For the Quarter Ending March 2026
Urea Ammonium Nitrate Prices in North America
- In USA, the Urea Ammonium Nitrate Price Index rose by 2.28% quarter-over-quarter, reflecting logistics costs.
- The average Urea Ammonium Nitrate price for the quarter was approximately USD 389.33/MT, delivered Tampa.
- Tampa terminal drawdowns tightened Urea Ammonium Nitrate Spot Price, pressuring prompt availability and margins regionally.
- Urea Ammonium Nitrate Price Forecast shows near-term firmness as growers restock ahead of spring applications.
- Rising upstream urea and ammonium nitrate pushed the Urea Ammonium Nitrate Production Cost Trend higher.
- Urea Ammonium Nitrate Demand Outlook remains seasonally supportive with side-dress buying, sustaining distributor restocking activity.
- Urea Ammonium Nitrate Price Index strength reflected constrained imports, elevated freight, and accelerated distributor purchasing.
- Ample domestic inventories early quarter softened upside, while localized plant maintenance tightened prompt cargo availability.
Why did the price of Urea Ammonium Nitrate change in March 2026 in North America?
- Import disruptions and maintenance reduced prompt supply, increasing landed costs and tightening Gulf terminal inventories.
- Elevated upstream urea and ammonia values raised production costs, translating directly into higher delivered prices.
Urea Ammonium Nitrate Prices in APAC
- In China, the Urea Ammonium Nitrate Price Index rose by 6.28% quarter-over-quarter, supported by restocking and exports.
- The average Urea Ammonium Nitrate price for the quarter was approximately USD 383.67/MT. reflecting stable consumption-led demand.
- Urea Ammonium Nitrate Spot Price strength reflected tightened export nominations and constrained prompt availability at key Qingdao terminals.
- Urea Ammonium Nitrate Production Cost Trend showed upward pressure as coal-based ammonia and ammonium nitrate costs rose.
- Urea Ammonium Nitrate Demand Outlook remained firm given spring restocking, precision-agriculture incentives and sustained Southeast Asian procurement interest.
- Urea Ammonium Nitrate Price Forecast indicates near-term upside through April before seasonal moderation and inventory pressures emerge.
- Urea Ammonium Nitrate Price Index context included port congestion, logistical tightness and exporter discipline limiting spot volumes.
- Inventories and export demand dynamics balanced domestic supply, preventing oversupply while supporting firm offers to regional buyers.
Why did the price of Urea Ammonium Nitrate change in March 2026 in APAC?
- Tightened export nominations and strong Southeast Asian buying tightened spot pools, lifting March price momentum.
- Higher coal-based ammonia and upstream fertilizer costs increased blending expenses, exerting upward pressure on quotations.
- Port congestion and logistical tightness delayed shipments, reducing prompt availability and supporting firmer domestic pricing.
Urea Ammonium Nitrate Prices in Europe
- In France, the Urea Ammonium Nitrate Price Index rose by 3.13% quarter-over-quarter, driven by procurement.
- The average Urea Ammonium Nitrate price for the quarter was USD 384.67/MT, Le Havre delivered.
- Urea Ammonium Nitrate Spot Price firmed as cooperatives restocked, compressing prompt availability before peak applications.
- Urea Ammonium Nitrate Price Forecast indicates gains driven by seasonal top-dressing and constrained import availability.
- Urea Ammonium Nitrate Production Cost Trend elevated as natural gas and ammonia inputs pressured margins.
- Urea Ammonium Nitrate Demand Outlook remains robust for spring top-dressing as cooperatives lock in shipments.
- Urea Ammonium Nitrate Price Index strengthened on tight inventories, maintenance outages and constrained prompt imports.
- Le Havre operations remained steady, yet seasonal freight and insurance premiums added modest upward pressure.
Why did the price of Urea Ammonium Nitrate change in March 2026 in Europe?
- Tight European production, maintenance and reduced imports constrained prompt availability ahead of peak agricultural demand.
- Elevated natural gas and ammonia costs increased production expenses, transmitting higher replacement costs into markets.
- Weather related port friction and cooperative restocking compressed prompt inventories, tightening immediate market liquidity.
- War-risk premia, longer voyage times increased freight costs, prompting traders to pre-buy and hedge inventories.
For the Quarter Ending December 2025
Urea Ammonium Nitrate Prices in North America
- In USA, the Urea Ammonium Nitrate Price Index fell by 1.97% quarter-over-quarter, reflecting weaker demand.
- The average Urea Ammonium Nitrate price for the quarter was approximately USD 380.67/MT per ton.
- Elevated rail dwell times supported Urea Ammonium Nitrate Spot Price despite muted domestic demand recently.
- Urea Ammonium Nitrate Production Cost Trend eased as feedstock urea and ammonia prices softened regionally.
- Urea Ammonium Nitrate Demand Outlook is muted through December, constraining upside for the Price Index.
- Export tenders diverted volumes abroad, tightening Urea Ammonium Nitrate Price Index liquidity and supporting bids.
- Producer turnarounds constrained merchant availability, keeping Urea Ammonium Nitrate Spot Price bids firm at hubs.
- Urea Ammonium Nitrate Price Forecast suggests small moves driven by seasonal buying and import arbitrage.
Why did the price of Urea Ammonium Nitrate change in December 2025 in North America?
- Seasonal off-season demand reduced purchasing urgency, lowering spot bids despite steady import arrivals across ports.
- Feedstock costs softened, compressing production breakevens, allowing exporters to accept lower netbacks.
- Rail dwell times and port handling delays constrained rebalancing, supporting bids and limiting price movement.
Urea Ammonium Nitrate Prices in APAC
- In China, the Urea Ammonium Nitrate Price Index fell by 3.65% quarter-over-quarter, reflecting softer export demand.
- The average Urea Ammonium Nitrate price for the quarter was approximately USD 361.00/MT, per reported data.
- Urea Ammonium Nitrate Spot Price weakened amid muted Southeast Asian buying and adequate coastal terminal inventories.
- Urea Ammonium Nitrate Production Cost Trend reflected mixed feedstock movements; coal-driven ammonia costs supported modest upward pressure.
- Urea Ammonium Nitrate Demand Outlook remains cautious as farmers delayed purchases awaiting policy clarity and seasonal lower uptake.
- China Urea Ammonium Nitrate Price Index stability owed to balanced supply, port congestion management, and controlled export offers.
- Producers maintained near-full production while terminals kept adequate stocks, limiting aggressive price movements into December.
- Urea Ammonium Nitrate Price Forecast shows minor near-term volatility, with seasonal restocking and freight cost pressures discussed.
Why did the price of Urea Ammonium Nitrate change in December 2025 in APAC?
- Soft overseas demand from Southeast Asia reduced export lift, pressuring domestic offers and lowering FOB parity.
- Stable feedstock costs and restored ammonia supply limited cost-push inflation, moderating UAN offers in December markets.
- Port congestion and freight variances constrained logistics, but adequate inventories prevented significant tightening of Chinese UAN markets.
Urea Ammonium Nitrate Prices in Europe
- In France, the Urea Ammonium Nitrate Price Index rose by 3.61% quarter-over-quarter, reflecting tightening flows.
- The average Urea Ammonium Nitrate price for the quarter was approximately USD 373.00/MT, across terminals.
- Tight Channel terminals supported stronger Urea Ammonium Nitrate Spot Price, tightening the regional Price Index.
- The Urea Ammonium Nitrate Demand Outlook showed seasonal pre-winter stocking by cooperatives sustaining elevated bidding activity.
- Traders flagged cautious Urea Ammonium Nitrate Price Forecast, contingent on winter arrivals and port throughput.
- Distributors adjusted offers as Urea Ammonium Nitrate Price Index volatility reflected mixed import cadence patterns.
- Improved inland logistics and freight supported balanced markets, limiting Urea Ammonium Nitrate Price Index pressure.
Why did the price of Urea Ammonium Nitrate change in December 2025 in Europe?
- Import arrivals from overseas tightened near-term availability at select ports, supporting spot prices despite overall inventory increases.
- Ongoing fertilizer demand from late-season applications and precautionary restocking by farmers bolstered end-user offtake, sustaining upward price momentum.
For the Quarter Ending September 2025
Urea Ammonium Nitrate Prices in North America
- In USA, the Urea Ammonium Nitrate Price Index fell by 0.51% quarter-over-quarter, reflecting balanced supply and demand dynamics.
- The average Urea Ammonium Nitrate price for the quarter was approximately USD 388.33/MT, CFR Tampa.
- Urea Ammonium Nitrate Spot Price softened with arrivals, while Price Index reflected constrained export flows.
- Urea Ammonium Nitrate Price Forecast indicates monthly oscillations driven by tariff changes and feedstock uncertainty.
- Urea Ammonium Nitrate Production Cost Trend rose reflecting higher natural gas costs and tariff-driven premiums.
- Urea Ammonium Nitrate Demand Outlook expects seasonal tapering, winter refills supporting procurement and inventory management.
- Inventory pressures and restocking influenced availability, causing volatility in the Urea Ammonium Nitrate Price Index.
- Export route disruptions and plant curtailments limited volumes, amplifying Urea Ammonium Nitrate Spot Price sensitivity.
Why did the price of Urea Ammonium Nitrate change in September 2025 in North America?
- Reciprocal tariffs increased import costs, prompting advance purchases and compressing practical domestic supply for distributors.
- Seasonal application slowdown lowered immediate demand, while inventory rebalancing and freight trends moderated price momentum.
Urea Ammonium Nitrate Prices in APAC
- In China, the Urea Ammonium Nitrate Price Index fell by 3.1% quarter-over-quarter, reflecting limited demand.
- The average Urea Ammonium Nitrate price for the quarter was approximately USD 374.67/MT in China.
- Domestic Urea Ammonium Nitrate Spot Price firmed while the Price Index reflected easing seasonal pressure.
- Urea Ammonium Nitrate Production Cost Trend eased; ammonia and urea input costs declined, supporting margins.
- Urea Ammonium Nitrate Demand Outlook soft amid limited agricultural restocking and export enquiries supporting Price Index.
- Elevated domestic inventories and port congestion constrained distribution, limiting Urea Ammonium Nitrate exports and shipments.
- Major producers maintained steady operations while prioritising urea output, subtly tightening Urea Ammonium Nitrate availability for the short-term.
- Urea Ammonium Nitrate Price Forecast indicates mild oscillations through winter with potential cost-driven upward pressure.
Why did the price of Urea Ammonium Nitrate change in September 2025 in APAC?
- Lower ammonia and urea input costs reduced production expenses, weighing on the UAN Price Index.
- Logistics delays constrained timely shipments, prompting traders to alter prices, attracting cautious domestic buyers.
Urea Ammonium Nitrate Prices in Europe
- In France, the Urea Ammonium Nitrate Price Index rose by 8.98% quarter-over-quarter, driven by constraints.
- The average Urea Ammonium Nitrate price for the quarter was approximately USD 360.00/MT, including imports.
- Urea Ammonium Nitrate Spot Price strength reflected tighter imports and transatlantic shipments altering short-term availability.
- Urea Ammonium Nitrate Price Forecast shows modest oscillations as seasonal demand returns.
- Rising urea and nitrate feedstock costs lifted Urea Ammonium Nitrate Production Cost Trend, narrowing margins.
- Demand Outlook remains firm pre-application season, farmers deferring purchases but expected to restock soon.
- Price Index resilience reflected reduced inventories and export demand as regional buyers competed for cargoes.
- Operational outages and geopolitical disruptions constrained shipments, underpinning Urea Ammonium Nitrate pricing and uncertainty.
Why did the price of Urea Ammonium Nitrate change in September 2025 in Europe?
- Supply disruptions from geopolitical events and production outages reduced available UAN cargoes into Europe.
- Elevated feedstock and freight costs increased landed cost pressures, supporting higher offers despite muted buying.
For the Quarter Ending June 2025
North America
- The Urea Ammonium Nitrate Price in North America have increased by 1.8% quarter-over-quarter in Q2 2025, reflected in a strong Price Index.
- The price of essential feedstock Ammonium Nitrate was also increasing during the same period of time prompting towards increased production cost thus exerting upward pressure on Ammonium Nitrate prices.
- Domestic buyers remained cautious amid volatility in global tariffs and uncertainty around import sourcing patterns.
- Supply was disrupted further due to drone attacks on Russian nitrate plants and natural gas shortages in Trinidad, pushing up prices.
- Demand from agriculture remained steady due to heatwaves and a need to maximize crop yields.
Why did the price of UAN change in July 2025 in the US?
- The Price Index of imported UAN in the United States rose in July 2025, driven by a combination of tight supply, delayed shipments, and shifting demand dynamics.
- Key exporters like Trinidad and Russia faced production and export constraints. In Trinidad, natural gas curtailments reduced nitrogen fertilizer output, while in Russia, sanctions and internal disruptions from geopolitical conflicts limited outbound shipments. This squeezed the flow of UAN into the U.S. market, leading to reduced import volumes at a time of consistent downstream demand.
- While UAN application typically peaks in spring, residual and late-season nitrogen application continued across parts of the Midwest and the Southern U.S. in July. Wet weather in late Q2 had delayed some spring fieldwork, resulting in deferred fertilizer applications spilling into early Q3. This created pockets of active demand, particularly for top-dressing corn and cotton crops.
APAC
- The Chinese Urea Ammonium Nitrate market experienced mixed price trend during q2 2025.
- Price Index of UAN in China witnessed a significant upward trend in April 2025, continuing the momentum from March 2025.
- Despite a decline in feedstock prices such as Ammonia and Nitric Acid, their downward influence on UAN pricing was limited.
- Price Index of UAN in China declined slightly, marking a contrast to the sharp upward trend observed in April.
- Domestic supply was stable, with adequate availability of feedstocks like Ammonium Nitrate.
- Logistical bottlenecks at major ports (Ningbo, Shanghai, Qingdao) led to delays and increased domestic inventory buildup.
- Demand remained modest, with early-month restocking by farmers during the rice and cotton planting season, followed by cautious procurement as buyers awaited the onset of summer demand.
- International exports were stable but limited, mostly based on long-term contracts with countries like Indonesia, Japan, and Vietnam.
- Price Index of UAN in China stabilized, following the marginal decline in May.
- The stability in pricing was supported by a gradual recovery in fertilizer demand and a strategic move by traders to maintain pricing to attract international buyers amid rising geopolitical uncertainty.
- Domestic production remained stable, with facilities like Shijiazhuang Zhongji ZhengRMB Chemical Co., Ltd. operating without disruptions.
- However, port congestion intensified due to shipping volume, tariff adjustments, and adverse weather—resulting in distribution delays and further inventory buildup.
- Domestic demand remained modest but consistent, aligned with seasonal fertilizer application for crops like rice and cotton.
- Export demand improved, partly driven by geopolitical factors (Russia-Ukraine conflict, Middle East tensions), prompting international buyers to diversify supply chains and increasing reliance on China.
Why the prices change of UAN change during July 2025 in Asia?
- The UAN Price Index in Asia rose in July 2025, driven by a mix of tight global supply, strong seasonal demand, and cost-side pressures.
- July coincided with the kharif season in India and the peak wet-season planting period in much of Southeast Asia. This surge in demand for nitrogen-based fertilizers, including UAN, created supply-side strain, especially as many buyers had deferred earlier procurement in anticipation of softer prices. The urgent in-season need led to spot market tightness and elevated pricing.
- With the expectation of continued supply constraints and no immediate price relief, several importers and government-backed agencies in Asia opted for aggressive short-term procurement, even at premium prices. This created a feedback loop where rising prices triggered faster buying, which in turn pushed prices higher.
Europe
- Price Index of imported UAN in the European market declined modestly in April 2025, reversing the price increase observed in March.
- However, as the quarter progressed the prices began to increase and sustained the upward trajectory throughout the quarter.
- The price index from May to June increased by 3.3% in France.
- Year-on-year increase of 18,000–19,000 tonnes in UAN import volumes between January–May 2025.
- France’s UAN supply chain remained highly exposed to external developments.
- Trinidad’s natural gas curtailments led to reduced production and exports.
- A drone attack in Russia disrupted nitrate production facilities.
- The Netherlands emerged as France’s top UAN supplier, followed by Trinidad and Russia.
- Additional U.S. cargoes were committed for upcoming deliveries as buyers sought more reliable sources.
- Purchasing activity remained muted as farmers prioritized the ongoing harvest season.
- Forward buying was limited, with growers waiting for post-harvest evaluations.
- Despite subdued demand, suppliers held firm pricing positions, buoyed by strong fundamentals and supply concerns.
- Buyers displayed caution in committing to forward contracts, especially amid trade uncertainties with Russia and fluctuating freight rates.
Why the prices of UAN change in July 2025 in Europe?
- The Price Index of imported UAN in Europe rose in July 2025, driven by a combination of persistent supply-side disruptions, geopolitical trade shifts, and tightening inventory levels, despite traditionally subdued demand during this period.
- European buyers continued to face import challenges due to delayed cargoes, congested ports, and inland transport disruptions. Critically low water levels in the Rhine River hindered barge movement, creating backlogs in UAN distribution from ports to inland markets like Germany, France, and the Netherlands. These constraints slowed the flow of already limited volumes, pushing import prices higher.
- In Europe, demand for Ammonium Nitrate remained firm during July, driven by delayed fertilizer applications from a wetter-than-expected spring. Growers were applying catch-up doses of nitrogen to support cereal and oilseed crops, leading to increased short-term procurement.
