Fertilizer Market Report – April 16, 2025

In this week’s fertilizer report: India’s IPL Gets Acceptances of Counteroffers Under Urea Purchase Tender; Tariff-Induced Volatility in the West has Coincided with Indian Import Demand and Last Week’s North American Urea and Phosphate Price Action.

News of the Week
India’s IPL Gets Acceptances of Counteroffers Under Urea Purchase Tender

According to World Fertilizer Market, IPL had counteroffers accepted totalling 203,000mt to the West Coast and 440,000mt to the East coast. This is well below the 1.5mmt total required for import. This should lead to another tender in the near future.

(Source: World Fertilizer Markets)

India’s IPL gets acceptances of counteroffers under urea purchase tender

Tariff-Induced Volatility in the West has Coincided with Indian Import Demand

Tariff-induced volatility in the west has coincided with Indian import demand, resulting in a significantly fragmented urea market. The spread between in-season US Gulf and Brazilian cfr values is now over $65pt.

The US Gulf now takes the premium-market crown in the west, although this is primarily of benefit to duty advantaged suppliers in Russia. Russian spot granular urea prices are unsurprisingly now closely correlated to US values, even if this is unlikely to last once season end approaches.

The nearby US market was set to be tight owing to anticipated strong demand and with urea imports to date only marginally above those of last year. Tariffs have, unsurprisingly, raised doubts over the extent of import arrivals from end-April.

(Source: Profercy)
Post | LinkedIn

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 seventh week in a row.

Urea NOLA prices were up another 2.5% last week to a range of US$395-$425/st versus US$380-$420/st the previous week. Urea NOLA average prices were up 11.2% in the last two weeks.

Direct Hedge framed up the urea NOLA market at the beginning of this week as follows: April was bid US$395 and offered $405/st. May was bid/offer US$390/$400/st. June was bid/offer US$350/$370/st. Q2 was bid/offer US$375/$395/st.

North America Phosphate Last Week
According to Green Markets, the delivered Western Canada MAP price was up 2.2% WoW to a range of C$1,160-$1,190/mt from C$1,135-$1,165/mt.

MAP NOLA prices were up another 1.8% WoW to US$628 – $640/st from US$610-$635/st the previous week.

Industry Tidbits

Canadian Dollar Forecast: USD/CAD Tanks into the Big Picture Range
Value of Canadian farmland ‘robust’ but cracks are appearing – SaskToday.ca
(1) Agtech is facing challenges, but the strong will survive: 4 takeaways from World Agri-Tech | LinkedIn
Trade war not going away, anytime soon | The Western Producer
Crushed dreams | The Western Producer