For the Quarter Ending June 2026
Urea Prices in North America
- In USA, the Urea Price Index rose by 21.15% quarter-over-quarter, driven by geopolitical supply constraints and seasonal demand.
- The average Urea price for the quarter was approximately USD 655.00/MT according to reported assessments.
- Urea Spot Price volatility eased as inland inventories improved, reducing immediate urgency among regional buyers.
- Urea Price Forecast reflects short-term weakness, with projected modest declines as inventories normalize and exports soften.
- Urea Production Cost Trend showed easing feedstock ammonia expenses, lowering marginal cost pressure for domestic manufacturers.
- Urea Demand Outlook weakened after spring planting, with farmers deferring purchases and industrial consumption remaining subdued.
- Urea Price Index movements were amplified by geopolitical developments, insurance premiums, and altered global shipping dynamics.
- Export inquiries fluctuated, keeping Urea Spot Price pressure variable while domestic offers adjusted to inventory and freight realities.
Why did the price of Urea change in June 2026 in North America?
- Ample domestic production and lower natural gas costs reduced marginal costs, applying downward pressure nationwide.
- Seasonal slowdown after planting and cautious farmer procurement weakened Urea Demand Outlook and limited restocking.
- Geopolitical tensions, insurance premiums, and shifting freight routes intermittently disrupted exports, influencing Price Index volatility.
Urea Prices in APAC
- In Japan, the Urea Price Index rose by 48.4264% quarter-over-quarter, supported by export replacement costs.
- The average Urea price for the quarter was approximately USD 770.33/MT, reflecting regional logistics pressures.
- Urea Spot Price eased June as abundant imports and lower ammonia feedstock pressured Price Index.
- Urea Price Forecast signals near-term softness, with rebounds dependent on global tenders and logistical developments.
- Urea Production Cost Trend improved as ammonia input prices declined, easing production pressures on exporters.
- Urea Demand Outlook weakened post-planting, with compound fertilizer procurement subdued and industrial buying remaining cautious.
- Urea Price Index volatility tracked geopolitical developments, freight premiums, and subsequent easing of war-risk concerns.
- Inventory and export demand dynamics tightened then loosened, shaping spot offers and regional trade flows.
Why did the price of Urea change in June 2026 in APAC?
- Abundant vessel arrivals and competitive import offers eased supply constraints, pressuring spot pricing into June.
- Declining ammonia feedstock costs lowered production expenses, enabling exporters to reduce offers and increase availability.
- Post-planting demand slowdown and cautious buyer restocking reduced procurement urgency, sustaining downward pressure on prices.
Indonesia
- In Indonesia, the Urea Price Index rose by 42.56% quarter-over-quarter, driven by strong export enquiries.
- Urea Spot Price softened sharply in June as ample regional inventories and subdued seasonal demand pressured offers.
Malaysia
- In Malaysia, the Urea Price Index rose by 44.5855% quarter-over-quarter, driven by export demand strength.
- Urea Spot Price initially strengthened then corrected, mirroring shifts in the regional Price Index momentum.
Urea Prices in Europe
- In France, the Urea Price Index rose by 35.52% quarter-over-quarter, reflecting index base effects data.
- The average Urea price for the quarter was approximately USD 744.00/MT, weighted from FCA Rouen.
- European Urea Spot Price weakened due to ample imports and subdued buying, extending bearish momentum.
- Declining Urea Production Cost Trend from lower anhydrous ammonia prices reduced marginal producer cost support.
- Urea Demand Outlook remained muted during the agricultural lull, with buyers limiting purchases to necessities.
- Urea Price Forecast anticipates continued softness as import availability and competitive overseas offers constrain recoveries.
- Urea Price Index movements reflected normalized shipping flows and increased Gulf floating volumes entering ports.
- Exports and inventories increased as vessel arrivals normalized, boosting short-term availability and pressuring domestic margins.
Why did the price of Urea change in June 2026 in Europe?
- Improved import availability from Gulf and potential Chinese shipments increased supply, pressuring regional prices further.
- Lower anhydrous ammonia costs trimmed production expenses, weakening cost support and prompting seller price cuts.
- Normalization of shipping through Strait improved arrivals, releasing floating stocks and increasing competitive export offers.
Germany
- In Germany, the Urea Price Index rose by 29.24% quarter-over-quarter, driven by supply disruptions and elevated feedstock costs.
- Urea Spot Price weakened as competitive imports and comfortable inventories pressured offers, reflecting a softer regional Price Index.
Russia
- In Russia, the Urea Price Index rose by 34.67% quarter-over-quarter, driven by strong export demand.
- Urea Spot Price weakened as abundant domestic availability and competitive FOB offers pressured market premiums.
Urea Prices in MEA
- In Saudi Arabia, the Urea Price Index rose by 42.79% quarter-over-quarter, driven by geopolitical constraints.
- The average Urea price for the quarter was approximately USD 719.67/MT, reflecting elevated feedstock pressures.
- Urea Spot Price softened in June as abundant export availability pressured market liquidity and bids.
- Urea Production Cost Trend remained mixed as feedstock ammonia eased modestly while insurance premiums fluctuated.
- Urea Demand Outlook weakened seasonally with subdued buying from major importers and restocking by distributors.
- Urea Price Forecast shows near-term downside risk amid ample supply despite potential upside from tenders.
- Urea Price Index movements were notably amplified by shipping improvements and easing war-risk premiums worldwide.
- Producer operations remained high, sustaining exports while inventories shifted, tightening seller bargaining and spot dynamics.
Why did the price of Urea change in June 2026 in MEA?
- Improved regional export availability increased spot supply, overcoming earlier geopolitical disruptions and pressuring FOB offers.
- Lower anhydrous ammonia costs reduced production margins, enabling competitive seller pricing and wider export discounts.
- Easing shipping risks and insurance premiums restored transit reliability, increasing cargo movement and easing supply concerns.
United Arab Emirates
- In the United Arab Emirates, the Urea Price Index rose by 53.83% quarter-over-quarter, geopolitical buying.
- Urea Spot Price softened in June as Gulf export availability increased and spot premiums contracted.
Urea Prices in South America
- In Brazil, the Urea Price Index rose by 32.83% quarter-over-quarter, due to tight international supply.
- The average Urea price for the quarter was approximately USD 647.33/MT reflecting elevated seasonal procurement.
- Urea Spot Price softened amid steady vessel arrivals increasing availability and encouraging lower immediate offers.
- Urea Price Forecast signals short-term weakness followed by modest seasonal recovery, guided by global supply.
- Urea Production Cost Trend eased as ammonia feedstock prices declined, reducing producer replacement cost pressures.
- Urea Demand Outlook remains muted seasonally with limited agricultural procurement, restraining aggressive restocking by distributors.
- Urea Price Index volatility reflected geopolitical developments, higher freight costs, and competitive import offers persistently.
- Domestic supply increases and Petrobras restarts pressured imports, encouraging inventory rebuild and moderated importer urgency.
Why did the price of Urea change in June 2026 in South America?
- Improved vessel arrivals and competitive Gulf offers increased import availability, relieving supply tightness, lowering prices.
- Declining ammonia and feedstock costs reduced production economics, enabling exporters to offer lower CFR prices.
- Seasonal off-peak agricultural demand and cautious buyer behavior suppressed purchasing, prolonging bearish momentum through June.
Argentina
- In Argentina, the Urea Price Index rose by 33.37% quarter-over-quarter, reflecting stronger reported quarterly totals.
- Urea Spot Price declined substantially during June amid abundant cargo arrivals and competitive exporter offers into River Plate.
For the Quarter Ending March 2026
Urea Prices in North America
- In USA, the Urea Price Index rose by 13.82% quarter-over-quarter, reflecting tightened supply and pre-planting demand.
- The average Urea price for the quarter was approximately USD 540.67/MT, reported on FOB Illinois basis.
- Urea Spot Price strengthened amid low inland inventories and heightened export demand, tightening prompt liquidity further.
- Urea Price Forecast indicates firmness as seasonal pre-planting procurement and geopolitical supply risks sustain higher offers.
- Urea Production Cost Trend rose as natural gas and insurance costs increased, pressuring margins and offers.
- Urea Demand Outlook remains constructive ahead of spring application, driving distributors to restock and absorb supply.
- Urea Price Index climbs as inventories draw down, traders withdraw offers and tighten spot availability further.
- Exporter outages and Gulf shipping disruptions constrained flows, amplifying Urea Price Index volatility and substitution demand.
Why did the price of Urea change in March 2026 in North America?
- Global supply disruptions from Middle East conflicts and Gulf outages sharply reduced exportable urea availability.
- Rising natural gas, freight, and insurance costs increased production and logistics expenses, elevating replacement costs.
- Accelerated U.S. distributor and farmer restocking ahead of spring amplified buying, absorbing limited prompt cargoes.
Urea Prices in APAC
- In Japan, the Urea Price Index rose by 23.67% quarter-over-quarter, driven by supply disruptions and spring demand.
- The average Urea price for the quarter was approximately USD 519.00/MT, reflecting higher landed import costs and draws.
- Urea Spot Price strengthened as exporters raised offers following shipping disruptions and insurance and freight premiums.
- Urea Price Index showed sustained bullish momentum amid seasonal procurement and tightening export availability from Gulf suppliers.
- Urea Production Cost Trend climbed with rising natural gas and bunker fuel costs, pressuring import valuations.
- Urea Demand Outlook remains firm for spring application, prompting early restocking and limiting spot availability.
- Urea Price Forecast suggests near-term upside risks given geopolitical tensions, elevated costs, and importer buying.
- Inventory draws and export demand tightened supplies, while producer outages amplified Price Index volatility across APAC markets.
Why did the price of Urea change in March 2026 in APAC?
- Disruptions in Middle East shipping and facility outages sharply reduced export availability, pushing import-dependent prices higher.
- Rising natural gas and bunker fuel costs elevated Urea production cost trend and increased landed procurement expenses.
- Seasonal spring demand and precautionary restocking by distributors tightened spot markets, amplifying short-term Price Index gains.
Urea Prices in Europe
- In Germany, the Urea Price Index rose by 20.9% quarter-over-quarter, driven by tight imports and restocking.
- The average Urea price for the quarter was approximately USD 638.33/MT, supported by seasonal restocking.
- Urea Spot Price firmed in March as inventories tightened and Middle East export flows constrained.
- Urea Production Cost Trend rose as gas and freight costs increased, pressuring margins and offers.
- Urea Demand Outlook strengthened as agricultural restocking before spring and industrial AdBlue demand supported offtake.
- Urea Price Forecast flags upside risk from geopolitical disruptions and seasonal buying sustaining tight balances.
- European supply constraints and exporter allocations kept the Urea Price Index elevated amid production outages.
- Low social inventories and cautious traders limited availability, amplifying export impacts on Urea Price Index.
Why did the price of Urea change in March 2026 in Europe?
- Geopolitical disruptions in the Middle East constrained seaborne exports and raised freight and insurance costs.
- Rising natural gas prices increased production costs, prompting reduced operating rates and tighter exportable volumes.
- Strong seasonal agricultural restocking and industrial demand absorbed available supply, reinforcing upward price pressure locally.
Urea Prices in MEA
- In Saudi Arabia, the Urea Price Index rose by 30.8% quarter-over-quarter, driven by export demand.
- The average Urea price for the quarter was approximately USD 504.00/MT, reflecting firm export-driven sentiment.
- Urea Spot Price tightened as prompt cargo availability fell, reducing liquidity and elevating near-term offers.
- Urea Price Forecast indicates near-term firmness owing to tight exports, freight premiums, and precautionary buying.
- Urea Production Cost Trend rose with higher natural gas and insurance costs, pressuring supplier margins.
- Urea Demand Outlook strengthened for spring planting, prompting distributors and importers to accelerate restocking activity.
- Urea Price Index volatility amplified amid Hormuz disruptions, higher freight, and constrained seaborne export availability.
- Major Saudi exporters maintained disciplined offers, absorbing inquiries while preventing spot discounting and preserving margins.
Why did the price of Urea change in March 2026 in MEA?
- Gulf plant shutdowns and Hormuz transit disruptions sharply reduced seaborne Urea exports, tightening global availability.
- Elevated natural gas and energy prices pushed Urea Production Cost Trend, incentivizing higher seller offers.
- Spring planting demand and India tender intensified Urea Demand Outlook, accelerating procurement and rebuilding inventories.
Urea Prices in South America
- In Brazil, the Urea Price Index rose by 24.32% quarter-over-quarter, driven by export tightness; restocking.
- The average Urea price for the quarter was approximately USD 487.33/MT, reflecting import cost pressures.
- Urea Spot Price tracked import parity, limited prompt availability sustained elevated CFR offers and premiums.
- Urea Price Forecast suggests continued firmness near term as tight exports and higher energy costs persist.
- Urea Production Cost Trend rose as higher natural gas and LNG disruptions increased cost pressures.
- Urea Demand Outlook remains robust as Brazilian distributors restock ahead of safrinha planting, supporting procurement.
- Urea Price Index volatility rose in March as geopolitics, freight and insurance premiums increased uncertainty.
- Inventories declined as traders conserved tonnage and export demand outpaced supply, keeping CFR offers elevated.
Why did the price of Urea change in March 2026 in South America?
- Tight global export availability from Middle East disruptions reduced seaborne volumes, tightening Brazilian import supply.
- Rising natural gas and shipping costs increased production inputs, notably elevating replacement and landed prices.
- Seasonal restocking ahead of safrinha plantings, Indian tenders intensified demand, pressuring spot availability, premiums.
For the Quarter Ending December 2025
Urea Prices in North America
- In USA, the Urea Price Index fell by 11.93% quarter-over-quarter, driven by ample domestic supply.
- The average Urea price for the quarter was approximately USD 475.00/MT, reflecting high inventories regionally.
- Urea Spot Price stayed pressured by terminal overhang, compressing FOB offers and limiting margin recovery.
- Urea Production Cost Trend edged higher with firmer natural gas and ammonia, tightening producer profitability.
- Urea Demand Outlook remains muted seasonally despite brief autumn restocking and only modest export interest.
- Urea Price Forecast suggests gradual stabilization into early 2026 as inventories normalize and exports resume.
- Price Index showed mid-December uplift as dealers restocked, tightening prompt availability across Mid-South inland hubs.
- Urea Price Index volatility rose with weekly swings from export inquiries and river logistics normalization.
Why did the price of Urea change in December 2025 in North America?
- Seasonal agricultural slowdown reduced domestic procurement, leaving distributors to rely on inventories rather than restocking.
- Domestic production and smooth river logistics increased terminal stocks, intensifying competition and pressuring FOB offers.
- Firmer ammonia and gas costs offered marginal support, yet oversupply and muted exports dominated pricing.
Urea Prices in APAC
- In Japan, the Urea Price Index fell by 11.96% quarter-over-quarter, pressured by regional oversupply and weak demand.
- The average Urea price for the quarter was approximately USD 419.67/MT, reflecting elevated spot volatility and inventory adjustments.
- Urea Spot Price exhibited mixed weekly moves as import availability fluctuated, keeping the Urea Price Index largely subdued.
- Urea Price Forecast projects modest near-term stability, with seasonal demand and quota clarity determining directional shifts.
- Urea Production Cost Trend remained muted as feedstock gas prices were steady, limiting upward price pressure on imports.
- Urea Demand Outlook stays weak seasonally, with agricultural off-season and slowing industrial uptake tempering buying interest.
- Urea Price Index reflected inventory builds and export offers, while Indian tenders occasionally tightened prompt availability.
- Urea Spot Price volatility coupled with freight changes influenced restocking decisions and short-term merchant pricing behaviour.
Why did the price of Urea change in December 2025 in APAC?
- Regional oversupply from expanded Asian capacity depressed physical markets, increasing distributor inventories and limiting upward momentum.
- Soft seasonal demand and reduced agricultural procurement curtailed offtake, weighing on spot values and tender activity.
- Mixed logistics and occasional freight tightness slightly supported CFR levels, but balanced by steady feedstock and production rates.
Urea Prices in Europe
- In Germany, the Urea Price Index fell by 3.24% quarter-over-quarter, reflecting weaker domestic demand pressure.
- The average Urea price for the quarter was approximately USD 528.00/MT, reported across Hamburg and wider Germany in Q4.
- Urea Spot Price showed volatility as Black Sea import offers pressured the Price Index and constrained domestic availability.
- Urea Price Forecast suggests modest near-term softness amid destocking, while the Price Index remains range-bound for winter.
- Urea Production Cost Trend tightened from higher ammonia and gas inputs, yet easing gas prices reduced margin pressure.
- Urea Demand Outlook is mixed with seasonal agricultural slowdown offset by industrial resin and export restocking interest.
- Urea Price Index reflected inventory builds as improved imports and balanced supply reduced urgency among distributors for purchases.
- Major producer restarts lifted export flows, easing domestic tightness and tempering Urea Spot Price rallies despite earlier momentum.
Why did the price of Urea change in December 2025 in Europe?
- Black Sea export volumes improved availability, exerting downward pressure on German import parity and spot.
- Seasonal agricultural slowdown reduced farmer procurement, weakening demand as distributors delayed restocking amid policy uncertainty.
- Higher ammonia and gas cost support limited producer discounts, while easing gas softened margin resistance.
Urea Prices in MEA
- In Saudi Arabia, the Urea Price Index fell by 13.34% quarter-over-quarter, reflecting ample exportable supply.
- The average Urea price for the quarter was approximately USD 385.33/MT based on FOB shipments.
- Urea Spot Price weakened as port inventories and producers prioritized contracted volumes over spot sales.
- Urea Production Cost Trend stayed subdued due to consistent low-cost natural gas allocations supporting operations.
- Urea Demand Outlook remains muted seasonally; Indian tenders offer intermittent near-term support to export flows.
- Urea Price Forecast suggests near-term rangebound softness as Asian capacity additions temper global price recovery.
- Urea Price Index showed brief rebounds when export quotas tightened and prompt cargoes cleared quickly.
- Elevated stocks, CBAM costs and Black Sea overhang constrained Saudi FOB offers throughout the quarter.
Why did the price of Urea change in December 2025 in MEA?
- High production rates and uninterrupted natural gas allocations sustained exportable surplus, weighing heavily on FOB Price Index.
- Weak offshore enquiries, seasonally low agricultural demand and Indian tender pauses reduced immediate buying interest.
- CBAM-driven higher European landed costs and Black Sea oversupply redirected flows, pressuring Saudi FOB competitiveness.
Urea Prices in South America
- In Brazil, the Urea Price Index fell by 7.69% quarter-over-quarter, due to abundant recent imports.
- The average Urea price for the quarter was approximately USD 392.00/MT, reflecting import parity levels.
- Urea Spot Price remained range-bound as ample imports and inventories capped stronger selling momentum recently.
- Urea Price Forecast shows limited upside as exporters' volumes pressure parity, keeping Price Index subdued.
- Urea Production Cost Trend remained muted with stable energy costs limiting producers to lift offers.
- Urea Demand Outlook is weak seasonally as farmers delay purchases, restraining bulk restocking, cautious procurement.
- Export flows and efficient port operations pressured the Urea Price Index through improved unloading, logistics.
- High inventories and competitive exporter offers kept traders defensive, limiting spot premiums, upward price movement.
Why did the price of Urea change in December 2025 in South America?
- Ample imports from Russia and Middle East boosted supply, expanding inventories, suppressing CFR price pressure.
- Seasonal weakness in farm buying reduced demand; buyers adopted hand-to-mouth procurement, delaying restocking into year-end.
- Stable energy costs limited production cost inflation, while smooth port operations eased logistical premiums domestically.
For the Quarter Ending September 2025
North America
- In USA, the Urea Price Index fell by 4.9% quarter-over-quarter, reflecting demand weakness, ample supply.
- The average Urea price for the quarter was approximately USD 539.33/MT, reflecting muted buyer activity.
- Weak Urea Spot Price liquidity reflected limited seasonal buying and export offers pressuring domestic values.
- Urea Price Forecast indicates modest recovery risks if winter planting demand strengthens and supplies tighten.
- Urea Production Cost Trend showed modest upward pressure as natural gas costs remained elevated recently.
- Urea Demand Outlook remains subdued through autumn, with record inventories and muted farmer procurement activity.
- Urea Price Index movements were moderated by balanced river logistics, plant runs and competitive imports.
- Export demand weakness and Gulf Coast operating rates expanded inland stocks, constraining near-term recovery prospects.
Why did the price of Urea change in September 2025 in North America?
- Uninterrupted Gulf Coast production and steady gas flows increased domestic availability, amplifying downward price pressure.
- Late-summer seasonal demand lull and subdued farmer purchasing reduced offtake despite stable manufacturing and logistics.
- Competitive exports and elevated inland stocks pressured FOB values, with high input costs limiting declines.
APAC
- In Japan, the Urea Price Index rose by 12.66% quarter-over-quarter, driven by restocking, agricultural demand.
- The average Urea price for the quarter was approximately USD 477.67/MT, reflecting elevated freight costs.
- Urea Spot Price eased as import availability rose while the regional Urea Price Index moderated.
- Urea Price Forecast signals modest near-term weakness as the Price Index adjusts to seasonal lull.
- Urea Demand Outlook remains mixed; restocking supports volumes while seasonal lull broadly suppresses spot buying.
- Port congestion tightened short-term inventories, yet ample regional exports and weak demand pressured Price Index.
- Major regional producers resuming output increased offers, weighing on Urea Spot Price and near-term competitiveness.
Why did the price of Urea change in September 2025 in APAC?
- Resumption of full-scale regional exports increased import availability, creating downward pressure on Japanese urea pricing.
- Seasonal post-planting trough and rural depopulation reduced agricultural purchases, weakening domestic Urea Price Index momentum.
- Elevated freight rates and port congestion raised landed costs intermittently, though inventories remained relatively comfortable.
Europe
- In Germany, the Urea Price Index rose by 14.49% quarter-over-quarter, driven by import tariff front-loading.
- The average Urea price for the quarter was approximately USD 555.67/MT, reflecting front-loaded imports and logistics.
- Urea Spot Price remained stable as domestic inventories absorbed export-related tightness and seasonal buying paused.
- Urea Production Cost Trend rose with higher ammonia and natural gas costs, pressuring producer margins.
- Urea Demand Outlook remained subdued post-harvest, with distributors delaying purchases pending seasonal and policy signals.
- Urea Price Forecast indicates short-term weakness before seasonal recovery, contingent on inventories and export flows.
- Export demand from India and Brazil redirected volumes, tightening availability while German inventories provided cover.
- Major German producers ran steady, supporting local supply while logistics constraints and freight affected delivery.
Why did the price of Urea change in September 2025 in Europe?
- EU tariffs and sanctions reduced Russian and Belarusian supplies, prompting import front-loading and availability tightening.
- Low Rhine water levels constrained inland barging, increasing costs and delaying German fertilizer deliveries regionally.
- Strong procurement from India and Brazil diverted volumes, while domestic demand softened, weighing on prices.
MEA
- In Saudi Arabia, the Urea Price Index rose by 18.47% quarter-over-quarter, driven by export tightness.
- The average Urea price for the quarter was approximately USD 444.67/MT according to reported data.
- Urea Spot Price softened while regional Price Index eased as Saudi plants ran full rates.
- Urea Price Forecast signals range-bound movement as stable feedstock and rising production cost trend persist.
- Urea Demand Outlook remains firm from India procurement despite subdued regional domestic consumption and buyers.
- Inventory levels and export demand dynamics pressured Price Index amid shipping detours and higher insurance.
- Major Saudi producers operated at near full utilisation supporting steady exports and constraining Price Index upside.
- Urea Spot Price volatility reflected Indian tender timing and currency swings reducing Brazilian buying power.
Why did the price of Urea change in September 2025 in MEA?
- Full Saudi gas supplies, run rates swelled export volumes, increasing spot availability and pressuring prices.
- Indian procurement cycles absorbed prompt tonnage, tightening regional availability and sustaining short-term upward price pressure.
- Red Sea incidents forced longer voyage routings, inflating freight and insurance costs, underpinning FOB values.
South America
- In Brazil, the Urea Price Index rose by 12.00% quarter-over-quarter, driven by pre-planting procurement, logistics.
- The average Urea price for the quarter was approximately USD 441.67/MT across imported granular and prilled grades.
- Urea Spot Price firmed, softened as the Price Index reflected rising port inventories and offers.
- Urea Price Forecast indicates range-bound near-term movement as global tenders and logistics shape available supply.
- Urea Production Cost Trend eased slightly with lower upstream benchmarks, moderating import landed cost pressure.
- Urea Demand Outlook remains subdued post-planting, though low grower coverage could spur selective restocking later.
- Urea Price Index weakness mirrored abundant port stocks and subdued domestic buying, offsetting export-driven support.
- Operational outages and Middle East tensions intermittently constrained supply while redirected Russian volumes increased delivered availability.
Why did the price of Urea change in September 2025 in South America?
- Import saturation from July–August elevated port inventories, reducing buying urgency and pressuring Urea Price Index.
- Freight volatility and cyclone-related delays increased landed costs and intermittently tightened physical availability in Brazil.
- Global tenders, India, diverted shipments and altered seaborne flows, changing spot demand and local pricing.
