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Fertilizer Market Report –December 11, 2024 

Indian Urea Tender Called 

Fertilizer Market Report – December 11, 2024

Indian Urea Tender Called
National Fertilizers Ltd. (NFL) India called a urea tender to close December 19 with a shipping deadline of February 10, 2025. According to Green Markets, sources estimate that NFL will attempt to buy 1 million mt. The price is anticipated to be lower than the US$362/mt CFR for West Coast delivery achieved in the October tender by Indian Potash Ltd.

Falcon Commodity Markets noted that Urea paper markets in Egypt and NOLA firmed up on the back of the Indian tender.

OCP Q3 Outlook
OCP, the world’s largest phosphate fertilizer producer, anticipates firm prices through Q1 2025.

The Group’s outlook for the remainder of 2024 and into early 2025 remains unchanged. Low stock-to-use ratios for oilseeds and grains together with low phosphate fertilizer inventories in key markets are expected to drive strong import demand. OCP has already seen increased demand from India and steady demand from Brazil for fourth-quarter deliveries. Stable pricing along with the increased affordability of nitrogen and potassium are supporting increased demand, while supply is expected to remain stable. Raw material supply and demand, particularly for ammonia and sulfur, are projected to remain balanced into early 2025. OCP expects to continue performing strongly in the fourth quarter, benefitting from increased capacity, its proven ability to effectively match product output to demand trends, and its continuous improvements in production and operational efficiencies. The Group continues to advance its sustainable growth strategy. This includes expanding production capacities to support global food security and investing in key areas such as water management, renewable energy, and the production of green ammonia and green hydrogen.

OCP Reports Nine-Month Earnings

North America Urea Last Week
According to Green Markets, the urea price range in Western Canada widened to C$680- $700/mt which was flat WoW.

In Eastern Canada urea was firm at C$612-$645/mt FOB in early December, unchanged from last report.

Last week, the NOLA urea price range widened slightly to US$308-$315/st from US$309.50-$315/st the previous week.

Direct Hedge stated the week started December quoted at US$315/st bid and US$320/st offer. January was US$323/st bid and $327/st offer, February was US$327 bid and US$335 offer and Q1 was US$325/st bid and US$340/st offer. All of these spreads were higher than last week.

North America Phosphate Last Week
According to Green Markets, the latest delivered Western Canada MAP price range was flat WoW at C$$1,145-$1,160/mt.

MAP NOLA prices settled down to a range of US$595-$610/st, from at US$610-$612/st the previous week. Trade has been slow as the market attempts to find the value in relatively expensive phosphate prices.

Industry Tidbits 

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