US Gulf/Tampa:
The Tampa ammonia price for June continued at $400/mt CFR, with no firm indications on the direction for July. While the first round of summer fill prices pressured ammonia terminal levels in the Midwest, stable natural gas prices left international ammonia levels largely unchanged amid continued urea volatility.
Eastern Cornbelt:
Ammonia prices took a dive during the week with the announcement of limited fill program offers from certain producers. Prompt prices started the week at the $550-$560/st FOB level in the Eastern Cornbelt, but by midweek fill offers were reportedly circulating at $515/st FOB in Indiana for June and as low as $385/st FOB in Illinois for July.
Some producers elected not to participate at those levels while others were competing on a delivered basis, with limited June offers quoted at $480-$510/st DEL in the region, depending on location. By the end of the week, however, sources said most of the lower fill offers had been pulled and $550-$560/st FOB or DEL was back on the table for prompt tons.
Western Cornbelt:
The first round of ammonia fill programs circulated in the region during the week, with sources reporting limited offers out of Wever, Iowa, at $385/st FOB and $425-$450/st DEL in Iowa and Missouri for June pull. Other suppliers were not competing or doing so on a limited basis, with reports of June offers at $480-$510/st DEL in the region, depending on location.
By the end of the week, most offers were either pulled or revised, with sources quoting prompt ammonia at the $550/st FOB level in the region. In the Southern Plains, June fill offers were quoted down to the $335/st FOB level out of some production points at midweek, but offers were withdrawn or revised to $500/st FOB by the end of the week.
California:
Ammonia list prices in California were quoted at $680/st DEL for anhydrous and $187-$197/st FOB for aqua ammonia, reflecting increases of $10/st for anhydrous and $1/st for aqua.
Pacific Northwest:
Ammonia pricing in the Pacific Northwest slipped to $625-$650/st FOB, with the aqua ammonia market steady at the $168/st FOB level in the region.
Western Canada:
Ammonia prices in Western Canada tumbled to C$950-$1,000/mt DEL for June, down sharply from the last prompt spring business at the C$1,130-$1,150/mt DEL level.
Northwest Europe:
Ammonia in Northwest Europe remained at $460-$470/mt CFR, supported by stable natural gas prices of around $10.50/MMBtu and rising nitrates prices.
Southeast Asia:
With no new spot business reported in the region, the Southeast Asia ammonia market remained at $350-$400/mt FOB, unchanged from last week. Suppliers’ price targets from Indonesia and Malaysia were reported at $400/mt FOB.
Iran:
January-April exports from Iran totaled 188,000 mt, Trade Data Monitor reported, a slight decline from the year-ago 195,000 mt. Brazil took 156,000 mt, for 83% of the exports, followed by Turkey with 21,000 mt. April shipments were 34,000 mt, down 35% from 52,000 mt in April 2023.
Indonesia:
Indonesia exported 591,000 mt of ammonia in January-April, according to Trade Data Monitor,off from the 597,000 mt shipped through the same period of 2023. South Korea led buyers with 163,000 mt, while China took 138,000 mt. April exports were reported at 143,000 mt, a 35% decline from the 221,000 mt posted one year earlier.
Brazil:
Brazil ammonia imports for January-May firmed 30% year-over-year, Trade Data Monitor reported, to 156,000 mt from 120,000 mt. Trinidad was the dominant supplier with 130,000 mt, accounting for 84% of the import market. May imports of 22,000 mt edged down from the 23,000 mt received in May 2023.
While Brazil will sometimes act as a major supplier to regional buyers, ammonia shipments from the country have been limited so far in 2024. Brazil exported just 80 mt through the first five months of the year against 33,000 mt shipped during the same period of 2023, with all of the tonnage going to Uruguay.