US Gulf/Tampa:
Ammonia prices remain under pressure in the US and abroad as sources speculate about another possible drop in the Tampa price for March. February’s $445/mt CFR Tampa contract was down $80/mt from January’s $525/mt CFR price.
Eastern Cornbelt:
Ammonia continued to be reported in the $550-$575/st FOB range for prompt tons and $590-$600/st FOB for spring prepay out of terminals in the Eastern Cornbelt, though sources referred to “name your price” negotiations occurring for limited new transactions. The warm weather has reportedly resulted in some early ammonia applications taking place in Tennessee and Missouri.
Western Cornbelt:
Ammonia was steady at $550-$580/st FOB or DEL in Iowa and Nebraska for prompt tons, with spring prepay prices reported in the $580-$600/st FOB range, depending on location.
California:
Anhydrous ammonia was unchanged at $795/st DEL in California, with aqua ammonia prices referenced at $217/st FOB Stockton and $227/st FOB Sycamore.
Pacific Northwest:
Ammonia pricing in the Pacific Northwest slipped to $625/st FOB, down from $650/st FOB at last report, with rail-DEL offers also quoted at the $625/st level. The aqua ammonia market was pegged at $160/st FOB in the region, down from the prior $165/st FOB level.
Western Canada:
Ammonia was quoted at C$975/mt FOB and C$1,050/mt DEL for spring tons in Western Canada.
Northwest Europe:
With natural gas prices stable-to-soft and the European winter drawing to a close, sources said ammonia prices in Northwest Europe are likely to see more bears than bulls going forward. While the current price continues at $480-$490/mt CFR, sources said sentiments are shifting as the import appetite remains subdued and costs favor production.
Market sources indicated that any substantial change in the price may have to wait until the next Tampa settlement, however.
Iran:
Iran exported 30,000 mt of ammonia in January, Trade Data Monitor reported, up 46% from one year earlier. India took 95% of the month’s exports.
Turkey:
Sources have repeatedly said that Turkey receives ammonia from Venezuela at discounted rates. Import data assembled by Trade Data Monitor from official Turkish figures does not show any imports from the South American country, however.
The tonnage does not come directly from Venezuela, one trader said, but is often combined with ammonia from other suppliers such as Trinidad and Tobago. The same maneuver is used with Iranian product, said sources.
In the case of Iranian imports, the Turkish government reported 2023 receipts totaling 30,000 mt. During the same period, the Iranian government reported shipping 66,000 mt to Turkey. The difference in reporting between importing and exporting countries can often be attributed to the lag between when a product was shipped and when the tons were logged by the receiving country.
Turkish ammonia imports totaled 828,000 mt in 2023, according to Trade Data Monitor, up 4% from the year-ago 796,000 mt, with Egypt sending 169,000 mt. Trinidad was recorded shipping 168,000 mt to Turkey for the year, though sources speculated that some of the material may have originated in Venezuela. Libya shipped 104,000 mt.
December imports were reported at 61,000 mt, down about one-third from the 92,000 mt received in December 2022.
Brazil:
January ammonia exports from Brazil reflected the country’s on again/off again export style. Brazil shipped just 20 mt for the month, Trade Data Monitor reported, against 18,000 mt sent in January 2023. Brazil only exports ammonia when it has unexpected large reserves of material, sources noted. During all of 2023, Brazil sent just 33,000 mt abroad.
January imports were 46,000 mt, a significant increase from the 15,000 mt received in January 2023. All of the tonnage came from Trinidad.