US Gulf/Tampa:
Tampa ammonia for July fell to $285/mt CFR, off $55/mt from June’s $340/mt CFR. Another drop had been expected, with sources citing lower natural gas prices in Europe and aggressive fill programs in the inland US markets.
The drop in Tampa pricing also pressured the NOLA ammonia market and truck pricing out of Gulf Coast terminals, with the latter falling to a low of $280/st FOB.
Eastern Cornbelt:
Ammonia fill offers were reported in the $350-$365/st FOB range in the Eastern Cornbelt, depending on location and supplier, with the low reported at East Dubuque, Ill.
Western Cornbelt:
Ammonia fill pricing remained at $340-$350/st FOB and $350-$370/st DEL in the Western Cornbelt, depending on location and supplier.
Southern Plains:
Ammonia fill pricing was pegged at $290-$325/st FOB production points in the Southern Plains, with the low at Enid, Okla., and the high in Kansas. The Verdigris, Okla., fill market was reported at the $300/st FOB level.
South Central:
Truck pricing for ammonia slipped to $280-$300/st FOB terminals in the South Central region, down from the prior $300-$305/st FOB range.
Black Sea:
January-May ammonia imports into Turkey totaled 395,000 mt, Trade Data Monitor reported, a 34% increase from the year-ago 289,000 mt. May imports were 123,000 mt, up more than double from 61,000 mt recorded in May 2022. Egypt sent 32,000 mt for the month, followed by Libya with 31,000 mt. Oman and Trinidad and Tobago each sent 23,000 mt.
Northwest Europe:
Buyers and sellers pulled back to reconsider their figures after Tampa’s new $285/mt CFR price was announced. Sources expect the drop at Tampa could pressure the Northwest Europe market to $300/mt CFR from its current level in the low-$360s/mt CFR.
Middle East:
Sources reported limited access to suppliers during the Hajj holiday. Many offices were closed or short-staffed.
India:
No new business was reported for the week, leaving the price at $304-$310/mt CFR.
Ammonia imports firmed 14% in January-April, Trade Data Monitor reported, rising to 742,000 mt from the prior-year 650,000 mt. April imports were pegged at 121,000 mt, down 10% from 134,000 mt recorded last April. Saudi Arabia’s 71,000 mt accounted for 59% of the month’s imports, while Bahrain sent 27,000 mt.
Southeast Asia:
Reports circulated that Vietnam bought 4,000 mt from Malaysia at $330/mt FOB, although some questioned the accuracy of the price.
Some argued that the sale was a one-off prompt shipment of a small amount of material, and will not impact the general market price in the area. Others, looking for signs of a rebound, said the price should be taken as an indicator of a change in the market. Few subscribed to the latter view, however.
Thailand imported 147,000 mt of ammonia in January-May, according to Trade Data Monitor, up14% from 130,000 mt in the previous year. May imports of 17,000 mt – all from Malaysia – were down from 30,000 mt imported in May 2022.