For the Quarter Ending March 2025
North America
In Q1 2025, Urea prices in North America surged by 20%, driven by production cuts due to extreme winter weather and strong seasonal agricultural demand. Force majeure declarations by key producers, freight disruptions, and tight global supply further fueled the increase. Ammonium Sulfate followed with an 18% rise as spring planting demand grew, compounded by production and logistical challenges. Similarly, Ammonium Nitrate prices increased by 6.53%, supported by limited supply and steady demand from water-soluble fertilizer applications. UAN prices rose modestly by 4.4%, as seasonal demand and tariff impositions tightened supply.
DAP prices climbed 5.39% due to pre-planting stockpiling, supply-side constraints, and export restrictions, particularly from China. In contrast, Sodium Nitrate and Calcium Nitrate prices dropped by 7.78% and 5%, respectively, as well-organized inventories and moderate demand in the fertilizer and personal care sectors pressured prices. Ammonia prices saw a sharp decline of 10.30%, driven by sufficient domestic and imported supply, coupled with weak winter-season demand and cautious buyer activity.
Overall, fertilizers linked to agricultural activity experienced upward price trends due to weather-related disruptions and tight supply, while stable inventory levels and moderate demand softened prices for others.
Europe
In Q1 2025, the European fertilizer market exhibited diverse price trends across key commodities, driven by varying supply-demand dynamics and seasonal factors. Urea prices surged by 19.22%, supported by tight supply due to production issues, port disruptions, and heightened seasonal demand for spring planting. Similarly, Ammonium Sulphate prices increased marginally by 0.92%, as rising feedstock costs offset weak demand earlier in the quarter.
UAN (Urea Ammonium Nitrate) prices climbed by 3.10%, driven by supply constraints from production challenges and labor strikes, alongside restocking activities in February and March. Sodium Nitrate saw a notable 9.52% increase, bolstered by consistent demand from food, pharmaceutical, and personal care sectors, coupled with winter logistical delays.
On the other hand, Ammonia prices declined by 4.69%, pressured by sufficient imports from Trinidad and Tobago and subdued agricultural demand amid delayed nitrogen applications caused by dry weather conditions. Meanwhile, DAP (Diammonium Phosphate) prices rose by 2.67%, reflecting limited regional supply, robust demand ahead of the planting season, and constrained global phosphate markets.
Overall, the quarter's price movements were shaped by supply chain disruptions, seasonal demand, and regional availability, highlighting both bullish and bearish trends across fertilizers.
APAC
In Q1 2025, the Asian fertilizer market exhibited mixed price trends driven by varying supply-demand dynamics and seasonal factors. Urea prices declined significantly by 15.18%, attributed to ample supply and weak demand in China and Japan. Ammonium Nitrate fell 1.68%, with tepid downstream demand despite restocking ahead of planting seasons in China and India. Urea Ammonium Nitrate (UAN) dropped 8.33%, pressured by lower ammonia feedstock costs and muted industrial demand. Ammonium Chloride prices declined 14.22%, reflecting improved supply after maintenance shutdowns and subdued fertilizer sector activity.
Sodium Nitrate prices recorded an 11.96% decrease, driven by cautious procurement and reduced activity in food and nutraceutical sectors during holiday periods. Calcium Nitrate fell 7.91% as weak demand from water-soluble fertilizers and oversupply conditions dominated. Ammonia prices plunged 19.53%, reflecting increased production rates and weak demand across fertilizers and chemicals, although late-quarter restocking boosted prices slightly.
In contrast, Diammonium Phosphate (DAP) prices rose 0.99% due to restricted Chinese exports and seasonal demand. Ammonium Sulphate surged 6.35%, supported by spring agricultural activities and rising raw material costs. Overall, weak industrial activity and robust supply weighed on most fertilizers, while seasonal demand boosted selective segments like DAP and Ammonium Sulphate.
MEA
In Q1 2025, Diammonium Phosphate (DAP) prices in the MEA region edged up by 1.30%. Prices began at USD 625/MT in January but dipped due to weak demand, lower Ammonia costs, and weather-related agricultural uncertainties. February marked a recovery, driven by tighter global phosphate supplies amid Chinese export restrictions and strong demand from Southeast Asia, Africa, and the US. March prices remained stable, supported by firm export activity and balanced supply-demand conditions.
The Urea market recorded a 7.55% price increase during the quarter. Strong international demand and India’s tender for over 1 million tonnes supported steady price growth through January and February. Supply disruptions in the US due to severe winter weather compounded the tightening market. However, by March, prices softened as declining Ammonia feedstock costs and the conclusion of the peak agricultural season in Saudi Arabia and the UAE reduced domestic demand. Severe rainfall further disrupted logistics and field applications, prompting buyers to defer purchases.
In contrast, Ammonia prices dropped by 11.29% as ample supply and limited spot market activity drove bearish market sentiment. High operating rates across the region and restrained demand from producers focusing on contractual obligations further pressured prices downward, creating a softening market outlook.
For the Quarter Ending December 2024
North America
In Q4 2024, the North American fertilizer and agricultural chemical market exhibited mixed trends, reflecting supply-demand dynamics and seasonal factors. Sodium Nitrate prices fluctuated, with an initial surge in October due to strong pharmaceutical demand and supply shortages, followed by a decline in December as Chinese exporters offered competitive pricing. Ammonium Nitrate prices remained stable in October and November but saw a marginal rise in December due to supply tightness and steady industrial demand from mining and explosives sectors.
Urea Ammonium Nitrate (UAN) prices surged in October due to logistical disruptions and supply shortages but stabilized later as agricultural demand waned. Ammonium Chloride mirrored Ammonium Nitrate trends, with a slight December price increase driven by industrial demand. Ammonium Sulphate prices dropped initially due to oversupply and weak agricultural demand but rebounded slightly in December. Urea prices showed stability after an October surge, supported by industrial demand. Calcium Nitrate prices rose in October due to seasonal inventory build-up but declined in December due to logistical disruptions and subdued fertilizer demand.
Diammonium Phosphate (DAP) prices fell impacted by weak autumn harvest demand and supply chain constraints. Overall, the market faced challenges from logistical disruptions, fluctuating feedstock costs, and cautious agricultural purchasing, with industrial demand providing some stability.
APAC
In Q4 2024, the Asia-Pacific fertilizer market showed mixed trends influenced by supply chain disruptions, weather impacts, and seasonal agricultural demand. Sodium Nitrate prices were stable initially but declined by December due to oversupply and destocking. Ammonium Nitrate and Ammonium Chloride prices declined, pressured by ample inventories and weak export demand, except in India, where restocking for the Rabi season caused slight increases. Urea Ammonium Nitrate (UAN) prices in India dropped in December due to balanced inventories meeting planting season needs. Ammonium Sulphate prices surged in China and South Korea due to strong Indian demand and weather-related production disruptions. Urea prices were volatile, rising early on strong demand but stabilizing by year-end. Calcium Nitrate prices were initially strong due to agricultural demand but fell in December on weaker fertilizer sector activity. Diammonium Phosphate (DAP) prices remained stable throughout Q4, showing an increase compared to Q3 levels. These trends highlight the interplay of supply chain challenges, weather effects, and agricultural cycles on the fertilizer market.
Europe
In Q4 2024, the European fertilizer and agricultural chemical market exhibited mixed trends, shaped by supply-demand dynamics, logistical challenges, and seasonal factors. Sodium Nitrate prices rose steadily due to limited supply, rising production costs, and strong demand from downstream sectors. Ammonium Nitrate prices declined due to oversupply and weak agricultural demand, despite rising feedstock costs. Urea Ammonium Nitrate (UAN) prices fluctuated, with an October surge driven by supply disruptions and seasonal stockpiling, followed by stabilization and a December rebound due to persistent supply constraints. Ammonium Chloride and Ammonium Sulphate prices dropped due to oversupply and weak agricultural demand, though the UK saw a December price surge due to supply chain disruptions. Urea market witnessed a steady price surge driven by supply constraints, high natural gas costs, and logistical challenges, despite subdued agricultural demand. Persistent supply-side pressures and rising production costs outweighed weak demand, fueling competition and pushing prices upward. Calcium Nitrate prices rose in October due to strong demand for the planting season but declined in December due to logistical disruptions and subdued fertilizer demand. Diammonium Phosphate (DAP) prices saw a slight increase, supported by stable production and moderate agricultural demand despite adverse weather and logistical challenges. Overall, the market faced headwinds from high input costs, logistical disruptions, and cautious agricultural purchasing, with industrial demand providing some stability.
