Nitrogen+Syngas 388 Mar-Apr 2024
31 March 2024
Nitrogen Project Listing 2024
Nitrogen+Syngas’s annual listing of new ammonia, urea, nitric acid and ammonium nitrate plants.
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The market for ammonium nitrate
The Ukraine war and associated tariffs and the EU’s carbon pricing system are keeping ammonium nitrate prices high.
Temporary relief for markets
The signing of a memorandum of understanding between the United States and Iran on June 17th has provided relief across most markets as both sides agreed to allow ships to transit the Strait of Hormuz, at least in terms of trapped vessels from the Gulf being able to exit.
Price Trends
Ammonia values have continued to ease across most regions at the end of June, as the first ammonia vessels begin to exit the Gulf since the Iranian conflict began. Iranian ammonia had also begun to flow to India following the US Treasury’s issuance of a 60-day sanctions waiver on 22 June, allowing dollar-denominated trade in Iranian petrochemical products through 21 August. As a result, Indian bids have been heard as low as $750/t c.fr, as buyers benefit from a widening pool of available supply - Iranian, Chinese and renewed Southeast Asian material are all competing for the same business.