US Gulf/Tampa:
Tampa ammonia for July remained at $285/mt CFR, $55/mt below June’s $340/mt CFR price. Softer international ammonia pricing may pressure the August Tampa market as well.
Eastern Cornbelt:
Ammonia prices continued to be reported in the $350-$365/st FOB range for fill offers in the Eastern Cornbelt, depending on location and supplier.
Western Cornbelt:
Ammonia fill offers remained at $340-$350/st FOB and $350-$370/st DEL in the Western Cornbelt, depending on location and supplier.
California:
Ammonia remained at $580/st DEL in California, with aqua ammonia referenced at $159/st FOB Stockton and $169/st FOB Sycamore.
Pacific Northwest:
The latest ammonia offers in the Pacific Northwest dropped to $415/st FOB or DEL, down sharply from the last $695/st level. Aqua ammonia was quoted at $108/st FOB in the region, down from $180/st.
Western Canada:
Delivered ammonia pricing fell to C$520-$810/mt for the latest offers in Western Canada, depending on location and time of shipment.
Northwest Europe:
Sources reported a few small deals out of Antwerp, but nothing that could nail down prices. While buyers are reportedly bidding at $300/mt CFR, area traders said this price is currently too low for sellers. Instead, they estimated successful pricing closer to $310-$315/mt CFR.
Middle East:
Producers were said to offer product at $240-$250/mt FOB, but with no takers. Sources said the market remains much lower. The last public price of $200-$210/mt FOB still works as a basis for discussion.
The fact that there have been no responses to producer pricing ideas was no surprise to traders, as offers in the $240s/mt FOB are too high for the marketplace. Producers are comfortable offering this level despite knowing they will not be able to conclude a sale, said one trader, because their order books are full into August with contracted business. They see no need to lower prices for a spot deal.
Iranian exports of ammonia totaled 263,000 mt in January-May, Trade Data Monitor reported, up 33.5% from the year-ago 197,000 mt. May exports were noted at 68,000 mt, more than double the 32,000 mt Iran shipped in May 2022. India led buyers with 43,000 mt, followed by Turkey with 23,000 mt.
India:
The only material currently flowing into India is from cargoes booked under previous contracts, sources reported.
Southeast Asia:
The Petronas Gurun urea and ammonia plant is back online. The facility is expected to be fully operational by the end of next week. Sources said the plant will first focus on fulfilling its contracts before offering its limited remaining tonnage to the spot market.
Petronas is looking to move the ammonia market higher. The company reportedly offered small 3,000-4,000 mt lots at $330/mt FOB to regional buyers. This pricing flies in the face of larger quantities going for $300-$310/mt CFR.