US Gulf/Tampa:
NOLA ammonia prices, Caribbean prices, and truck pricing out of Gulf Coast terminals remained unchanged with Tampa’s March rollover of $445/mt CFR.
Eastern Cornbelt:
Prompt ammonia continued at $575-$590/st FOB terminals in the Eastern Cornbelt for the last offers, with spring pricing pegged at $590-$625/st FOB in the region, depending on location. Sources said prices were pulled at multiple locations during the week, however.
Western Cornbelt:
Early preplant ammonia movement continued across the Western Cornbelt in late February, tightening supply at some terminals and resulting in allocations. Pricing continued at $575-$615/st FOB most regional terminals, with the low for prompt and the high for spring tons.
California:
Ammonia list prices in California fell to $670/st DEL for anhydrous and $186-$196/st FOB for aqua, below the prior $795/st DEL and $217-$227/st FOB ranges, respectively.
Pacific Northwest:
Ammonia pricing in the Pacific Northwest remained at $625/st FOB, with reports of rail-DEL offers at the $620-$625/st level at some locations. The aqua ammonia market was unchanged at $160/st FOB in the region.
Western Canada:
The latest spring ammonia offers in Western Canada were quoted at C$1,100-$1,110/mt DEL or FOB, depending on location, up from C$975/mt FOB and C$1,050/mt DEL at last report.
Northwest Europe:
Despite a slight rebound of around 2% in natural gas price (TTF), feedstock costs remain at a level not seen since April 2021, at the outset of the energy crisis. With such a low-cost base, European producers are motivated to make ammonia domestically rather than import it.
Once again, no CFR transactions were reported this week, prompting market participants to concede to lower indications of $450-$460/mt CFR. In fact, some say that prices need to go below the $400/mt mark for liquidity to be found, but Tampa rolling over for March still provides some support for the ambitions of CFR sellers.
India:
Pricing ideas into India were noted at $350/mt CFR for first-half April delivery. While talks are taking place at that price, sources said no business has been confirmed at that level. The lack of any public deals left prices unchanged at $320/mt CFR.
Middle East:
Sources are talking about lower prices out of the Arab Gulf for late March and early April loadings. While no new deals have been confirmed, all the discussion seems to be focused at the $300-$310/mt FOB level. As talks drag on, reserves of unsold ammonia are building in producers’ storage tanks, sources said.
Iranian producers have reportedly cut back on production due to limited access to natural gas. According to reports, the gas is being diverted for residential use.
Southeast Asia:
Indonesia’s Pupuk Kaltim closed a selling tender this week, but the company has not revealed the bids. Sources put the going price for ammonia in the area at a $300/mt FOB low.
A sale at $380/mt FOB ex-Indonesia to a Far East destination was confirmed at the end of last week, resulting in the price assessment moving up to $380/mt FOB on the high end. No further spot business was confirmed this week, resulting in a wide assessment of $300-$380/mt FOB, with the low end reflecting OCP’s Indonesian cargo ex-Bontang.
Indonesian line-ups suggest more than 130,000 mt exported in February, most of which represent contract commitments.
Thailand imported 31,000 mt of ammonia in January, Trade Data Monitor reported, a decline of about one-third from the 46,000 mt received in January 2023. Australia sent 16,000 mt, for 51% of the imports, while Malaysia added 12,000 mt.