US Gulf/Tampa:
The Tampa ammonia price for June was concluded at $400/mt CFR, down $50/mt from May’s $450/mt CFR and the lowest monthly contract price since September 2023’s $390/mt CFR.
The drop at Tampa pushed the Caribbean ammonia market down to $345/mt FOB and the NOLA barge market to an indicative $364/st FOB.
Eastern Cornbelt:
Ammonia prices continued to slip in the region as spring demand shifts to sidedress applications. Most terminals were reported in the $560-$575/st FOB range in the Eastern Cornbelt, down from last week’s $575-$590/st FOB.
Western Cornbelt:
Ammonia prices dropped to $560-$580/st FOB in the Western Cornbelt, depending on location, down from $575-$590/st FOB last week.
Northern Plains:
Ammonia prices fell sharply in the Northern Plains as spring demand winds down. Sources reported the latest prompt offers at $520-$570/st FOB terminals and $600/st DEL, well below the prior $635-$650/st FOB and $650-$675/st DEL ranges.
Great Lakes:
Michigan sources reported prompt ammonia offers at $570-$575/st FOB terminals in northern Indiana and northwestern Ohio.
Northwest Europe:
Bullish factors for ammonia in Northwest Europe include natural gas prices that have risen to $10/MMBtu and several downstream nitrates producers who have issued higher prices. On the more bearish side, Tampa settled $50/mt lower at $400/mt CFR for June.
Contract deliveries continue to dominate the Northwest European ammonia market, which for now remains unchanged at $460-$470/mt CFR.
India:
FACT has awarded its 12,000 mt ammonia tender to Sun International, the only company to participate, at $353/mt CFR. Sources speculated that the tonnage will be sourced from Iran.
Middle East:
Sources described Middle East ammonia prices as steady, but ready to show some strength. A positive price factor for the market stems from the Ma’aden turnaround, scheduled into mid-June. The absence of Saudi ammonia from the market has reportedly inspired sellers to push harder for price increases.
Southeast Asia:
Ammonia pricing in Southeast Asia continues to be supported by thin availability. A deal concluding last week ex-Indonesia to Mitsui reportedly yielded a netback of around $400/mt FOB, bringing the regional range higher to $330-$400/mt FOB. A tender award in India at $353/mt CFR fell within this week’s range.
Thailand:
January-April ammonia imports totaled 103,000 mt, according to Trade Data Monitor, off 21% from the year-ago 130,000 mt. Malaysia sent 43,000 mt and Australia added 31,000 mt. Thailand received 15,000 mt in April, down 57% from 34,000 mt in April 2023.