US Gulf/Tampa:
Tampa ammonia for July was concluded at $415/mt CFR, up $15/mt from June’s $400/mt CFR. While some players earlier speculated that July would be lower based on aggressive fill offers in the Midwest, others suggested a rollover or slight increase after Cornbelt prices rebounded slightly and reports circulated of new business out of Trinidad at the $375/mt FOB level.
The increase at Tampa pushed the NOLA barge market to an indicative $378/st FOB.
Eastern Cornbelt:
The latest ammonia prices remained at $460-$475/st FOB in Illinois and Indiana in early July. While some were expecting a round of fall prepay offers during the week, no official programs were reported.
Western Cornbelt:
Limited ammonia offers were reported in the $460-$470/st FOB range in the Western Cornbelt in early July, with no fall prepay offers on the table yet. In the southern US regions, prices reportedly bumped up to $380-$425/st FOB out of production points and Gulf Coast truck terminals.
California:
Ammonia reference prices in California were steady at $680/st DEL for anhydrous and $187-$197/st FOB for aqua ammonia.
Pacific Northwest:
Ammonia pricing in the Pacific Northwest remained at $625-$650/st FOB, with the aqua ammonia market steady at the $168/st FOB level in the region.
Western Canada:
Ammonia fall prepay offers in Western Canada were quoted at the C$900-$910/mt DEL level, down from June’s C$950-$1,000/mt DEL range.
Northwest Europe:
With several spot inquiries by European producers and a $15/mt increase in the Tampa July settlement, ammonia prices in Northwest Europe continued to find support at $460-$470/mt CFR, despite seasonally waning downstream nitrates demand.
Southeast Asia:
Ammonia in Southeast Asia remained at $350-$400/mt FOB. No further spot business was reported and supply tightness in the region appears to have eased.
Middle East:
The tightness in the Middle East ammonia market could begin to ease as production operations in Saudi Arabia slowly come online, sources said. While the market’s available supply has allowed sellers to cover contracts, the lack of excess material has left little opportunity for spot market sales.
Thailand:
January-May ammonia imports totaled 147,000 mt, Trade Data Monitor reported,roughly unchanged from one year earlier, with Malaysia accounting for 84,000 mt. May imports were 44,000 mt, up from 17,000 mt in May 2023, with Malaysia supplying about 92% of the material.
Turkey:
Reports continue to circulate that Turkish buyers have been receiving ammonia from Venezuela. According to Turkey’s official import figures as reported by Trade Data Monitor, however, none of the 388,000 mt reported to reach Turkish ports in January-May originated from Venezuela.
Ships laden with Venezuelan ammonia typically stop in Trinidad and Tobago before moving on to Turkey, sources noted, and the stop in Point Lisas could lead Turkish customs officials to record the arriving tons as coming from Trinidad. According to the official records, Turkey received 69,000 mt from Trinidad during the first five months of the year. The top provider for the period was Algeria with 141,000 mt, followed by Oman with 81,000 mt.
May 2024 imports were reported at 57,000 mt, down more than 50% from the 123,000 mt received in May 2023. May also marked the return of Russian ammonia to the Turkish market, with Turkish buyers taking 25,000 mt for the month.
Prior to the war in Ukraine, Russia was a primary supplier of ammonia to Turkey. In 2020, Russian exports to Turkey peaked at 722,000 mt. During the war and following the closure of the ammonia pipeline through Ukraine, Russian imports dropped to 62,000 mt in 2023.