fighting in Lebanon. But the limited timeframe and lack of detail are likely to deter shipowners from resuming transits straightaway, participants said. Owners would probably still have to "co-ordinate with Iran and adhere to their rules, unless of course the conditions are specified and more clarity appears, in which case more ships would consider the transit", one market participant said. Questions also remain around routing and tolls. Iran said passage would be permitted on the "co-ordinated route as already announced", which is likely to refer to the channel between the islands of Qeshm and Larak. This could imply that Iran will continue charging transit tolls. Transits through the strait have continued despite the US naval blockade on ships entering or leaving Iranian ports, which President Donald Trump has said will remain in place until peace talks with Iran are concluded. But the blockade is focused on the mouth of the Gulf of Oman rather than the strait itself, raising concerns that vessels exiting the waterway could still be intercepted further downstream, participants said. At least 10 vessels crossed the strait of Hormuz with their AIS transponders active in the past 24 hours, most of them westbound into the Mideast Gulf. Of those crossings, three were eastbound. These included the Shalamar , a Pakistani-flagged Aframax tanker that loaded at Das Island on 12 April and is heading to Karachi, according to Kpler data. The announcement about reopening the strait may be aimed primarily at allowing vessels already in the Gulf to exit, easing vessel availability constraints, rather than encouraging ships to enter for new business, according to one market participant. The International Maritime Organisation (IMO) is assessing Iran's announcement for compliance with freedom of navigation and use of the IMO-recognised traffic separation scheme. The review adds to uncertainty for shipowners, who may be reluctant to use a route that has not been formally endorsed. By Rhys van Dinther Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Strait of Hormuz 'completely open': Update 2

26/04/17

Strait of Hormuz 'completely open': Update 2

Adds new statements by Trump and other details London, 17 April (Argus) — The strait of Hormuz will be "completely open" to commercial vessels for the duration of the US-Iran ceasefire, Iran and the US said on Friday. Iranian foreign minister Seyed Araghchi announced the opening of the strait in a post at 8:45 am ET. US president Donald Trump moments later said the strait was "COMPLETELY OPEN" and ready for passage. A naval blockade the US military began enforcing against vessels entering or leaving Iranian ports earlier this week would remain in full effect until "OUR TRANSACTION WITH IRAN IS 100% COMPLETE", Trump wrote. Ice Brent crude futures fell sharply on the news. The front-month contract was trading at $86.26/bl as of 10:49am ET, down by more than 13pc. Commercial vessels transiting the strait of Hormuz will use a "coordinated route" already announced by Iran, Araghchi said on Friday. The US had previously accused Iran of placing mines in at least some parts of the strait. Trump said that those mines were being removed, with US support. "Iran, with the help of the U.S.A., has removed, or is removing, all sea mines!" Trump said. Trump subsequently said on Friday that Iranian officials had agreed to "never" again close the strait of Hormuz, through which about 20pc of global oil flows. "It will no longer be used as a weapon against the World!" Trump wrote. France was among the Nato members that previously said they were willing to help stabilize the strait of Hormuz once hostilities had de-escalated. Trump said he received a call from Nato on Friday offering assistance, but he said he told them to "STAY AWAY", adding that Nato was "useless when needed". Under the terms of a "deal" Trump described on Friday, the US would "get all Nuclear 'Dust'" remaining in Iran, in an apparent reference to enriched uranium sites that were targeted by a US bombing campaign. Vessel traffic through the strait of Hormuz has been heavily restricted since the war with Iran began on 28 February, even after the US and Iran agreed to a two-week ceasefire that is set to expire on 22 April. The potential reopening of the strait would allow an estimated 120 loaded tankers to depart from the Mideast Gulf and calm markets, IEA executive director Fatih Birol said earlier this week. Just minutes before Trump's post, US Central Command, which oversees Middle East-based US forces, said it had directed a merchant vessel to return to an Iranian port as part of its enforcement of the blockade. US Central Command said that, so far, 19 ships have complied with directions to return to Iran and zero had evaded the blockade. In his announcement of the reopening Friday, Araghchi cited the ceasefire in Lebanon in saying "the passage for all commercial vessels through the strait of Hormuz is declared completely open for the remaining period of ceasefire, on the co-ordinated route as already announced". Trump wrote that the re-opening of the strait was not tied "in any way" to Lebanon. By Chris Knight and Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Strait of Hormuz 'completely open': Update

26/04/17

Strait of Hormuz 'completely open': Update

Adds Trump statement, other details throughout London, 17 April (Argus) — The strait of Hormuz will be open to commercial vessels for the duration of the US-Iran ceasefire now that a halt to fighting in Lebanon has been agreed, Iranian foreign minister Seyed Araghchi said on Friday. President Donald Trump reaffirmed the opening of the strait in a social media post shortly after Araghchi's announcement, saying it was "COMPLETELY OPEN" and ready for passage. A naval blockade the US military began enforcing against vessels entering or leaving Iranian ports earlier this week would remain in full effect until "OUR TRANSACTION WITH IRAN IS 100% COMPLETE", Trump wrote. Just minutes before Trump's post, US Central Command, which oversees Middle East-based US forces, said it had directed a merchant vessel to return to Iranian port as part of its enforcement of the blockade. US Central Command said so far, 19 ships have complied with directions to return to Iran and zero had evaded the blockade. Ice Brent crude futures fell sharply on the news. The front-month contract was trading at $89.37/bl as of 9:49am ET, down by more than 10pc. Vessel traffic through the strait of Hormuz has been heavily restricted since the war with Iran began on 28 February, even after the US and Iran agreed to a two week-ceasefire that is set to expire on 22 April. The potential reopening of the strait would allow an estimated 120 loaded tankers to depart from the Mideast Gulf and calm markets, IEA executive director Fatih Birol said earlier this week. In his announcement of the reopening Friday, Araghchi cited the ceasefire in Lebanon in saying "the passage for all commercial vessels through strait of Hormuz is declared completely open for the remaining period of ceasefire, on the co-ordinated route as already announced." By Andrey Telegin and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Italian urea spring needs mostly covered

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