US Gulf/Tampa:
Domestic and international ammonia prices remained stable-to-soft ahead of the Tampa settlement for March. The February contract closed at $445/mt CFR, down $80/mt from January’s $525/mt CFR.
US Imports:
Ammonia imports fell 11.2% in July-December, according to data compiled by the US Census Bureau, to 1.00 million st from the year-ago 1.13 million st. December imports were down 18.7%, to 145,972 st from 179,484 st in December 2022. Canada sent 584,948 st to the US in the July-December period, while Trinidad and Tobago shipped 366,418 st and Saudi Arabia added 22,091 st.
US Exports:
Ammonia exports fell 38.4% in December, to 82,646 st from 134,264 st in December 2022. July-December totals dropped 11.4% year-over-year, to 641,478 st from 724,228 st. Morocco was the top July-December export destination with 203,157 st, followed by 130,580 st to Norway. Chile received 55,557 st, ahead of 50,143 st to Mexico.
Eastern Cornbelt:
Ammonia pricing in the Eastern Cornbelt was unchanged at $550-$575/st FOB regional terminals for prompt tons and $590-$600/st FOB for spring prepay.
Western Cornbelt:
Ammonia remained at $550-$580/st FOB or DEL in Iowa and Nebraska for prompt tons, with spring prepay quoted in the $580-$600/st FOB range, depending on location. In the Southern Plains, the latest prompt offers out of production points in Oklahoma and Kansas were reported in the $500-$520/st FOB range, down from a recent high of $550/st FOB.
Northern Plains:
Ammonia continued to be quoted in the $600-$640/st range FOB in the Northern Plains, with the low for fill and the high for prepay, though sources reported low availability for prompt material. Delivered ammonia pricing in North Dakota was steady at $600/st for fill and $625-$670/st for spring prepay, depending on location.
Northwest Europe:
No CFR ammonia transactions were confirmed in Northwest Europe this week. The import appetite remains muted, with stable-to-soft natural gas prices resulting in ammonia production costs just shy of $300/mt. Buyers are confident that they can source cheaper material if they opt to wait. As a result, the latest price indications were down $10-$20/mt, to $460-$480/mt CFR.
India:
Sources reported a Marubeni sale into India at $320/mt CFR. The deal represents a continued slide in imported ammonia prices.
Middle East:
Jordan is reportedly looking for a prompt spot deal. The attacks on vessels in the southern Red Sea appear to have prevented the delivery of its usual shipments from the Arab Gulf, players said.
Indonesia:
Indonesian ammonia exports totaled 1.8 million mt in 2023, Trade Data Monitor reported, a roughly 7% decline from the year-ago 1.9 million mt. South Korea took 507,000, ahead of 427,000 mt to China. Taiwan received 238,000 mt, followed by India with 222,000 mt.
December 2023 exports were 161,000 mt, up 13% from the 143,000 mt shipped in December 2022.