All posts by mickeybarb@charter.net

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Cornbelt, Market Watch, South Central, South Korea, Southeast, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA barge prices remained under pressure, with the last-done business reported at $310/st FOB versus the week-ago $310-$320/st FOB.

Eastern Cornbelt:

Ammonium sulfate remained at $370-$400/st FOB in the Eastern Cornbelt, depending on location, with the low at Cincinnati and the upper end reported out of spot Illinois River terminals.

Western Cornbelt:

Granular ammonium sulfate pricing fell to $360-$390/st FOB in the Western Cornbelt, down from $385-$405/st FOB, with the low confirmed at St. Louis at midweek.

Southern Plains:

Granular ammonium sulfate dropped to $350-$400/st FOB in the Southern Plains, down from $390-$420/st FOB, with the low reported at Houston and the high at Catoosa/Inola.

South Central:

Ammonium sulfate prices were under pressure in the South Central region. New offers were quoted in the $370-$390/st range, down from the low-$400s/st reported previously. Spot offers FOB Little Rock were pegged at the $385/st FOB level at midweek.

Southeast:

Ammonium sulfate pricing FOB Hopewell, Va., was steady at $490/st FOB for granular, $450/st FOB for mid-grade, and $430/st FOB for standard. Pricing in the Florida market remained at $395/st FOB/DEL for standard and $505/st FOB/DEL for granular.

China:

Prices have edged up to the low-$170s/mt FOB for caprolactam-grade amsul. Sellers keep looking for buyers other than Brazil in an effort to achieve a better netback on their product.

Even as some major producers keep churning out ammonium sulfate, the domestic demand – especially from NPK producers – is also stepping up. Many of the suppliers of exported amsul are trying to move their product to regional buyers, who are willing to pay more than the Brazilians. At the same time, the shipping costs are lower for the regional sales, again giving buyers and sellers better prices.

Brazil:

The Carnival season shut down most trading operations in the country. As a result, prices at the ports and at Rondonopolis remained steady.

South Korea:

Trade Data Monitor reported January ammonium sulfate exports at 18,000 mt, up from 6,000 mt reported for January 2022. The largest buyer was New Zealand, taking 12,000 mt of the exports.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Southern Plains, Western Cornbelt

Eastern Cornbelt:

The 10-34-0 market was quoted at $695-$705/st FOB in the Eastern Cornbelt.

Western Cornbelt:

10-34-0 remained at $655-$685/st FOB in the Western Cornbelt, with the low reported in Nebraska and the high in Iowa.

Southern Plains:

The last ammonium polyphosphate pricing in the Southern Plains was reported at $615-$650/st FOB for 10-34-0 and $730-$780/st FOB for 11-37-0.

Ammonium Nitrate

Ammonium Nitrate, Market Watch, South Central, Southern Plains, Western Cornbelt

Western Cornbelt:

Ammonium nitrate prices were dropping in the Western Cornbelt, with new pricing in Missouri reported at $470/st FOB Lamar and $490/st FOB St. Joseph.

Southern Plains:

Ammonium nitrate was pegged at $475/st FOB Muskogee, Okla., in late February, well below the mid- to upper-$500s/st FOB reported earlier this year.

South Central:

Ammonium nitrate prices were falling in the South Central region. New levels included $400/st FOB Yazoo City, Miss., down from $520/st FOB in late January, while new terminal prices slipped to $450/st FOB El Dorado, Ark., and $475/st FOB Ohio River terminals in Kentucky.

Ammonia

Ammonia, Black Sea, Eastern Cornbelt, India, Market Watch, Middle East, Northwestern Europe, Poland, South Central, South Korea, Southern Plains, Tampa, U.S. Gulf, Western Cornbelt

US Gulf/Tampa:

Tampa ammonia took a $200/mt or 25% tumble for March, dropping to $590/mt CFR from February’s $790/mt CFR. Major players had been expecting a significant fall in prices due to lower natural gas prices in Europe and the US. Sources also reported swollen NOLA inventories and pointed to the recent reset in Cornbelt prices.

Eastern Cornbelt:

The ammonia market remained at $840-$850/st FOB for spring tons in the Eastern Cornbelt, with the low reported in Illinois and the high in Indiana and at Lima, Ohio. Sources continued to report little in the way of new business, however.

Western Cornbelt:

No changes to ammonia prices were reported in the Western Cornbelt following the declines observed over the previous two weeks. The latest spring offers continued to be quoted at $725/st FOB Palmyra, Mo., and Wever, Iowa; $750/st FOB Hermann, Mo.; $775/st FOB Hoag, Neb.; $780/st FOB Fort Dodge, Iowa; and up to $840/st FOB spot terminals in eastern Iowa.

Southern Plains:

Ammonia prices for spring tons were pegged at $610/st FOB Pryor, Woodward, and Enid, Okla., and $650/st FOB Verdigris, Okla. Truck pricing out of Gulf Coast terminals slipped to $675/st FOB.

South Central:

The last offers for ammonia in the South Central region were quoted at $700/st FOB Cherokee, Ala., and $675/st FOB Gulf Coast production points for prompt truck tons.

Black Sea:

Exports of ammonia from the Black Sea remain nonexistent. Imports to countries along the Black Sea’s southern rim continue, however.

Rumors are circulating that Toros in Turkey bought a cargo from Samsung at $550/mt CFR. While sources were not able to confirm the deal, reports among industry players indicated that the information came from Turkey. If the deal is true, traders said the price would represent a drop of $100/mt.

Sources said if the material came from the Arab Gulf there would be a netback of $470/mt FOB, which is far below current levels under discussion. Speculation that the tonnage could have come from Iran was dismissed, with one trader noting that Toros normally eschews Iranian product.

India:

Sources reported a lack of buying interest, while reports circulated that OQ offered a small cargo to an Indian buyer, only to have it rejected. Vessels are still said to remain lined up at key ports waiting to unload their cargo, as many of the tanks owned by receiving companies are full. Reduced industrial output was blamed for the backup in the ammonia supply chain.

Traders reported a rumored offer price of $650/mt CFR, for a netback to the Arab Gulf of $600/mt FOB. Other discussions with potential buyers also reportedly focused on the $650/mt CFR level, but with no takers. Contracted tons continue to be shipped to India, with most of the cargoes destined to wait at anchor until storage space clears.

Middle East:

Reports of talks between buyers and sellers show a wide gap in pricing ideas. Sources said bids are coming in around $600-$610/mt FOB, while producers continue to publicly ask for $680/mt FOB.

Pressure is building for lower prices. Rumors of a sale into Turkey with an Arab Gulf-equivalent price of $470/mt FOB – while buyers remain firm in their calls for prices at $600/mt FOB and below – leave little room for flat or higher prices.

New buyers also point to sales into Southeast Asia showing netbacks of $620-$650/mt FOB. One trader said the netbacks from these sales have become the starting point for buyers who want to push the price lower.

Northwest Europe:

No new deals were reported in the area, although sources said the estimated production price in Europe is now at $600/mt ex-plant and falling. At the same time, expectations of a $200/mt price drop at Tampa kept buyers from stepping up.

Sources said that a serious lack of demand for ammonia is giving buyers support in their demands for lower prices. This reduced demand is also pushing companies to close production operations.

A drop of $200/mt in Tampa to $590/mt CFR would mean an estimated price of $610-$620/mt CFR in Northwest Europe, said sources. Even with the drop in price, traders said buying interest remains limited. They were keen to point out that no business is expected to be done at this level. Additional softening in prices is expected.

South Korea:

January ammonia imports were 103,000 mt, according to Trade Data Monitor, down 37% from 163,000 mt in January 2022. The main suppliers were Saudi Arabia with 48,0000 mt, good for 46% of the import market, followed by Indonesia with 43,000 mt.

Poland:

Grupa Azoty produced 265,000 mt of nitrogen fertilizer in January, the company said in a Feb. 23 market filing, down 17% from 319,000 mt in January 2022.

Martin Midstream Sulfur Services Volumes Fall in 2022, 4Q Adjusted EBITDA Down 55%

Earnings, News, Sulfur, Texas

Martin Midstream Partners LP (MMLP) reported volumes in its Sulfur Services segment at 663,000 lt for the 12 months ended Dec. 31, 2022, a 12% decline from 757,000 lt reported for the year-ago period. The segment’s decrease, along with lackluster returns in the company’s NGL segment, contributed to a net loss in the fourth quarter, as well as a lower 4Q adjusted EBITDA compared to the same period of 2021.

“Despite the challenges we faced in the second half of 2022 due to fluctuating commodity prices, the Partnership had another solid year,” said Bob Bondurant, President and CEO of Martin Midstream GP LLC, the general partner of MMLP. “While results were slightly lower than our guidance range, all of our business segments, with the exception of the NGL segment, outperformed compared to our internal forecast.”

The company reported a fourth-quarter net loss of $0.4 million on revenues of $243.4 million, below the year-ago net income of $10.8 million on revenues of $285.9 million. Adjusted EBITDA for the fourth quarter was $17.8 million, off 55% from the year-ago $39.7 million.

In the Sulfur Services segment, MMLP reported a fourth-quarter operating income of $9.1 million, above the year-ago $8.9 million, while adjusted EBITDA of $5.7 million for the period was down 50% from $11.4 million in 4Q 2021. The company attributed the lower adjusted EBITDA to decreased sales volumes related to continued pricing instability, as well as the $5.25 million sale of MMLP’s Stockton, Calif., sulfur prilling terminal, completed on Oct. 7, 2022, which reduced adjusted EBITDA by $0.5 million for the quarter (GM Oct. 14, 2022).

The company reported fourth-quarter sulfur volumes at 125,000 lt, up 36% from the year-ago 92,000 lt. Fertilizer volumes were 41,000 lt, off 37% from the year-ago 65,000 lt.

Twelve-month operating income in the company’s Sulfur Services segment, which includes both sulfur and fertilizer, was $24.2 million on revenues of $179.2 million, up from $24.0 million and $145.0 million, respectively, in 2021.

Sulfur volumes were down 1% for the 12-month period, edging to 452,000 lt from the year-ago 456,000 lt. Fertilizer volumes fell 30%, however, to 211,000 lt from 301,000 lt.

MMLP reported a net loss of $10.3 million for full-year 2022, compared to a $211,000 net loss in 2021. Adjusted 12-month EBITDA was $114.9 million, up slightly from the year-ago $114.5 million. Revenues for the year were $1.0 billion, up from $882.4 million in 2021.

A decision by MMLP to exit its butane optimization business during the last three months of the year negatively impacted adjusted EBITDA by $10.7 million and $7.2 million for 4Q and 2022, respectively. The butane business posted a quarterly net loss of $4.7 million, and a $20.0 million net loss for 2022.

Citing the combined effects of exiting the butane business, an expectation of selling off the company’s remaining butane inventory by the end of the second quarter, and ongoing efforts to restructure outstanding debt, MMLP issued full-year 2023 adjusted EBITDA guidance of $115.3 million.

“With the planned exit from the butane optimization business and the extension of our debt maturities, we have substantially lowered the risk profile of the Partnership. We remain committed to capital discipline and continued strengthening of our balance sheet through meaningful debt reduction,” Bondurant said.

Creditors agreed with Bondurant’s assessment. S&P Global Ratings in January upgraded MMLP’s credit rating from CCC to B- with a stable outlook, while Moody’s Investor Services lifted its issuer credit rating for the company to B3 from Caa1, also with a stable outlook. Fitch Ratings in January assigned MMLP an initial issuer rating of B- with a stable outlook.

Nutrien Misses Wall Street Estimates; Shares Up on Plans to Slow Potash Capacity Expansion

Earnings, Featured, News, Nitrogen, Phosphate, Potash, Saskatchewan

While Nutrien Ltd. missed major analyst projections (Bloomberg Consensus) for fourth-quarter adjusted EBITDA, net income, and revenues (GM Feb. 10, p. 1), company shares advanced 6.5% on Feb. 16 for its biggest intraday gain since May after the company gave guidance that it would slow down its plans to increase potash capacity to 18 million mt/y.

Nutrien announced that it is adjusting the ramp-up timing of its existing low-cost potash capacity to optimize capital expenditures in line with the expected pace of demand recovery in 2023 and beyond. It now expects to reach 18 million mt/y in 2026. Last June, the company announced plans to ratchet up production to that amount by 2025 (GM June 10, 2022). At the time, Nutrien said it was accelerating the ramp-up in response to the uncertainty of supply from Eastern Europe.

Nutrien anticipates 2023 potash sales volumes to be 13.8-14.6 million mt, but said it has maintained the capability to increase sales volumes to its previous expectation of 15 million mt if the company sees stronger demand in the market.

“We like the implied supply discipline in this new production/sales outlook,” Raymond James analyst Steve Hansen wrote in a note, as reported by Bloomberg. Analysts had been quizzing Nutrien for some time as to whether it would rethink the expansion plans.

Nutrien’s Board of Directors also approved a 10% increase in the quarterly dividend to $0.53 per share and approved the purchase of up to 5% of the company’s outstanding common shares over a twelve-month period through a normal course issuer bid (NCIB). The company purchased 53 million shares in 2022, and an additional 8 million so far in 2023.

“Geopolitical events caused an unprecedented level of supply disruption and market volatility across agriculture, energy, and fertilizer markets in 2022,” said President and CEO Ken Seitz. “Nutrien delivered record net earnings and cash flow in this environment due to the advantages of our world-class production, distribution, and retail network. We returned $5.6 billion to shareholders, invested in our global Retail network, and advanced a number of long-term strategic initiatives that position our company for future growth and sustainability.

“The outlook for our business is strong, as we expect global supply issues to persist and demand for crop inputs to increase in 2023. We remain disciplined in our capital allocation approach as we position the company to best serve the needs of our customers, while delivering meaningful returns for our shareholders,” added Seitz.

The company said fourth-quarter nitrogen volumes were impacted by production losses related to Trinidad gas curtailments and extreme cold weather events that caused outages at North American plants. The company forecasts Trinidad gas curtailments of approximately 20%, similar to the impact in second-half 2022. In addition to lower production, the company cited cautious buying from both the agriculture and industrial markets.

The company said its potash winter fill program had a good response, with about 70% of the program filled, which would be modestly below historical levels. It said this reflects the overall caution in the market. It added that about 40% of soil test samples seen by the company’s laboratory subsidiary, Waypoint Analytical, have shown a need for potash, in addition to a significant need for phosphate.

The company said agricultural fundamentals remain strong with the lowest global grain stocks-to-use ratio in over 25 years, and grain supplies will continue to be constrained due to the war in Ukraine. In the US, it foresees a 4% increase in major crop acreage, with corn acreage at 91-93 million acres. It said Brazilian grower economics for soybeans and corn are strong, and it expects this to support another year of above-trend acreage growth.

Overall, Nutrien said it is seeing a 15-20% decline of inventories in the fertilizer supply channel at the end of 2022 versus 2021.

Nutrien believes US and Brazil potash volumes have been drawn down following a historic decline in the pace of potash shipments in second-half 2022. It expects improved demand in early 2023, though buyers have taken a cautious approach to managing inventories.

The company expects global potash shipments to remain constrained in 2023, to 63-67 million mt, below historical trend demand estimated at around 70 million mt. Belarus shipments are projected to be down 40-60% and Russian down 15-30% compared to 2021.

As for 2023 pricing guidance, the company told analysts that it expects prices in Brazil to remain flat at about $500-$520/mt, where it is today. The company also believes India, which has low potash inventories, will ink a contract before China.

Despite lower European natural gas prices, it expects them to remain volatile throughout 2023 and said around 30% of the region’s nitrogen capacity is currently offline. It said North American gas should remain highly competitive with Henry Hub prices between $2.50-$4.50/mmBtu.

Nutrien expects tight US supply and demand balance ahead of the 2023 spring planting season due to higher corn acreage and increased US nitrogen exports in second-half 2022. It expects supply constraints to remain in Russia, Europe, and China. The company believes nitrogen prices will firm from current levels.

Chinese phosphate export restrictions should remain in place at least until April 2023, according to Nutrien, which anticipates improved demand in North America and Brazil and continued strong demand in India. Margins are expected to improve because of lower sulfur prices due to reduced operating rates and demand in China.

Fourth-quarter net income was $1.12 billion on sales of $7.53 billion, down from the year-ago $1.21 billion and $7.27 billion, respectively. Adjusted EBITDA was off at $2.1 billion from $2.46 billion.

Full-year net income was $7.69 billion on sales of $37.9 billion, more than double 2021’s $3.18 billion and $27.7 billion, respectively, with adjusted EBITDA up at $12.2 billion from $7.13 billion.

Nutrien guidance for full-year 2023:

        Nutrien Guidance Analyst Estimate
Net Earnings Per Share $8.45-$10.65 $11.36
Adjusted EBITDA $8.4-$10.0 B $10.23 B
Retail Adj. EBITDA $1.85-$2.05 B $1.88 B
Potash Adj. EBITDA $3.7-$4.5 B $4.88 B
Nitrogen Adj. EBITDA $2.5-$3.2 B $3.43 B
Phosphate Adj. EBITDA $550-$750 M $599 M
Potash Sales (millions) 13.8-14.6 mt —
Nitrogen Sales (millions) 10.8-11.4 mt —
Retail (millions) 4Q-22 4Q-21 2022 2021
Adjusted EBITDA 391 442 2,293 1,939
Gross Margin 1,077 1,173 5,179 4,600
Total Sales 4,087 3,878 21,350 17,734
CN Sales 2,320 2,035 10,060 7,290
CN Margins 349 428 1,766 1,597
CN Volume (000 mt) 2,494 2,821 11,513 13,383
Avg ($/mt) 930 721 874 545
CN gross margin per mt 15 21 18 22
Potash (millions) 4Q-22 4Q-21 2022 2021
Adjusted EBITDA 958 1,053 5,769 2,736
Gross Margin 1,067 1,115 6,499 2,751
Total Sales 1,377 1,420 7,899 4,036
Sales Volume (000 mt) 2,618 3,056 12,537 13,625
Avg ($/mt) 526 465 630 296
Nitrogen (millions) 4Q-22 4Q-21 2022 2021
Adjusted EBITDA 841 921 3,931 2,308
Gross Margin 699 754 3,281 1,726
Total Sales 1,541 1,456 6,390 3,984
Sales Volume (000 mt) 2,537 2,835 10,023 10,725
Avg ($/mt) 607 514 638 371
Gas Costs ($/mmBtu) 7.44 6.40 7.77 4.61
Phosphate (millions) 4Q-22 4Q-21 2022 2021
Adjusted EBITDA 28 196 594 540
Gross Margin 16 163 493 421
Total Sales 429 532 2,073 1,628
Sales Volume (000 mt) 531 711 2,378 2,619
Avg ($/mt) 807 749 872 622

Intrepid Potash Inc. – Management Brief

Management Briefs, Potash, Southern Plains

Intrepid Potash Inc. on Feb. 10, 2023 submitted a filing with the US SEC reporting that on Feb. 8, E. Brian Stone informed the company of his decision to retire from his position as President, effective immediately. The company thanked Stone for his contributions to the company and wished him well in retirement.

Intrepid named Stone as President in August 2021 (GM Aug. 6, 2021). He joined Intrepid in December 2019 as Chief Operating Officer, with responsibility for the Oilfield Solutions segment. At the time, it cited his 34-year career prior to Intrepid as including service as Chief Operating Officer for Hupecol Operating Co., an international oil and gas company. Stone also worked for mining company J.M. Huber Corp. earlier in his career, serving as Chief Risk Officer and Vice President in the Energy Sector.

Driver Dead After Nitric Acid Truck Rollover

News, News Briefs, Nitric Acid, Southwest

The driver died after a commercial truck tractor hauling a box trailer containing nitric acid overturned on Interstate 10 near Tucson, Ariz., around 2:43 p.m. on Tuesday, Feb. 14, according to the Arizona Department of Public Safety.

When the trailer began leaking, those living within a one-half mile perimeter of the accident were evacuated and those within one mile were directed to shelter-in-place. A two-mile section of I-10 was closed in both directions. By 6:45 p.m. on Wednesday, Feb. 15, the evacuation order was rescinded, I-10 was reopened, and the public was told they could resume normal activities.

The cause of the accident was not immediately established, however, local weather reports at the time cited strong winds and dense blowing dust along the highway that could rapidly reduce visibility, according to a report by The Washington Post.

Muriate of Potash

Brazil, China, Eastern Canada, Eastern Cornbelt, India, Israel, Market Watch, Northeast, Northern Plains, Potash Muriate, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA barges edged down to $375-$380/st FOB from the week-ago $380-$387/st FOB range.

Eastern Cornbelt:

The regional potash market slipped to $445-$470/st FOB in the Eastern Cornbelt, with Cincinnati pricing quoted at the $445-$465/st FOB level during the week.

Western Cornbelt:

The potash market remained at $445-$470/st FOB in the Western Cornbelt, with the St. Louis market reported at the $445-$450 FOB level.

Northern Plains:

Sources quoted potash pricing at $460-$470/st FOB St. Paul, with delivered fill offers reported at the $485/st level in North Dakota. The latest prices FOB Saskatchewan mines, based on current exchange rates, were reported at $482-$495/st, depending on grade.

Northeast:

The potash market in the Northeast was pegged at $460/st FOB Fairless Hills and $480/st FOB East Liverpool, while Baltimore pricing was reportedly referenced at the $495/st FOB level. Delivered potash was quoted in the $490-$505/st range in the region, depending on supplier.

Eastern Canada:

Potash pricing in Eastern Canada was steady at C$740-$745/mt FOB regional warehouses.

Brazil:

Prices continued to drop for potash, with sources putting the landed price at $480-$510/mt CFR. Sellers continue to argue that higher prices are on the horizon, although the presence of Belarus material in the market is putting downward pressure on pricing.

New orders of potash in Rondonopolis are hovering around $610-$620/mt FOB ex-warehouse. Sources said the range of concluded deals is wider, however, pegging the price for inland business at $610-$640/mt FOB ex-warehouse.

India/China:

ICL Group President and CEO Raviv Zoller expects India’s new annual potash supply contract to be settled “soon.”

“India needs product,” Zoller told analysts on a Feb. 15 earnings call. Zoller said ICL doesn’t mind if the contract takes a few more weeks, however, as the company is already essentially sold out of potash for the first quarter.

The CEO declined to comment on whether the market might see a two-tier contract price, with Belarus settling supply contracts with Indian buyers at one price and other suppliers coming in a different price level.

On China, Zoller reminded that the country still has potash inventory, and believes that none of the international suppliers are in a rush to agree to a contract at this point in time.

Israel:

ICL said on a Feb. 15 company earnings call that it is essentially sold out of potash for the first quarter of 2023, and has already sold over half of its annual allocation of potash to Brazil, to be delivered in the first half of this year.

Ammonia

Ammonia, Eastern Canada, Eastern Cornbelt, Market Watch, Middle East, Northern Plains, Northwestern Europe, Tampa, U.S. Gulf, Western Cornbelt

US Gulf/Tampa:

Tampa prices for February continued at $790/mt CFR, down from January’s $975/mt CFR. Sources said low natural gas prices in Europe and the US are expected to continue to put pressure on ammonia prices. NOLA inventories were reported as plentiful.

Eastern Cornbelt:

Following the previous week’s major downward adjustment, the ammonia market remained at $840-$850/st FOB for spring tons in Illinois, Indiana, and Ohio. Truck pricing in the South Central region slipped to $700/st FOB Cherokee, Ala., and $675/st FOB Gulf Coast production points.

Western Cornbelt:

The reset for spring ammonia continued this week after CF and Koch dropped prices to $840-$850/st FOB in the Western Cornbelt on Feb. 8. By Feb. 14, new offers were reported at $725/st FOB Palmyra, Mo., and Wever, Iowa; $750/st FOB Hermann, Mo.; $775/st FOB Hoag, Neb.; $780/st FOB Fort Dodge, Iowa; and up to $840/st FOB spot terminals in eastern Iowa.

Ammonia prices were also under pressure in the Southern Plains, with new offers quoted at $610/st FOB Pryor, Woodward, and Enid, Okla., and $650/st FOB Verdigris, Okla.

Northern Plains:

Spring ammonia pricing dropped to $840-$850/st FOB and $850-$870/st DEL in the Northern Plains on Feb. 8-9, well below the previous $1,050-$1,100/st FOB and $1,100/st DEL levels. The low end of the FOB terminal range was reported at Velva, N.D., with other suppliers reportedly matching that level or posting slightly higher.

Eastern Canada:

The latest spring offers for ammonia in Eastern Canada were reported at roughly C$1,180-$1,185/mt FOB Courtright, Ont.

Northwest Europe:

Despite expectations of lower prices, no one is making the first move, sources said. Softer natural gas prices and an abundance of ammonia in the global market have led buyers to push for lower prices. At the same time, buyers remain hesitant to commit in case the price continues to fall.

Middle East: 

Arab Gulf producers continue to push out contract tons. Sources reported no new spot deals, leaving prices in the $680s/mt FOB.