Fertilizer Market Report – April 9, 2025

In this week’s fertilizer report: Indian Tender Prices Lower than Expected; Most US Ferts Imports to be Tariffed; Potash Exempt and Last Week’s North American Urea and Phosphate Price Action.

News of the Week

Indian Urea Tender Prices Lower than Expected
Indian urea tender prices were opened on Tuesday. Offers totalled 3.6mmt at prices of US$398.24/mt delivered to East Coast and US$385/mt to West Coast. These prices were lower than expected. We will have to wait to see how the market reacts as we head into spring seeding in Western Canada.
(Source: Green Markets)

Most US Ferts Imports to be Tariffed, Potash Exempt
Nearly every country that sends fertilizer products to the US will be hit with fresh import duties after President Donald Trump yesterday announced reciprocal tariff policies that are likely to increase nutrient prices in the US.

According to the White House administration, a baseline 10pc tariff will be imposed on all goods from all countries imported into the US excluding those compliant with the US-Mexico-Canada Agreement (USMCA). Non-compliant Canadian and Mexican goods will continue to be charged at a 25pc rate, although potash that is deemed to be non-compliant will pay a reduced rate of 10pc.

Imports of goods from other nations will begin paying the baseline 10pc rate on 5 April, while roughly 60 countries were given more specific reciprocal tariff rates based on the rates those countries have placed on US goods.

The US imports a significant amount of fertilizer products from other countries to supplement limited domestic production capabilities.
(Source: Argus)

Most US ferts imports to be tariffed, potash exempt | Latest Market News

North America Urea Last Week
According to Green Markets, last week, urea delivered prices in Western Canada were flat WoW at C$860/mt for the sixth week in a row. The combination of the Indian tender and Trump tariffs sent the NOLA market reeling. Prices were volatile and strong after the announcement of the tariffs last week.

Urea NOLA prices were up 10% last week to a range of US$380-$420/st versus US$355-$372/st the previous week. Urea NOLA average prices were down 12.8% over the previous six weeks however prices rebounded strongly last week after the announcement of the Indian tender and Trump tariffs.

Direct Hedge framed up the urea NOLA market at the beginning of this week as follows: April was bid US$390 and offered $400/st. May was bid/offer US$375/$390/st. June was bid/offer US$350/$360/st. Q2 was bid/offer US$375/$395/st.

In one day, the Q2 urea NOLA bid/offer jumped to US$375/$395/st from US$350/$360/st due to the announcement of tariffs.

North America Phosphate Last Week
According to Green Markets, the delivered Western Canada MAP price range was down slightly WoW to a range of C$1,135-$1,165/mt from C$1,140-$1,175/mt.

MAP NOLA prices were up WoW to US$610/st from US$605-$610/st the previous week.

Industry Tidbits
By the numbers: The erosion of US grain export dominance: Braun | Reuters
US tariffs – an analytical roller coaster! Here is the CRU Fertilizers quick take: Post | LinkedIn
Service Fees on Ships Built in Chinese Yards: Post | LinkedIn
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