Price Trends

Ammonia markets saw a slow start to 2025, with further transparency needed on both sides of the Suez to determine the extent to which prices are expected to fall through January amid healthy supply and only limited pockets of demand.

East of Suez, the Middle East appears long, with some producers now heard offering at levels 10-15% below the $400/t FOB mark. That news is likely to be met with positivity by importers in India where, although demand there remains limited for the time being, delivered CFR values do also seem to be easing as phosphate manufacturers deliberate between producing NPKs or DAP/MAP.