US Gulf/Tampa:
The Tampa ammonia price for September was concluded at $530/mt CFR, up $55/mt from the August settlement of $475/mt CFR. An increase had been expected, fueled by firming ammonia prices in Europe and the Midwest, though some international contacts were surprised by the jump, citing seasonally low downstream demand and a generally balanced market.
The increase at Tampa pushed the NOLA barge market up to an indicative $482-$483/st FOB and the Caribbean price to $490/mt FOB.
Eastern Cornbelt:
Ammonia remained at $545-$560/st FOB in the Eastern Cornbelt, depending on location.
Western Cornbelt:
Ammonia pricing was unchanged at $545-$560/st FOB in the Western Cornbelt.
Southern Plains:
The ammonia market was quoted at $505-$515/st FOB terminals in Oklahoma and Kansas, depending on location and availability. Sources said the Verdigris, Okla., plant has been down since Aug. 15 due to a lightning strike, while production at Borger, Texas, was also rumored to be offline in late August.
Truck ammonia pricing out of Gulf Coast production points in eastern Texas and Louisiana was slated to firm to $480/st FOB in September, up from August’s $430/st FOB following the September Tampa ammonia settlement.
South Central:
Sources continued to report no ammonia offers for truck tons from El Dorado, Ark., Midway, Tenn., or Cherokee, Ala., in late August.
Northwest Europe:
Prices for imported ammonia in the region were stable at $550-$560/mt CFR with no new spot deals reported. Still, ammonia in the region is finding support from the higher Tampa September settlement at $530/mt CFR.
With natural gas stable, downstream demand still muted, and improved ammonia availability, price direction remains largely driven by sentiment rather than fundamentals.
India:
No new tender has been announced by FACT after the company scrapped its previous tender. Ammonia prices into India have risen from the last-done $397/mt CFR. Sources noted current expectations in the $400-$405/mt CFR range, though nothing has yet been completed at that level.
Middle East:
Arab Gulf producers reported contracts at $355/mt FOB, with talks for spot deals focused on $365/mt FOB.
First-half 2024 ammonia exports from Iran totaled 354,000 mt, Trade Data Monitor reported, up slightly from the 349,000 mt shipped in January-June 2023. India took 311,000 mt, for about 88% of the total. June exports were 84,000 mt, down from 86,000 mt in June 2023. Second-quarter exports were down about 3%, to 200,000 mt from the 206,000 mt shipped one year earlier.