US Gulf/Tampa:
The drop in May Tampa ammonia, to $450/mt CFR from April’s $475/mt, also pushed truck offers down out of Gulf Coast production points. Sources reported truck pricing at a low of $410/st FOB Gulf Coast terminals during the week, down from $525-$550/st FOB in April.
US Imports:
July-March ammonia imports fell 19.7% year-over-year, according US Census Bureau data, to 836,776 st from 1.04 million st. March imports were down 83.3%, to 24,799 st from 148,175 st. Canada sent 875,759 st to the US in the July-March fertilizer year-to-date, Trinidad and Tobago shipped 713,002 st, and Saudi Arabia sent 22,091 st.
US Exports:
Ammonia exports for March stood at 24,799 st, down 83.3% from the year-ago 148,175 st. July-March exports totaled 836,776 st, a 19.7% decline from the 1.04 million st posted one year earlier. Morocco was the top US export destination in July-March with 263,476 st, followed by Norway with 161,963 st. Chile took 83,115 st, ahead of 73,305 st to Mexico.
Eastern Cornbelt:
Weather delays were pressuring ammonia prices in the region. Sources quoted the market at $590-$625/st FOB in the Eastern Cornbelt, depending on location, down from last week’s $625-$645/st FOB range. The low was confirmed at Lima, Ohio, though most Illinois and Indiana terminals were also reported at the $590-$600/st FOB range during the week.
Western Cornbelt:
Ammonia dropped to $590-$600/st FOB at most Western Cornbelt terminals early in the week, down from $605-$645/st FOB, as the tail end of the preplant run continued to experience rain delays. Ammonia prices were also down in the Southern Plains, with Oklahoma terminals falling to $535-$575/st FOB from the prior $580-$615/st FOB range.
Northern Plains:
The ammonia market slipped to $635-$650/st FOB regional terminals in the Northern Plains, depending on location, with the latest delivered offers reported at the $650-$675/st level.
Northwest Europe:
Despite a 4% increase in European natural gas prices this week to around $9.50/MMBtu, muted downstream demand and the lower Tampa settlement continued to weigh on Northwest European ammonia prices, which remained at $460-$470/mt CFR.
Southeast Asia:
With Malaysia’s Bintulu ammonia plant down and Ma’aden’s line at Ras al Khair also offline, ammonia availability in Southeast Asia was snug in early May, resulting in higher price indications. This week’s market was quoted at $315-$330/mt FOB, up from last week’s $300-$330/mt FOB range.
Indonesia:
Ammonia imports in Indonesia totaled 449,000 mt for the first quarter, according to Trade Data Monitor, a 19% increase from the year-ago 377,000 mt. South Korea took 135,000 mt, China bought 89,000 mt, and India and Taiwan received 37,000 mt each. March imports were 142,000 mt, up 19% from 120,000 mt in March 2023.
Brazil:
January-April ammonia imports in Brazil totaled 133,000 mt, Trade Data Monitor reported, a 37% increase from the year-ago 97,000 mt. Trinidad and Tobago sent 108,000 mt, and Turkey shipped 25,000 mt. April imports were 25,000 mt, up 73% from 15,000 mt in April 2023.
While Brazil is not a major urea exporter, it does occasionally send out excess material. January-April exports were 60 mt, compared to the 33,000 mt shipped through the first four months of 2023. No ammonia was exported in April, off from the 20 mt shipped in April 2023.