For the Quarter Ending March 2025
North America
In Q1 2025, the Ammonium Sulphate prices in the USA saw a steady upward trend, driven by tight supply and strong seasonal demand. Despite volatility in Ammonia feedstock costs, prices stayed elevated due to production cuts from extreme winter weather. Force majeure declarations by key producers like OCI Beaumont LLC and CF Industries, along with freight disruptions, limited domestic availability. Agricultural demand also picked up as farmers stockpiled ahead of spring planting, especially for crops such as rice and sorghum.
However, irregular weather patterns, including drought concerns and planting delays, led to cautious buying later in the quarter. On the global front, reduced output from Europe and China, coupled with speculation over potential fertilizer tariffs, added to the market’s uncertainty.
This combination of factors—weather-related supply constraints, logistical hurdles, and shifting agricultural sentiment—shaped a price environment marked by upward pressure and cautious optimism throughout the quarter. The overall market reflected a delicate balance between demand recovery and supply limitations.
APAC
The Asian Ammonium Sulphate market witnessed notable volatility during the first quarter of 2025, marked by an initial price decline followed by a recovery and sustained upward trend in subsequent months. At the beginning of the quarter, market prices declined primarily due to improved supply dynamics. Several domestic producers across the region, particularly in China, resumed operations after scheduled maintenance shutdowns, which led to a gradual recovery in production capacities and higher operating rates. As a result, the overall availability of Ammonium Sulphate in the market increased substantially. However, this surge in supply coincided with subdued demand from key downstream sectors, especially the fertilizer and chemical industries. The mismatch between rising supply and lagging demand led to inventory accumulation and exerted downward pressure on prices. Toward the latter part of the quarter, market sentiment shifted positively as domestic restocking activity gained momentum. Increased procurement ahead of the spring agricultural season, particularly in China, supported the recovery in demand and contributed to the rebound and stabilization of prices across the region.
Europe
The European Ammonium Sulphate market exhibited a mixed pricing trend during the first quarter of 2025, shaped by varying supply-demand dynamics and cost pressures. Prices declined in January, primarily due to weak consumer demand across the region. End-users in the fertilizer and chemical sectors were hesitant to procure large volumes, leading to limited market activity and downward pressure on prices. However, as the quarter progressed, the market witnessed a gradual recovery. By February and March, demand picked up noticeably, supported by restocking efforts in preparation for the spring planting season. This seasonal uptick in agricultural activity significantly boosted domestic consumption. Concurrently, on the supply side, the cost of production rose due to a shortage and elevated prices of feedstock Ammonia, thereby exerting upward pressure on Ammonium Sulphate prices. The combination of rising input costs and improving demand fundamentals supported a sustained price increase during the latter part of the quarter. Additionally, growing international demand—particularly from Latin American countries—further strengthened the European market, contributing to the observed price rally.
For the Quarter Ending December 2024
North America
In the final quarter of 2024, North American Ammonium Sulphate prices displayed significant volatility. Prices dropped sharply during the first two months of the quarter, reaching USD 381/MT by November. This decline was driven by steady production levels in the U.S., leading to an oversupply of Ammonium Sulphate. Demand from the agricultural sector remained weak, as many farmers delayed their purchases, anticipating further price drops despite the harvest season.
In addition, to this, labor negotiations with the International Longshoremen’s Association (ILA) created uncertainties at U.S. ports, causing shippers to avoid some major ports of USA due to the risk of disruptions. This further strained the supply chain and added to the market volatility.
However, by December 2024, prices saw a slight 3% increase. This rise was attributed to higher Ammonia prices, increased production rates, and a surge in domestic demand. Despite this recovery, the market remains volatile, with ongoing supply chain challenges and labor uncertainties continuing to impact Ammonium Sulphate pricing dynamics.
Asia - Pacific
In Q4 2024, the price of Ammonium Sulphate experienced a substantial increase in the Asian market, with China and South Korea being the most significantly impacted regions. The surge in prices was primarily driven by strong international demand, particularly from India, which exerted pressure on supply levels. In China, logistical challenges, including severe port congestion at Shanghai and Ningbo, heavy rainfall, and rising freight costs, intensified the price hike. Vessel bunching and extended waiting times further disrupted supply chains, aggravating market tightness. Compounding the situation, adverse weather conditions, such as typhoons in China and flooding in South Korea, led to production disruptions across the southern Asia-Pacific region. Several manufacturing plants were forced to declare force majeure due to excessive rainfall, resulting in a reduction in production output and a significant shortage of Ammonium Sulphate. The combination of these supply constraints, continued international demand, and moderate domestic consumption created a pronounced supply-demand imbalance, sustaining the upward trend in Ammonium Sulphate prices throughout the region.
Europe
European Ammonium Sulphate prices have experienced a decline due to weak demand from key sectors such as agriculture, compounded by oversupply conditions and logistical disruptions. Despite rising Ammonia feedstock costs and supply constraints, including the shutdown of a Norwegian gas platform, production levels have been curtailed. However, ample inventories continue to exert downward pressure on prices. In the UK, a notable price surge occurred in December 2024, primarily driven by supply chain disruptions and delays in exports from significant European suppliers. Despite this, buyer interest remained inconsistent, with fluctuating weather conditions playing a role in shaping demand patterns. In both Europe and the UK, demand has remained weak, with the agricultural sector showing cautious purchasing behavior. This is further exacerbated by uncertainties surrounding the upcoming winter planting season and ongoing logistical issues, such as port congestion. These dynamics highlight a market under strain, where supply is outpacing demand, and economic factors like high input costs and unpredictable weather continue to influence future price trends.
For the Quarter Ending September 2024
North America
During the third quarter of 2024, the price of Ammonium Sulphate in North America exhibited an overall downward trajectory. This price decline can be attributed to several factors, including diminished demand from the downstream fertilizer sector amid inadequate weather conditions across the country. With the peak planting season having passed, immediate demand for fertilizers decreased during the initial months of the quarter.
While there were expectations that consumers might begin purchasing in preparation for the upcoming planting seasons for wheat, rye, and rice, hurricanes and storms in the region significantly impacted this anticipated demand. According to the U.S. Department of Agriculture (USDA), 47% of the corn crop has been harvested, while only 1% of soybeans have been collected in North Carolina, with no available data for South Carolina. This situation underscores the substantial disruption to crop progress in the American region.
By the end of the quarter Q3, the price of Ammonium Sulphate FOB Illinois was reported at USD 406/MT.
Asia
Throughout the third quarter of 2024, the prices of Ammonium Sulphate in the Asian region exhibited a mixed trend. Prices increased in both the initial and final months of the quarter, while experiencing a decline in the second month. In the initial month, the price increase was primarily driven by a shortage of Ammonium Sulphate in the domestic market, exacerbated by severe weather conditions that disrupted production. China faced a series of windstorms and typhoons, significantly hindering manufacturing activities. Notably, Typhoon Yagi disrupted operations in September, with further disruptions anticipated as Typhoon Bebinca was forecasted to impact the southern coast of the country. These adverse weather conditions not only affected supply but also created logistical challenges, leading to tightening inventories and exerting upward pressure on Ammonium Sulphate prices. On the demand side, the market remained bearish throughout the quarter, influenced by weak domestic and international demand. By the end of the quarter, the price for Ammonium Sulphate 21% Spot EXW Shijiazhuang in China was reported at USD 135/MT.
Europe
Throughout the third quarter of 2024, the European Ammonium Sulphate market experienced a significant uptrend in prices, reflecting various underlying factors. The quarter was marked by a gradual increase in pricing, primarily driven by rising costs of essential feedstock such as Ammonia and Sulphuric Acid, which exerted upward pressure on Ammonium Sulphate prices. A critical aspect of this price increase was the upstream shortage of Natural Gas in the region, exacerbated by ongoing tensions between Ukraine and Russia. This geopolitical instability has disrupted supply chains and raised concerns about feedstock availability, further impacting production costs for Ammonium Sulphate. Despite currently low agricultural activities, fluctuating demand from the agriculture sector and anticipation of future market trends favoured sustained growth, contributing to the price surge. The overall supply-demand dynamics remained finely balanced, supporting the escalation in prices. Germany, in particular, experienced the most significant price changes in the region, mirroring broader trends observed throughout Europe. Seasonal factors and heightened demand from the downstream fertilizer sector played a crucial role in driving prices upward. As the third quarter concluded, the latest price for Ammonium Sulphate FOB Hamburg in Germany reached USD 255/MT, signalling a positive pricing environment with a consistent upward trajectory.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Ammonium Sulphate market experienced a notable increase in pricing during the first two months of the quarter, driven by several key factors. Strong domestic demand, particularly from the agricultural sector, was fuelled by favorable planting conditions and high seasonal demand for fertilizers.
Concurrently, rising prices of essential feedstocks, such as ammonia and sulfuric acid, significantly increased production costs, contributing to the higher Ammonium Sulphate prices. Logistical challenges and reduced export activities, caused by lower water levels in major shipping routes, further exacerbated supply constraints and intensified the price increase. However, in the final month of the quarter, prices fell by 1.5%. Geomagnetic storms and weather anomalies led to planting suspensions, which, combined with ample supply and cautious purchasing behaviour, helped narrow the demand-supply gap and exert downward pressure on prices.
As the quarter concluded, the Drought Monitor, released on June 20th, reported no areas of drought in southern Minnesota and northwest Iowa. Despite this, farmers adopted a wait-and-see approach to securing fertilizers, including Ammonium Sulphate, in anticipation of further price declines.
APAC
During the second quarter of 2024, the Ammonium Sulphate market in the Asia-Pacific (APAC) region witnessed a notable decline of 6.4% in prices during the first month. This decrease was driven by several key factors that influenced market dynamics. One of the primary contributors to the price reduction was the easing of freight charges, which, coupled with an abundant supply of materials, exerted downward pressure on prices. Additionally, export restrictions imposed by major suppliers further limited market activity, creating an environment where supply outstripped demand. This situation was exacerbated by subdued demand from the downstream fertilizer market, as peak seasonal requirements had already been met, leading to reduced procurement activity. Adverse weather conditions, including heavy rainfall and snowstorms across various regions, negatively impacted agricultural activity, further reducing the need for fertilizers. However, the prices surged by 4.7% and 5.7% respectively in the final two months of the quarter owing to oversupply of Ammonium Sulphate amid stable demand and a lack of new bids or inquiries from the international market, which led to a surplus that exerted significant downward pressure on prices. Focusing on China, where the most pronounced price changes occurred, the market was characterized by a consistent bearish sentiment. Despite the seasonal planting activities, the demand remained subdued, further exacerbating the price decline.
Europe
In Q2 2024, the European Ammonium Sulphate market experienced a marked decline in pricing, driven by several critical factors. Overall, the quarter was characterized by a bearish sentiment, largely influenced by fluctuating demand and adverse weather conditions that disrupted agricultural activities. The primary driver behind the persisting low demand was the severe weather, which included frequent windstorms and excessive rainfall, leading to waterlogged fields and delayed planting schedules. This, in turn, reduced the immediate necessity for fertilizers, including Ammonium Sulphate. Additionally, the fluctuating costs of essential feedstocks like ammonia and sulfuric acid further complicated the market dynamics, although these factors did not exert as significant an upward pressure on prices due to the overall muted demand. Focusing on Germany, which observed the most substantial price changes, the trend was consistently negative throughout Q2. The country experienced a -36% price change compared to the same quarter last year, underscoring a significant year-over-year decline. Seasonal factors, such as the adverse weather conditions and the subsequent impact on agricultural schedules, played a crucial role in this persistent decline. The latest quarter-ending price of USD 247/MT for Ammonium Sulphate FOB Hamburg encapsulates the overall negative pricing environment, highlighting the sustained bearish sentiment in the German market.
