Latest FOB International Fertilizer Prices – updated at May 2018

Fertilizer Price Trends

INTERNATIONAL MONTHLY AVERAGE PRICES FOR SELECTED FERTILIZERS

 

NUTRIENT FERTILIZER MAY-17 JUN-17 JUL-17 AUG-17 SEP-17 OCT-17 NOV-17 DEC-17 JAN-18 FEB-18 MAR-18 APR-18 1 MONTH 1 YEAR
N Urea (granular, Middle East) 177 178 175 201 237 256 239 231 243 260 246 231

-6%

31%

N Urea (granular Indonesia/Malaysia) 208 209 193 209 249 282 274 246 259 273 268 261

-3%

26%

N Ammonium Sulphate (China) 102 102 104 105 108 112 116 113 115 117 117 112

-4%

10%

N Ammonia (Yuzhny) 305 251 199 193 202 243 296 322 330 290 264 226

-14%

-26%

P DAP (Russia Baltic/Black Sea) 341 336 334 329 328 338 357 363 374 388 395 394

0%

15%

P MAP (Morocco) 381 365 352 340 342 356 373 383 386 411 418 418

0%

10%

P TSP (Tunisia) 283 283 283 283 301 283 293 295 295 295 295 298

1%

6%

K MOP (Israel) 238 242 244 250 251 251 252 253 260 262 270 273

1%

6%

K SOP (in € North-West Europe) 435 435 435 435 434 428 420 420 420 420 420 424

1%

-3%

NPK NPK 15-15-15 (Baltic/Black Sea) 234 232 235 235 236 239 249 254 250 246 250 249

0%

6%



10 YEARS – 3 FERTILIZERS UREA/DAP/MOP

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Argus Media Ltd is the source of the data, on which IFDC bases the above calculations

Fertilizer Market Comments

FERTILIZER PRICE COMMENTS FOR APRIL 2018


NITROGEN

Offers in India’s IPL’s 10 April tender to buy urea were about $5/t above expectations and the 1.2mn tonnes booked was about 400,000t more than anticipated. At least 600,000t came from the Middle East, but this left a substantial quantity to be sourced West of Suez. Unsold quantities of urea for May loading were shrinking fast and traders who sold short for May were finding fewer and fewer options for cover. Fresh sales in Algeria, Egypt, Indonesia and the FSU have reduced supply and have seen stable or marginally lower pricing. Traders have bought 90-100,000t of Black Sea urea for India, while Sorfert Algeria sold 80,000t in late April for May shipment to for Europe and Mexico. But there was no increase evident in cfr prices in anywhere and confidence in the market beyond May is almost totally lacking, reflected in paper trades for Middle East urea at $225/t fob for June.
Most producers have committed their May tonnage early and any remaining short sales would mop up the rest, leading to stable pricing. In the US, warmer weather led to an increase in demand for urea from inland terminals. Nola prices rose in sympathy and could strengthen.

 
 
Algeria
Sorfert sold a total of 80,000t of granular urea for May shipment to Mexico and European markets. It was now fully committed for the month of May. Some 45,000t have been sold to two traders for shipment to Europe in several lots at prices in the low-$240s/t fob Arzew.
A trader bought a 35,000t cargo for shipment to west coast Mexico at a price below $240/t fob.
AOA sold 40,000t in late April to a trader at a formula price for 20-25 May loading in Arzew, for shipment to the Americas.
Keytrade was to load 42,000t of granular urea in Arzew 20-30 April for VIzagapatnam, India, under its award in the IPL tender.
Koch was also in the market for a vessel to load 47,500- 50,000t in Arzew in late-April for Kandla, India, under its award in the same tender.

Egypt
Producers have an estimated 65-70,000t of granular urea left to sell for May loading.
•Helwan Fertilizer sold 20,000t of granular urea under its 24 April tender at $238/t fob. Dreymoor was understood
to be the buyer. Dreymoor also purchased 10,000t of granular urea from Alexfert at $238/t fob.
•OCI was to load 50,000t for Midgulf/Ethiopia from Adabiya in the first half of May and sold 20,000t to Toros for
May shipment from Damietta.
•Alexfert sold a total of 30,000t or granular urea for May shipment, including its contract cargo for Koch and
had only 5-10,000t unsold for the month.
•Ending of April, a trader paid around $240/t fob for 15,000t of granular urea from another producer for May
shipment to Turkey. A 3,000t parcel was also sold for Greece at a similar price.
•Abu Qir was to hold a tender on 2 May to sell 25,000t of granular urea and 20,000t of prilled urea for May
shipment.
•Dreymoor was in the market for a vessel to load 50,000t of urea in Adabiya or Damietta 20-25 April for Mundra or
Krishnapatnam, India.

Ethiopia
EABC held a tender on 3 April to buy six 50,000t lots of granular urea for April-May shipment to Djibouti and Port Sudan. It received offers from five companies, Ameropa, CTEX, Midgulf, Samsung and Swiss Singapore. Offers were valid until 17 April.
EABC bought 2 x 50,000t under the tender to complete Its original target for the 2018 cropping season of 550,000t.

Nigeria
Indorama sold 35-40,000t of granular urea to Nitron for second half May shipment, to be priced under a formula. Mekatrade fixed the Sideraki to load 40,000t of granular urea prompt in Onne for two ports Brazil. Freight was reported at $16/t basis 1-2.

 


PHOSPHATE

DAP demand strengthened east of Suez as buyers in India and Pakistan secured more cargoes for May. Argus identified around 450,000t of DAP imports into India, sourced from China, Morocco and Saudi Arabia. Prices firmed marginally into the mid/high-$420s/t cfr. Indian distributors IPL, IFFCO and Zuari have raised the maximum retail price of DAP by at least 1,000 rupees/t ($15/t) – driven by the depreciation in the rupee from Rs63.3/$ in January to around Rs67/$, which also helped make DAP imports more economically viable. In Pakistan, Fauji bought a 46,000t DAP cargo via a trader and another 50,000t from Quantum, both priced in the high-$420s/t cfr Pakistan. West of Suez, Brazilian MAP demand remained sluggish, prompting suppliers such as OCP to concentrate on markets east of Suez to increase supply pressure on Brazilian importers. There was little evidence this was working yet, although imports remain well behind 2017 levels. Elsewhere, Argentina bought around 45,000t MAP in the very low-$430s/t cfr.

 
 

Morocco
OCP sold four 50,000-55,000t DAP cargoes to India in the low/mid-$400s/t fob for late April and early May shipment. The move follows the lack of demand for MAP in Brazil. OCP was also awarded the Agricultural Bank of Sudan 75,000t tender to buy DAP that closed on 29 March. A price of $400/t fob was achieved.
The remaining May line up comprises:
• 50,000t 15-15-15 to Ghana
• 75,000-100,000t 15-15-15 to Nigeria
• 75,000t DAP to Sudan
• 50,000t DAP to Romania
• 20,000t DAP to western Europe
• 165,000t DAP to India
With a total of 435,000t. On NPS, OCP was to load 150,000t for Ethiopia, completing its award under the old tender.

Tunisia
GCT sold 5,000-10,000t DAP to European markets at $430/t fob for end April/early May shipment. It will additionally ship around 25,000t/month during April, May and June to Gubretas Turkey under formula. Around 10,000t/month over this period will also load for Libya also under formula. It was offering DAP into Turkey in the high-$430s/t fob for May shipment. Following the resumption of the rock transportation from the mines, GCT reported that stocks were comfortable at the plants. For DAP, GCT was running at 50pc of capacity with production around 50,000t/month.

 

POTASH

Southeast Asia’s standard MOP prices were unchanged at $280-290/t cfr, despite plenty of activity surrounding plantation tenders. But the Thailand/Vietnam assessment for granular MOP rose to $300-310/t cfr, from $290-305/t cfr late April, as lower-priced product disappeared and a 15,000t BPC sale helped to mark the new high end of the range. Suppliers to Brazil continue to be frustrated in their efforts to raise the market range from the current $300-305/t cfr for granular MOP, but Nola barge prices in the US edged upwards. In Europe, cfr rates for granular MOP were holding steady, despite being under pressure.

 
 

Egypt
Egyptian producer Evergrow increased its prices on an fob Alexandria basis to $480/t for standard SOP, $490/t for granular, and $500/t for water-soluble — each up by $10/t from previous levels. Evergrow was ramping-up its SOP production capacity, aiming for output of around 360,000t this year.

Morocco
OCP continues to grow its presence in Africa, with NPK exports from Morocco up by over 100pc in January — compared with a year earlier — to just under 150,000t. The entire volume of NPKs was shipped to Africa, with the Ivory Coast taking the most at 54,000t. This was followed by Benin with 37,000t, and Nigeria with 31,000t. The balance was shipped to Angola under OCP’s government-to-government agreement to supply NPK 12-24-12.

South Africa
Prices for granular MOP remain at around $300-305/t cfr, unchanged from February levels. SQM, K+S and APC provide almost all of the country’s MOP needs. Chilean exports to South Africa were at over 24,000t in
January-February this year, a 75pc market share of the 32,400t of total imports to the country.
South Africa imported around 306,000t last year, down by 9pc, according to GTIS data.

 


Notes

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