US Gulf/Tampa:
Tampa ammonia for April remained at $435/mt CFR, with prices still reportedly under pressure for May.
Eastern Cornbelt:
Ammonia pricing was unchanged at $575-$600/st FOB in the Eastern Cornbelt, with the low confirmed in Illinois and the high in Indiana and at Lima, Ohio. “We have seen good movement as the weather improves,” commented one regional source.
Western Cornbelt:
Ammonia was steady at $500-$525/st FOB terminals in Nebraska and Iowa, with Oklahoma production points remaining at $500-$515/st FOB, depending on location.
Northern Plains:
Anhydrous ammonia slipped to $550-$625/st FOB in the Northern Plains, depending on location, down from the prior $625-$650/st FOB range, with the low reported at Velva, N.D. New delivered ammonia sales were reported in the $610-$630/st range.
“We will likely start seeing application in the southwestern and northwestern part of the state this week,” said one North Dakota contact. “Then slowly west to east over the next couple weeks, is the expectation. The eastern half of the state is still pretty snow covered.”
Middle East:
No new spot business was reported from the area, although sources expect to see prices come off once new deals are made. A sale of Indonesian material to Taiwan had traders talking about an Arab Gulf-equivalent price of $220-225/mt FOB, although sources noted that nothing had yet been done at this level.
January-March ammonia exports from Iran totaled 143,000 mt, Trade Data Monitor reported, up about 23% from the year-ago 116,000 mt.
March exports were steady year-over-year at 45,000 mt, with India purchasing 44,000 mt.
Northwest Europe:
Sources reported a small sale for early-May shipment at $385/mt CFR. The deal confirmed prices for the region previously estimated in the $380s/mt CFR.
Southeast Asia:
Mitsubishi sold a cargo of Indonesian ammonia to CPDC in Taiwan at $300/mt CFR, sources reported. The deal reflected continued softness in the Southeast Asian market.
Traders used the transaction to calculate prices from other suppliers. For example, the Arab Gulf-equivalent price is now put in the low-$220s/mt FOB, although sources were clear that no deals from the Arab Gulf have been done at that level. For now, people are still trying to figure out how soft the market will become before a rebound occurs.
South Korea imported 295,000 mt of ammonia in January-March, according to Trade Data Monitor, off28% from 409,000 mt imported in first-quarter 2022.
March imports were reported at 109,000 mt, a 17% decrease from 144,000 mt in the prior-year period. Saudi Arabia was the primary supplier with 49,000 mt, while Australia supplied another 23,000 mt. Indonesia sent 20,000 mt.