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.
For the Quarter Ending June 2025
North America
- Nitrogen prices in the U.S trended higher in April 2025, supported by stronger urea applications during the peak spring planting window as improved Midwest weather drove field activity for crops like corn and rice. Agro-dealers restocked actively, while ammonia consumption stayed soft due to limited industrial use.
- Supply remained steady as producers operated at normal rates following March disruptions, with inventories gradually thinning in agricultural hubs. Logistics and exports to Latin America functioned smoothly, though suppliers managed production conservatively to avoid oversupply as seasonal offtake accelerated.
- By May, prices softened as spring fieldwork neared completion and restocking momentum faded. Weather-related delays in upper river regions slowed final applications, prompting cautious procurement and spot buying despite stable natural gas costs and steady export flows.
- In June, prices moved lower amid the post-planting lull and elevated inventories, as most corn acreage was already planted and downstream applications slowed. Buyers focused on drawing down stocks, while modest exports and muted ammonia demand left the market subdued.
Why did the price of Nitrogen change in July 2025 in North America?
- In July, the Nitrogen Price Index in North America declined slightly as most early-cycle crop requirements were already met, leaving application rates low and dampening fresh demand.
- The Nitrogen Production Cost Trend held steady with natural gas feedstock prices stable, but producers trimmed offers to encourage movement as domestic consumption slowed and export flows stayed muted.
- The Nitrogen Price Forecast for August points to continued mild weakness, as subdued agricultural uptake and quiet trade channels are expected to keep prices under modest downward pressure.
APAC
- Nitrogen prices in India moved higher in April 2025 as early monsoon forecasts and favorable irrigation conditions drove aggressive procurement ahead of Kharif planting, with dealers and cooperatives restocking heavily to meet demand for crops like rice, cotton, and vegetables.
- Manufacturing output stayed consistent, with domestic producers operating steadily and inventories well-positioned to handle the surge in April demand. Logistics remained smooth, enabling rapid dispatch across key agricultural regions despite intensified dealer restocking.
- By May, prices eased as most early demand had been fulfilled, leaving distribution hubs with high stock levels. Procurement slowed even as field preparations advanced, with buyers focusing on rotating inventories and avoiding excess purchases amid stable ammonia and natural gas costs.
- In June, prices softened further despite robust urea consumption during active Kharif sowing. Elevated inventories, steady domestic production, and subdued industrial demand kept sentiment bearish, with buyers restricting purchases to contracted volumes while awaiting stronger restocking triggers.
Why did the price of Nitrogen change in July 2025 in Asia?
- In July, the Nitrogen Price Index in India declined as elevated inventory levels at distribution hubs and tapering fertilizer demand, with the Kharif season nearing completion, reduced fresh purchasing from cooperatives and wholesalers.
- The Nitrogen Production Cost Trend stayed steady, with natural gas feedstock prices relatively flat, allowing producers to adjust offers downward as downstream intake slowed.
- The Nitrogen Price Forecast for August signals continued mild softness, as early crop maturity in several regions and sufficient stock levels are expected to keep spot demand subdued and prices under pressure.
Europe
- Nitrogen prices rose in April 2025 as peak fertilizer application for cereals, rapeseed, and pasture drove heavy procurement across Germany and other EU regions. Farmers and distributors stocked aggressively to support planting and early growth stages, keeping transaction volumes elevated.
- In May, prices stayed supported, with demand holding for late-planted crops even as the peak season wound down. Buyers gradually shifted to shorter cycles, focusing on meeting near-term field needs rather than bulk replenishment, which softened trading momentum.
- By June, prices eased as most fertilization programs concluded and top-dressing demand slowed sharply. With agricultural activity tapering, inventories built up at distribution hubs while distributors limited fresh orders to avoid excess stock during the summer lull.
- Through the low-demand summer window, consumption is expected to remain muted as crops near maturity and fieldwork slows, with most buyers favoring only essential purchases until pre-autumn preparations begin.
Why did the price of Nitrogen change in July 2025 in Europe?
- In July, the Nitrogen Price Index in Europe declined as fertilizer demand stayed low post-spring application, with most crops nearing maturity and only limited top-dressing on late-planted fields.
- The Nitrogen Production Cost Trend remained steady, with natural gas feedstock prices flat, but producers reduced offers to stimulate movement as summer heat and dry conditions further curbed fertilizer use.
- The Nitrogen Price Forecast for August signals continued mild declines, as subdued application rates and completed fertilization cycles are expected to keep transaction volumes and prices under pressure.
MEA
- Nitrogen prices in Congo climbed in April 2025, supported by steady procurement during the wet-to-dry transition as field applications for cassava, maize, and rice advanced. Regular import flows from South Africa and Mozambique, coupled with efficient operations at Matadi Port, ensured smooth availability, allowing buyers to secure supplies without disruption.
- By May, prices softened as the dry season took hold, curbing fertilizer use across major crop belts. Minimal fieldwork and comfortable inventory levels discouraged fresh contracts, while import arrivals slightly outpaced domestic drawdowns, creating mild oversupply and prompting sellers to trim offers.
- In June, prices continued to edge lower as agricultural demand slowed sharply during the peak dry-season lull. Despite steady imports and efficient port handling, inventory accumulation deepened, and traders adopted conservative shipment volumes to align with stagnant local offtake.
- With demand unlikely to rebound before the next rainfall cycle, nitrogen consumption in Congo is expected to remain subdued, with inventories and seasonal inactivity keeping market sentiment soft.
Why did the price of Nitrogen change in July 2025 in the MEA?
- In July, the Nitrogen Price Index in MEA declined as fertilizer demand dropped to seasonal lows during the peak dry season, with reduced application rates curbing procurement activity.
- The Nitrogen Production Cost Trend remained steady, with natural gas feedstock prices stable, but producers lowered offers to stimulate buying as transaction volumes thinned.
- The Nitrogen Price Forecast for August suggests continued softness, as cautious purchasing behavior and weak fertilizer application rates are expected to keep spot trade limited and prices under pressure.
