US Gulf/Tampa:
No indications were reported for the April Tampa ammonia price. The market remains at March’s $445/mt CFR settlement for now, unchanged from February.
US Imports:
Ammonia imports for July-January dropped 11.9% year-over-year, according to US Census Bureau data, to 1.19 million st from 1.35 million st. January imports were 184,150 st, down 15.5% from 217,889 st in the year-ago period.
Canada sent 690,593 st to the US in the July-January fertilizer year-to-date, Trinidad and Tobago shipped 443,735 st, and Saudi Arabia sent 22,091 st.
US Exports:
Ammonia exports for January firmed 21.0% year-over-year, to 127,526 st from 105,361 st. July-January shipments were 7.3% lower, however, at 769,004 st compared to 829,589 st through the same period of 2022-2023.
Morocco remained the top US export destination in July-January with 243,634 st received, followed by Norway with 146,786 st. Chile took 83,115 st, ahead of 56,162 st to Mexico.
Eastern Cornbelt:
Ammonia prices in the Eastern Cornbelt were pegged at $625-$645/st FOB during the week, up from last week’s high of $635/st FOB, with reports of limited prompt tons available and product being shifted from one terminal to another to compensate for spot outages. While the low was confirmed at Lima, Ohio, most terminals in Illinois and Indiana were firmly in the $635-$645/st FOB range for any available tons.
Western Cornbelt:
Sources continued to report ammonia offers in the $615-$635/st range FOB regional terminals in the Western Cornbelt, depending on location.
California:
Ammonia list prices in California remained at $670/st DEL for anhydrous and $186-$196/st FOB for aqua ammonia.
Pacific Northwest:
Ammonia pricing in the Pacific Northwest edged up to $625-$650/st FOB, with reports of rail-DEL offers in the same range. The aqua ammonia market was quoted at $168/st FOB in the region, up $8/st from last report.
Western Canada:
The latest spring ammonia offers in Western Canada were quoted at C$1,150/mt DEL, up from C$1,100-$1,110/mt DEL at last report.
Northwest Europe:
A sale of Algerian ammonia into Europe reported at $380/mt FOB now has sources estimating the Northwest Europe price at $440-$450/mt CFR, off $10/mt from the prior week and in line with the general softening trend in global ammonia prices.
Natural gas prices in Europe continue to hover around $8/mmBtu, but the warm weather could add some downward pressure, which may result in cheaper feedstock costs for the European ammonia and downstream industry.
South Korea:
While rarely a price leader, the South Korean ammonia market is often seen as a benchmark for international market activity.
Trade Data Monitor reported January-February imports at 202,000 mt, up marginally from the 186,000 mt received through the first two months of 2023. Indonesian ammonia accounted for 52% of imports with 105,000 mt, followed by Saudi Arabia with 97,000 mt. February imports were 77,000 mt, off from 83,000 mt in February 2023.
Following a stretch of time when buyers took only what was required under their contracts, the slight uptick in imports may be an indication that ammonia demand is returning to the regional market, one trader said.
China:
The lower price of ammonia in Asia, along with apparent stepped-up demand for the product in domestic markets, was reflected in a sizeable drop in ammonia exports and increased imports recorded in January and February.
January-February ammonia exports totaled 14,000 mt, Trade Data Monitor reported, down from the 103,000 mt shipped one year earlier, when prices were higher. February exports were 5,200 mt, falling from 52,000 mt last February, with Vietnam taking 5,100 mt.
Imports for the first two months of the year were noted at 96,000 mt, up 72% from 56,000 mt in January-February 2023. February imports were pegged at 44,000 mt, up from the 31,000 mt received in February 2023.