For the Quarter Ending June 2026
Nitrogen Prices in North America
- In the USA, the Nitrogen Price Index rose by 4.31% quarter-over-quarter, driven by spring agricultural demand, tight inventories.
- The average Nitrogen price for the quarter was approximately USD 274.00/MT, reflecting early-quarter strength then later moderation.
- Elevated natural gas supported Nitrogen Production Cost Trend, keeping producer economics firm and resilient domestic Price Index levels.
- Shipping disruptions risk lifted landed costs, influencing Nitrogen Spot Price and strengthening U.S. export arbitrage opportunities.
- Inventory buildup in May then partial drawdown in June shaped Nitrogen Demand Outlook and muted short-term price rallies.
- Producers ran steady, few outages reported, leaving Nitrogen Price Forecast sensitive to freight and energy cost fluctuations.
- Export inquiries from Mexico and Brazil supported offers while domestic truckload availability constrained prompt Nitrogen Spot Price movement.
- Traders resisted discounts as tight distributor holdings and insurance cost increases elevated the Nitrogen Price Index.
Why did the price of Nitrogen change in June 2026 in North America?
- Comfortable shale gas supply kept U.S. production high, increasing inland inventories and exerting downward price pressure.
- Seasonal post-planting lull reduced farm offtake, softening spot demand despite ongoing export inquiries from neighboring markets.
- Freight and insurance cost increases from Strait of Hormuz tensions elevated replacement costs, supporting underlying export parity.
Nitrogen Prices in APAC
- In India, the Nitrogen Price Index rose by 9.0% quarter-over-quarter, driven by elevated production costs.
- The average Nitrogen price for the quarter was approximately USD 453.79/MT, reflecting coastal market levels.
- Nitrogen Spot Price tightened as merchant inventories fell, supporting higher offers from western Indian distributors.
- Nitrogen Price Forecast indicates modest monthly gains ahead, influenced by freight costs and summer maintenance.
- Nitrogen Production Cost Trend remained elevated due to persistent high electricity tariffs and rising energy expenses.
- Nitrogen Demand Outlook remains firm across fertiliser, steel, pharmaceuticals and food processing, sustaining merchant absorption.
- Nitrogen Price Index stability in June reflected balanced supply and consistent grid tariffs preventing list-price adjustments.
- Low distributor inventories and constrained cryogenic tanker availability prompted sellers resisting discounts, supporting firm coastal pricing.
Why did the price of Nitrogen change in June 2026 in APAC?
- Stable grid tariffs capped production cost movements, offsetting tighter merchant supply across western Indian markets.
- Elevated freight and insurance costs restricted Gulf imports, removing price cap on coastal Nitrogen quotations.
- Sustained industrial demand from fertilizers, steel and pharmaceuticals absorbed volumes, preventing measurable spot price decline.
Nitrogen Prices in Europe
- In Europe, the Nitrogen Price Index declined quarter-over-quarter during Q2 2026, primarily due to improved regional availability and softer demand from fertilizer and industrial users.
- The average Nitrogen Price Index remained under pressure throughout the quarter as adequate production capacity and balanced inventories limited upward price movement.
- The Nitrogen Spot Price softened during the quarter amid lower procurement activity from agricultural sectors and stable supply from European producers.
- The Nitrogen Price Forecast indicates prices may stabilize in the near term, supported by balanced supply-demand conditions and seasonal recovery in industrial consumption.
- Lower natural gas prices compared with previous periods eased production expenses and influenced the Nitrogen Production Cost Trend, allowing producers to maintain competitive pricing.
- Demand from key downstream sectors, including fertilizers, ammonia production, food packaging, pharmaceuticals, metal processing, electronics manufacturing, and industrial gas applications, remained moderate during the quarter.
- The Nitrogen Demand Outlookremained cautiously stable, supported by consistent industrial usage while agricultural demand showed seasonal fluctuations.
- Improved domestic production, steady import availability, and sufficient inventories maintained downward pressure on the Nitrogen Price Indexacross the European market.
Why did the price of Nitrogen change in June 2026 in Europe?
- The Nitrogen Price Index decreased in June 2026 due to adequate regional supply and weaker fertilizer sector demand after seasonal application requirements eased.
- Lower natural gas costs reduced production expenses and influenced the Nitrogen Production Cost Trend, allowing suppliers to offer more competitive prices.
- Sufficient inventories and stable industrial gas availability pressured the Nitrogen Spot Price, limiting any upward movement during the month.
Nitrogen Prices in MEA
- In Congo, the Nitrogen Price Index rose by 7.74% quarter-over-quarter, reflecting tighter imports and freight.
- The average Nitrogen price for the quarter was approximately USD 1415.00/MT, reflecting moderated import parity.
- Nitrogen Spot Price eased in June as Kazakhstan flows recently increased supply availability at Matadi port.
- Nitrogen Price Forecast signals upside risk from freight premia and insurance costs amid geopolitical tensions.
- Nitrogen Production Cost Trend remained firm; elevated natural gas and energy prices materially increased production costs.
- Nitrogen Demand Outlook weakened because subsidy delays and liquidity constraints significantly curtailed seasonal farmer restocking activity.
- Nitrogen Price Index reflected inventory builds and exporter offers, tempering upward pressure on import parity.
- Exporters operated steadily, limiting outages, while maritime risk premiums and port logistics elevated landed costs.
Why did the price of Nitrogen change in June 2026 in MEA?
- Increased export availability reduced landed costs, contributing to softer Nitrogen prices in June regionally overall.
- Congolese Franc appreciation trimmed local landed costs, reducing import parity and pressuring sellers' domestic offerings.
- Delayed subsidy payments and distributor liquidity constraints curtailed buying, leaving inventories comfortable; spot activity subdued.
For the Quarter Ending March 2026
Nitrogen Prices in North America
- In USA, the Nitrogen Price Index rose by 5.07% quarter-over-quarter, supported by firm planting-season restocking.
- The average Nitrogen price for the quarter was approximately USD 262.67/MT, driven by seasonal restocking.
- Nitrogen Spot Price strengthened amid tight export flows and elevated insurance premiums affecting Gulf-Coast shipping.
- Nitrogen Price Forecast indicates marginal near-term gains balanced by seasonal inventory draws and import pressure.
- Nitrogen Production Cost Trend reflects higher freight and energy premiums, sustaining production economics across producers.
- Nitrogen Demand Outlook remains robust driven by spring planting, export uptake, and distributors rebuilding inventories.
- Nitrogen Price Index remained firm as domestic inventories tightened and exporters prioritized Latin American volumes.
- Operational reliability stayed high with most Midwestern units online, limiting supply disruptions despite logistics constraints.
Why did the price of Nitrogen change in March 2026 in North America?
- Global disruptions via Strait of Hormuz raised freight and insurance costs, constraining U.S. Gulf supply.
- Seasonal restocking and strong planting demand increased procurement, reducing distributor inventories and supporting higher offers.
- Domestic production remained stable but logistics congestion and prioritized exports tightened spot availability across terminals.
Nitrogen Prices in APAC
- In India, the Nitrogen Price Index fell by 2.53% quarter-over-quarter, reflecting logistics and energy costs.
- The average Nitrogen price for the quarter was approximately USD 416.36/MT, reflecting sustained procurement and firm distributor offers.
- Domestic Nitrogen Spot Price firmed as traders withheld volumes amid inventory drawdowns and higher freight.
- Near-term Nitrogen Price Forecast signals modest gains driven by seasonal agricultural demand and constrained imports.
- Rising natural gas and electricity costs altered the Nitrogen Production Cost Trend, pressuring producer margins.
- The Nitrogen Demand Outlook stays positive with planting season restocking and steady industrial cryogenic requirements.
- Inventory drawdowns and export delays lifted the Nitrogen Price Index, sustaining seller offers amid tightness.
- Major merchant suppliers maintained operations, though several units reduced rates, limiting merchant market availability temporarily.
Why did the price of Nitrogen change in March 2026 in APAC?
- Shipping disruptions and higher war-risk insurance raised landed costs, tightening import availability and prompting urgency.
- Elevated natural gas and electricity costs increased production expenses, supporting firmer offers from nitrogen producers.
- Seasonal fertilizer restocking and lower distributor inventories strengthened demand, prompting forward buying and price support.
Nitrogen Prices in Europe
- In Germany, the Nitrogen Price Index increased quarter-over-quarter, supported by seasonal agricultural demand and firm supply-side economics.
- Nitrogen prices strengthened during the quarter as spring planting activity boosted procurement across key agricultural regions.
- Nitrogen Spot Price remained firm amid elevated freight costs, logistical disruptions, and constrained spot market availability.
- Nitrogen Price Forecast indicates continued near-term firmness driven by geopolitical risks, energy volatility, and seasonal inventory replenishment.
- Nitrogen Production Cost Trend moved higher due to elevated natural gas, transportation, and import-related expenses across Europe.
- Nitrogen Demand Outlook remained robust supported by fertilizer applications, agricultural restocking, and stable export activity.
- The Nitrogen Price Index was reinforced by tightening distributor inventories and cautious supplier allocations during the planting season.
- Producers maintained stable operating rates, though shipping delays and higher logistics costs continued influencing regional availability.
Why did the price of Nitrogen change in March 2026 in Europe?
- Rising natural gas and freight costs increased nitrogen production expenses and supported firmer supplier offers.
- Geopolitical tensions and shipping disruptions elevated insurance and transportation costs across European fertilizer supply chains.
- Strong seasonal agricultural demand and distributor restocking tightened spot availability and sustained upward pricing momentum.
Nitrogen Prices in MEA
- In Congo, the Nitrogen Price Index rose by 3.412% quarter-over-quarter, supported by firmer import offers.
- The average Nitrogen price for the quarter was approximately USD 1313.33/MT delivered CFR Matadi.
- Traders maintained firm Nitrogen Spot Price offers amid seasonal restocking and improving distributor procurement activity.
- Regional export strength underpins Nitrogen Price Forecast, reflecting elevated war-risk premiums and constrained seaborne availability.
- Rising energy and freight costs pushed the Nitrogen Production Cost Trend higher, pressuring landed import economics.
- Nitrogen Demand Outlook improved significantly as planting season restocking and subsidy programs accelerated purchases regionally.
- Inventory drawdowns and smooth Matadi port operations supported sellers' ability to maintain firm Nitrogen Price Index.
- Mozambique and South Africa export offers limited downward pressure, sustaining regional Nitrogen market price resilience.
Why did the price of Nitrogen change in March 2026 in MEA?
- Seasonal restocking tightened spot availability, increasing short-term buying and supporting higher landed prices in Matadi.
- Geopolitical tensions raised freight and insurance costs, amplified natural gas price risks, increasing production cost pressure.
- Improved agricultural demand and subsidy-driven procurements accelerated imports, reducing on-ground inventories and firming offers further.
For the Quarter Ending December 2025
Nitrogen Prices in North America
- In USA, the Nitrogen Price Index fell by 1.7% quarter-over-quarter, reflecting weaker demand and high inventories.
- The average Nitrogen price for the quarter was approximately USD 250.00/MT, reflecting modest seasonal firmness and export demand diversion.
- Nitrogen Spot Price assessments softened in December as the Price Index showed persistent pressure from abundant terminal inventories.
- The Nitrogen Price Forecast anticipates measured volatility with modest upside risks from targeted restocking and export improvements.
- Nitrogen Production Cost Trend remained subdued as low natural gas prices supported competitive production economics and steady operating rates.
- Nitrogen Demand Outlook points to restrained purchasing near-term, with agricultural hand-to-mouth buying limiting significant inventory rebuilds.
- Export pull to Latin America tightened inland availability, exerting upward pressure on the Nitrogen Price Index in October.
- High inland inventories and steady producer output kept Nitrogen Spot Price offers competitive, suppressing seller pricing power.
Why did the price of Nitrogen change in December 2025 in North America?
- Elevated inland inventories and steady production kept supplies ample, reducing sellers' leverage and depressing December prices.
- Weak agricultural procurement and hand-to-mouth purchasing lowered demand, limiting restocking and maintaining downward price pressure.
- Low natural gas feedstock costs sustained production economics, encouraging continuous output and preventing meaningful supply reductions.
Nitrogen Prices in APAC
- In India, the Nitrogen Price Index fell by 14.79% quarter-over-quarter, reflecting ample inventories and weak downstream demand.
- The average Nitrogen price for the quarter was approximately INR 36500/MT, reflecting subdued demand and high inventory across supply chain.
- Measured Nitrogen Spot Price pressure persisted as sellers offered discounted cargoes to reduce elevated terminal and distributor inventories.
- The Nitrogen Price Forecast shows modest near-term volatility with occasional upticks tied to seasonal restocking and destocking.
- Stable electricity tariffs kept the Nitrogen Production Cost Trend flat, removing cost-push inflation from producer offers.
- Weak agricultural pick-up suppressed the Nitrogen Demand Outlook, delaying bulk procurement until clearer planting signals emerge.
- Regional export opportunities were limited, keeping Nitrogen Price Index pressure elevated despite some localized restocking interest.
- High merchant volumes from ASUs increased spot availability, pressuring Nitrogen Spot Price and encouraging discounted trader offers.
Why did the price of Nitrogen change in December 2025 in APAC?
- Ample domestic production and high urea stocks reduced nitrogen demand, triggering downward pressure on December prices.
- Stable electricity tariffs prevented cost increases, while smooth logistics maintained supply accessibility, weakening December pricing momentum.
- Buyer caution amid year-end destocking and lack of bullish catalysts suppressed spot purchases and reduced pricing leverage.
Nitrogen Prices in Europe
- In Germany, the Nitrogen Price Index softened during Q4 2025, reflecting subdued demand and ample regional inventories.
- The Nitrogen Spot Price remained under pressure as distributors managed stock levels amid cautious procurement from key sectors like agriculture and fertilizers.
- The Nitrogen Production Cost Trend stayed contained due to low natural gas prices and steady plant operating rates, supporting competitive supply.
- The Nitrogen Demand Outlook remained muted, with restrained fertilizer applications and hand-to-mouth purchasing limiting significant restocking.
- The Nitrogen Price Forecast indicates modest near-term volatility, with occasional upside potential from seasonal agricultural restocking or export-driven demand.
- Elevated inland and port inventories kept market liquidity balanced, preventing sharp spikes in the Price Index.
- Export demand to Eastern Europe and North Africa provided selective support, but overall domestic buying remained cautious.
- Producers maintained steady production and allocation strategies, keeping Nitrogen Spot Price offers competitive and stabilizing the Price Index.
Why did the price of Nitrogen change in December 2025 in Europe?
- High domestic inventories and steady production limited seller leverage, keeping the Price Index soft.
- Weak downstream fertilizer and industrial gas demand suppressed spot buying, reducing upward pressure.
- Low natural gas feedstock costs supported continuous output, preventing significant supply reductions and maintaining stable market conditions.
Nitrogen Prices in MEA
- In Congo, the Nitrogen Price Index fell by 4.68% quarter-over-quarter, reflecting import pressure and seasonality.
- The average Nitrogen price for the quarter was approximately USD 1270.00/MT, reflecting muted procurement activity.
- Nitrogen Spot Price weakened with thin participation and high stocks, allowing negotiations for lower levels.
- Nitrogen Price Forecast reflects slight downside near term as ample arrivals and slow procurement persist.
- Nitrogen Production Cost Trend showed stability due to steady feedstock economics and unchanged regional freight.
- Nitrogen Demand Outlook remains subdued during the dry season, though seasonal restocking may support upticks.
- Comfortable inventories and efficient Matadi operations pressured the Nitrogen Price Index, constraining seller pricing power.
- Exporters from South Africa and Mozambique lowered offers, increasing supply and reinforcing bearish negotiation dynamics.
Why did the price of Nitrogen change in December 2025 in MEA?
- Uninterrupted import arrivals replenished Matadi inventories, reducing urgency and pushing CFR offers lower further downward.
- Seasonal dry period weakened agricultural procurement, limiting distributor restocking and keeping spot market activity subdued.
- Competitive regional offers and stable freight lowered landed costs, amplifying sellers' pressure to discount volumes.
For the Quarter Ending September 2025
North America
- In USA, the Nitrogen Price Index rose by 0.39% quarter-over-quarter, reflecting inventories and seasonal weakness.
- The average Nitrogen price for the quarter was approximately USD 254.33/MT, FOB Illinois reported levels.
- Nitrogen Spot Price remained uneven across regional hubs amid selective buying and constrained terminal inventories.
- Nitrogen Price Forecast indicates gains into autumn driven by restocking and seasonal agricultural demand recovery.
- Nitrogen Demand Outlook remains subdued as application rates stay limited following planting and cautious procurement.
- Elevated inventories pressured the Nitrogen Price Index, while selective restocking countered sharper declines at terminals.
- Export demand remained limited; a brief force majeure reduced consumption but did not tighten availability.
Why did the price of Nitrogen change in September 2025 in North America?
- High inventory levels and seasonal harvesting reduced domestic offtake, exerting downward pressure on nitrogen prices.
- Elevated import and logistics costs supported price floors even as distributors delayed bulk procurement uncertainty.
- Localized operational disruptions briefly curbed consumption, but limited export demand prevented substantial domestic tightening thereby.
APAC
- In India, the Nitrogen Price Index fell by 1.50% quarter-over-quarter, driven by high inventory levels.
- The average Nitrogen price for the quarter was approximately INR 44485/MT, based on spot trades.
- Nitrogen Spot Price moderated amid ample distribution stocks, limiting aggressive bidding as farmers delayed procurement.
- Nitrogen Price Forecast indicates mild volatility from seasonal demand shifts and broadly steady domestic production.
- Nitrogen Demand Outlook is neutral as Kharif sowing completes and restocking awaits Rabi procurement signals.
- Nitrogen Price Index pressure persisted due to inventory carryover and limited export uptake from buyers.
- Domestic plants operated steadily with limited scheduled maintenance, keeping supply reliable and near-term disruptions minimal.
Why did the price of Nitrogen change in September 2025 in APAC?
- High inventory levels at distribution centers reduced spot buying urgency, weighing on domestic prices short-term.
- Seasonal Kharif completion softened fertilizer demand, limiting restocking and reducing buying pressure across key states.
- Stable ammonia feedstock costs and steady production kept Production Cost Trend stable, constraining price upside.
Europe
- In Germany, the Nitrogen Price Index increased quarter-over-quarter, influenced by inventory levels and seasonal factors.
- Nitrogen Spot Price varied across regional centers due to selective purchasing and limited terminal stocks.
- Nitrogen Price Forecast anticipates upward movement into autumn, supported by restocking and recovering agricultural demand.
- Nitrogen Demand Outlook stayed moderate, with application rates restrained after planting and cautious buying.
- High inventories weighed on the Nitrogen Price Index, though targeted restocking mitigated steeper drops at terminals.
- Export interest remained low; a short-term force majeure lowered usage but did not significantly reduce availability.
Why did the price of Nitrogen change in September 2025 in Europe?
- Abundant inventory levels and the harvesting season curbed domestic uptake, pushing nitrogen prices downward.
- Increased import and logistics costs provided a price floor, even as distributors postponed large-scale purchases amid uncertainty.
- Temporary plant disruptions reduced consumption briefly, but weak export demand prevented notable tightening in domestic supply.
MEA
- In Congo, the Nitrogen Price Index fell by 0.075% quarter-over-quarter, reflecting oversupply and weak agricultural demand.
- The average Nitrogen price for the quarter was approximately USD 1332.33/MT. reported in CFR Matadi assessments.
- Tightened inventories and elevated freight pushed the Nitrogen Spot Price upward despite still-muted inland buying interest.
- Nitrogen Price Forecast suggests modest recovery driven by restocking and seasonal agricultural demand uptick in September.
- Rising freight and origin port congestion underpin the Nitrogen Production Cost Trend, lifting landed import costs.
- The Nitrogen Demand Outlook points to stronger uptake with short-wet season arrival, supporting firmer Price Index readings.
- High distributor stocks pressured the Nitrogen Price Index earlier, though targeted restocking triggered localized upward pressure.
- Consistent imports from South Africa and Mozambique stabilized supply, while Nitrogen Spot Price offers reflected origin congestion.
Why did the price of Nitrogen change in September 2025 in MEA?
- Elevated inventories and off-season agricultural inactivity reduced immediate procurement, pressuring September price levels across regions.
- Higher freight and South African port delays raised landed costs, transmitting upward pressure onto importers.
- Seasonal buying ahead of short-wet season supported restocking, tightening availability and nudging prices higher locally.
