Fertilizer Week

India settled its 2026 #potash contract with BPC at $383/t CFR, $34/t higher than the 2025 contract, leaving it at a premium to the prevailing China contract, as our chart of the week shows #MOP #fertilizer

#Urea and #sulphates are bucking the trend higher for now, in the absence of new demand in India, although a fresh import tender is suggested to be around the corner (3/3) #fertilizer

#DAP is fast approaching $1,000/t in some markets and Mosaic is curtailing production in the US and Brazil amid record #sulphur and #sulphuric acid costs. #Ammonia prices were firmer or little changed outside the US, where values declined (2/3)

#Fertilizer shipments through the Strait of Hormuz remain largely paralysed and producers, cognisant of what appears to be the new normal, are forced to seek more expensive routes to market. #Phosphates and #sulphur price gains last week outstripped other products (1/3)

Our chart of the week shows #fertilizer and raw material price movements this year. While oil and gas prices swing wildly with the news flows, other commodities remain stubbornly high and more closely reflect fundamentals #urea #phosphate #ammonia #sulphur #nitrogen

Our chart of the week shows #sulphuric acid margins over #sulphur, incorporating latest CRU 12-month price forecasts

The US is behind on its typical imports and still requires around 600,000 t #urea, according to CRU estimates. Many importers are stepping back, hoping the situation improves, though there is little on the diplomatic front that supports such positivity (3/3) #fertilizer

#Sulphur posted another week of triple-digit rises and #sulphuric acid is fast approaching $500/t CFR in Chile. #Urea prices pulled back from their recent highs after India booked 2.5 Mt through mid-June, as producers with limited volumes lowered targets to attract interest (2/3)

A solution to the Middle East crisis has yet to emerge. Some #sulphur and #sulphuric acid prices have been driven to record highs. #Ammonia prices extended gains as supply remained severely constricted. Granular #phosphate and #phosphoric acid prices climbed outside the US (1/3)

#MiddleEast Conflict squeezes #SulfuricAcid supply—vital for #fertilizers, #copper leaching, #semiconductors — as #StraitOfHormuz disruption tightens supply. CRU’s Peter Harrisson speaks to @WSJ the market has become “ridiculously chaotic.” Read more: ow.ly/LbOA50YQHL4

Our chart of the week shows stranded #urea, #sulphur, #phosphate and #ammonia volume in the Strait of Hormuz #fertilizer

Little #urea is now available globally and Hormuz has remained closed to almost all #fertilizer traffic for nearly two months. Global #ammonia benchmarks also pushed to fresh highs. No end to the crisis is in sight, nor has a realistic, coherent plan offered a solution (3/3)

#Sulphuric acid also reached new record highs due to China’s planned halt in exports. #Phosphate export prices surged, with producers passing on rampant cost spikes. India purchased a record 2.5 Mt #urea via its 15 April tender at almost double the price of the Feb session (2/3)

The cost of #sulphur for delivery to Brazil hit $1,000/t CFR last week – the first time ever the crucial fertilizer input has reached this watershed – as the the Strait of Hormuz blockade chokes off supplies of S, N and P. Some sulphur benchmarks posted triple-digit gains (1/3)

Our chart of the week shows the steep jump in offer prices on the latest India #urea tender, as the lack of product flow through the Strait of Hormuz leaves the market tight #nitrogen #fertilizer

China is reportedly set to halt #SulphuricAcid exports from May, adding pressure to metals and #fertilizer markets already strained. CRU’s Peter Harrisson shares commentary with Bloomberg @Business. Read more: ow.ly/vZ8H50YLf7W #China #Export #Sulphur #Trade

Prices for #urea, #ammonia, granular #phosphates, #sulphur and #sulphuric acid keep climbing, and many benchmarks are close to or have exceeded records. China will suspend sulphuric acid exports from May and delivered prices to Chile surged $140/t last week (2/2)

CRU expects little change in flows through the Strait of Hormuz this month or next. #Fertilizer exports remain severely constrained. India’s latest #urea import tender – seeking 2.5 Mt – is ongoing, with the lowest offer almost double that of the Feb tender (1/2)

Join CRU’s #fertilizer and raw material experts for a webinar on the latest market updates and the impact of the #MiddleEast conflict. Agenda: fertilizer prices, supply/trade, #China, #SulphuricAcid and Q&A. Register now: ow.ly/9pbb50YKykF

High raw materials prices are hitting #phosphate producers' margins. Producers in China are suffering the most, as they are forced to sell at official domestic price ceilings with exports banned, leaving margins negative on high #sulphur prices #fertilizer