US Gulf/Tampa:
Tampa ammonia remained at September’s $530/mt CFR level, with no direction reported for October.
US Imports:
July ammonia imports moved up 14.4% to start the 2024/25 fertilizer year, according to US Census Bureau data, to 181,238 st from 158,358 st in July 2023. Canada sent 126,811 st to the US during the month, Trinidad and Tobago shipped 54,018 st, and South Korea sent 409 st.
US Exports:
July ammonia cargoes were noted at 113,416 st, a 15.9% increase from the 97,870 st reported one year earlier. The UK took 38,252 st, followed by Norway with 31,689 st. Morocco received 27,558 st and Mexico purchased 8,960 st.
Eastern Cornbelt:
Ammonia prices firmed to a high of $575/st FOB East Dubuque, Iowa, though most other Eastern Cornbelt terminals continued to be reported in the $545-$555/st FOB range.
Western Cornbelt:
Ammonia prices edged up to $545-$570/st FOB in the Western Cornbelt, with the high reported on a spot basis in Iowa and reflecting a $10/st increase from last week. Most terminals were holding at the $545-$555/st FOB level during the week, however.
The latest ammonia offers in the Southern Plains were quoted at $525/st FOB Coffeyville, Kan., above the prior $510-$515/st FOB peak. CF’s Verdigris, Okla., plant was reportedly back up and running after a lightning strike shuttered operations in mid-August, with the latest truck pricing pegged at the $500/st FOB level.
Northern Plains:
Ammonia was quoted at $535-$550/st FOB in the Northern Plains, depending on location, with delivered offers reported in roughly the same range.
Northwest Europe:
Recent spot activity was reported at the upper end of the $550-$560/mt CFR range. Still, with natural gas prices stable or easing and downstream demand yet to kick off, ammonia in Northwest Europe remained at $550-$560/mt CFR during the week.
Southeast Asia:
No new spot activity was reported in Indonesia and Malaysia this week amid muted regional demand. With global supply snug and Saudi Ma’aden headed into turnaround, ammonia prices found support at the prior $360-$380/mt FOB level.
Middle East:
No new activity was reported from the area, leaving prices steady. Producers continue to fulfill contract obligations, but growing reserves in the region will eventually need to be sold on the spot market. A reported shutdown at the Ma’aden facility is expected to slow the buildup of extra material in the area, however.
Brazil:
Financial issues have kept ammonia production down in Brazil, sources reported. This has held Brazil out of the export market and forced buyers to step up imports. Exports were noted at just 120 mt in January-August, according to Trade Data Monitor, compared to the 48,000 mt shipped through the first eight months of 2023. All of the tons went to neighboring Uruguay.
January-August imports totaled 261,000 mt, a 25% increase from the year-ago 210,000 mt. Trinidad and Tobago shipped 221,000 mt and Turkey sent 25,000 mt. August imports were noted at 31,000 mt, down about 7% from the 33,000 mt purchased in August 2023.