US Gulf/Tampa:
The Tampa ammonia price remained at April’s $475/mt CFR settlement, with no indications reported on the May contract.
US Imports:
Ammonia imports moved up 4.8% in February, according to data released by the US Census Bureau, to 189,063 st from the year-ago 180,371 st. Imports totaled 1.38 million st for the July-February fertilizer year-to-date, however, down 9.9% from 1.53 million st in the prior year. Canada sent 775,088 st to the US in July-February, Trinidad and Tobago shipped 547,994 st, and Saudi Arabia sent 22,091 st.
US Exports:
February ammonia exports were 42,973 st, a 32.5% decrease from the year-ago 63,710 st. Exports softened to 811,977 st in July-February, off 9.1% from the prior 893,299 st. Morocco was the top US export destination in July-February at 263,476 st, followed by Norway with 161,963 st. Chile took 83,115 st, ahead of 63,829 st to Mexico.
Eastern Cornbelt:
Ammonia pricing tightened to the $635-$650/st FOB range in the Eastern Cornbelt, with the low confirmed at Lima, Ohio. Most CF terminals remained at the $640-$645/st FOB level during the week. “Some areas haven’t turned a wheel yet, particularly in Ohio and Indiana,” said one regional contact.
Western Cornbelt:
With ammonia demand winding down in the region now that 70-80% of the preplant volumes have been applied, terminal prices reportedly dropped to $605-$645/st FOB in the Western Cornbelt, down from last week’s $635-$670/st FOB. Ammonia prices also slipped in the Southern Plains, with reports of new prompt offers falling to $575/st FOB Pryor, Okla.
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 $645-$650/st FOB regional terminals, with the aqua ammonia market quoted at $168/st FOB in the region.
Western Canada:
The latest spring ammonia offers in Western Canada were quoted at C$1,150/mt DEL and C$975/mt FOB Medicine Hat, Alta.
Northwest Europe:
Ammonia prices in Northwest Europe remained flat at $450-$460/mt CFR with no fresh spot business reported, natural gas prices range-bound, and European downstream demand described as muted.
The Northwest European import ammonia market remains largely insulated from the recent bullish Tampa settlement for April, but also from the bearishness evoked by the Marubeni deal into India at $282/mt CFR last week.
India:
On the heels of last week’s one-off Marubeni sale into India at the dramatically low price of $282/mt CFR, other deals came under discussion at rates well below the $370s/mt CFR price reported in March.
The market’s latest move came through a $335/mt CFR cargo purchased under contract by CIL from a Southeast Asian supplier, a price below where a spot deal would likely be valued, sources said. The deal has moved the public price discussion, however, creating more room for buyers and sellers to maneuver.
Middle East:
Sources cited the latest sale into India as the basis for a new price level. Even though the CIL purchase was reported as a contract deal and not spot, the price revealed a trend that others will watch closely. Though the India business was concluded with Southeast Asian material, sources estimated an Arab Gulf-equivalent price of $275-$285/mt FOB, based on standard freight and handling costs.
Discussions for new cargoes halted around midweek as the region began shutting down for the Eid al-Fitr holiday. Office hours are expected to return to normal next week.
First-quarter ammonia exports from Iran firmed 8% compared to the same period of 2023, Trade Data Monitor reported, lifting to 154,000 mt from 143,000 mt. India took 128,000 mt for about 83% of the exports, followed by Turkey with 20,000 mt. March exports stood at 100,000 mt, up significantly from the 45,000 mt shipped in March 2023.
Brazil:
An occasional exporter of ammonia, Brazil shipped just 60 mt in the first quarter, according to Trade Data Monitor, compared to 33,000 mt exported in January-March 2023. The entire 60 mt went to Uruguay.
January-March ammonia imports totaled 108,000 mt, a 31% increase on the year-ago 82,000 mt, with all of the tonnage coming from Trinidad and Tobago. March imports fell 24%, however, to 33,000 mt from 44,000 mt in March 2023.