US Gulf/Tampa:
Tampa ammonia settled at $475/mt CFR for April, up $30/mt from March’s $445/mt CFR. Truck pricing at Gulf Coast terminals also firmed to a reported $500-$530/st FOB, though offers were hard to come by in early April.
Eastern Cornbelt:
Wet weather halted fieldwork in many Eastern Cornbelt locations in early April, slowing demand for ammonia and allowing terminals a chance to restock ahead of the next push. “Last week was a frenzy and this week everyone is stalled by wet weather,” said one regional contact, who estimated that 20-30% of the preplant ammonia has now been applied in the Eastern Cornbelt.
Sources continued to report ammonia terminal pricing in a broad range at $635-$670/st FOB in the region, depending on location and availability. Most CF terminals were pegged at the $640-$645/st FOB level in early April.
Western Cornbelt:
Ammonia prices were reported at $635-$670/st FOB terminals in the Western Cornbelt, depending on location. Sources estimated that as much as 80% of the preplant ammonia volumes have already been applied in the region thanks to the early start in March.
Southern Plains:
The latest ammonia prices in the Southern Plains were quoted at $605-$625/st FOB, depending on location, with the low reported at Woodward, Okla.
South Central:
Sources reported no prompt ammonia offers at any South Central terminal locations in early April, due either to allocations or production outages.
Northwest Europe:
No spot ammonia business was heard in Northwest Europe this week. With natural gas prices still stable, the bullish sentiment triggered by Tampa settling higher for April has yet to materialize in the region, leaving the range unchanged at $450-$460/mt CFR.
India:
A one-off sale by Marubeni into India using Arab Gulf material was reported at $282/mt CFR. Marubeni has previously concluded similar deals that appeared to land outside of mainstream price ideas, one trader noted.
Soon after the deals were concluded, however, new spot sales began moving the market price down. In this case, sources subsequently reported a series of offers to producers at $220/mt FOB and up.
Middle East:
Producers are said to have a plentiful supply of ammonia for sale. Reports of a deal into India at $282/mt CFR indicated a netback at $212-$242/mt FOB, depending on the delivery port. The price was significantly below both the market’s last public spot business, reported around $300/mt FOB, and contract deals rumored in the $280s/mt FOB.
New offers were reported at $220/mt FOB following the deal, with producers pushing back. The sale to India and ready supplies of ammonia from the Arab Gulf could push the end price into the $220s/mt FOB, or even slightly higher.
Southeast Asia:
While turnarounds continue to fuel supplier ambitions for higher FOB values, bids heard in the region rarely exceed the low-$300s/mt FOB. With muted spot activity but lower pricing in the neighboring Arab Gulf and also in India, this week’s Southeast Asia spot ammonia price was down slightly at $300-$330/mt FOB.
Indonesia:
January-February ammonia exports totaled 306,000 mt, Trade Data Monitor reported, a 19% increase from the year-ago 257,000 mt. South Korea led buyers with 97,000 mt, China took 53,000 mt, and India received 38,000 mt. February exports were 159,000 mt, up 36% from the 117,000 shipped in February 2023.
Turkey:
Ammonia imports totaled 155,000 mt in January-February, according to Trade Data Monitor, a marginal increase from the 142,000 mt received through the first two months of 2023. Algeria, Qatar, and Trinidad and Tobago sent about 37,000 mt each. February imports were noted at 61,000 mt, a sizeable increase from 28,000 mt in February 2023.