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You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.Abu Dhabi's state-owned Adnoc set its January official sulphur selling price (OSP) for the Indian subcontinent at $174/t fob Ruwais, up by $9/t from its December OSP of $165/t fob.
Adnoc's January OSP implies a delivered price of $191-193/t cfr India, with the freight cost for a 40,000-45,000t shipment to the east coast of India having last been assessed at $17-19/t on 19 December.
The announced OSP fob price has risen by $97/t in the space of a year, from $77/t fob Ruwais in January last year.
Singapore, 7 April (Argus) — London-listed energy firm Atome has signed a definitive engineering, procurement and construction (EPC) contract with Swiss contractor Casale for its renewable CAN project in Paraguay. Atome has signed a fixed-price $465mn EPC agreement with Casale for the 260,000 t/yr CAN plant at Villeta, Paraguay. The deal marks the latest step towards Atome taking a final investment decision for its project targeting towards the end of the first half of 2025, the firm said today. This follows Atome's agreement with French clean hydrogen infrastructure fund Hy24 earlier this year. The CAN at the plant will be made using ammonia produced from hydroelectricity, and output is scheduled to start in 2027. Atome is targeting first sales of "green" fertilizer in 2028. The project, when complete, would be the world's first large-scale carbon-free fertilizer facility. By Dana Hjeij Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Houston, 3 April (Argus) — The US Army Corps of Engineers (Corps) will have to choose between various lock reconstruction and waterway projects for its annual construction plan after its funding was cut earlier this year. Last year Congress allowed the Corps to use $800mn from unspent infrastructure funds for other waterways projects. But when Congress passed a continuing resolutions for this year's budget they effectively removed that $800mn from what was a $2.6bn annual budget for lock reconstruction and waterways projects. This means a construction plan that must be sent to Congress by 14 May can only include $1.8bn in spending. No specific projects were allocated funding by Congress, allowing the Corps the final say on what projects it pursues under the new budget. River industry trade group Waterways Council said its top priority is for the Corps to provide a combined $205mn for work at the Montgomery lock in Pennsylvania on the Ohio River and Chickamauga lock in Tennesee on the Tennessee River since they are the nearest to completion and could become more expensive if further delayed. There are seven active navigation construction projects expected to take precedent, including the following: the Chickamauga and Kentucky Locks on the Tennessee River; Locks 2-4 on the Monongahela River; the Three Rivers project on the Arkansas River; the LaGrange Lock and Lock 25 on the Illinois River; and the Montgomery Lock on the Ohio River. There are three other locks in Texas, Pennsylvania and Illinois that are in the active design phase (see map) . By Meghan Yoyotte Corps active construction projects 2025 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Washington, 3 April (Argus) — President Donald Trump does not intend to back down from his plan for sweeping import tariffs that have already caused a sell-off in global equity markets and some commodities, administration officials say. The tariffs — which will start at 10pc for most imports on 5 April before steeper country-specific tariffs take effect on 9 April, with exceptions for some energy and mineral imports — have caused key stock indexes to drop by as much as 5pc, with even larger declines in crude futures, as investors brace for lower growth and a higher chance of a recession. Trump earlier today defended the tariffs, as he prepared to leave the White House for a dinner tonight at a golf tournament at one of his resorts in Florida. "THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING," Trump wrote in a social media post before major stock markets opened. Trump's cabinet has downplayed the short-term price effect of the tariffs, which they say will boost economic growth in the US and cause a resurgence in domestic manufacturing. US commerce secretary Howard Lutnick said he does not think there is "any chance" that Trump will rescind the tariffs, and said Trump will only begin to work on new trade deals once a country has "really, really changed their ways" on trade practices. "Trump is going to stand firm because he is reordering global trade," Lutnick said today in an interview with CNN. "Make no mistake about it, America has been exploited, and he is done allowing America to be exploited." Other administration officials have suggested a greater potential for lower tariffs in the near-term. US treasury secretary Scott Bessent has encouraged world leaders to "take a deep breath" and not to "panic" because the tariff rates that Trump announced were a "ceiling" that might come down, so long as there was no retaliation. "Don't immediately retaliate, let's see where this goes, because if you retaliate, that's how we get escalation," Bessent said on 2 April during interview on Fox News. The tariffs have caused bipartisan backlash on Capitol Hill, but so far legislative action has been symbolic and unlikely to become law. The US Senate, in a bipartisan vote on 2 April, approved a joint resolution that would end the justification Trump has used to put tariffs on Canada. US senators Chuck Grassley (R-Iowa) and Maria Cantwell (D-Washington) introduced a bill today to eliminate most new presidential tariffs after 60 days without approval by the US Congress. Democrats say the tariffs will force consumers to pay far more on everyday goods, with revenue offsetting Republican plans to provide more than $5 trillion in tax cuts. "Donald Trump is using tariffs in the dumbest way imaginable. In fact, Donald Trump slapped tariffs on penguins and not on Putin," US Senate minority leader Chuck Schumer (D-New York) said today, in reference to Trump's decision to put a 10pc tariff on an island populated only with penguins. Trump has claimed his country-specific tariffs are "reciprocal" even though they have no relation to the tariffs each country charges on US imports. Instead, Trump's tariffs were calculated based on a universal equation that is set at half of the country's trade deficit with the US, divided by the country's imports from the US, with a minimum tariff rate of 10pc. Major US trading partners are preparing for retaliatory tariffs. Canada's prime minister Mark Carney said he would respond to Trump's tariffs on automobiles, which took effect today, by "matching the US approach" and imposing a 25pc tariff on auto imports that do not comply with the US-Mexico-Canada free trade agreement. China said it was preparing unspecified countermeasures to US tariffs that would be set at 54pc. Trump's cabinet today dismissed the market reaction to the tariffs. Stock markets are going through a "short-term adjustment" but the tariffs will ultimately result in more growth and additional investments, US Small Business Administration administrator Kelly Loeffler said today in an interview on Fox News "The gravy train is over for the globalist elites," said Loeffler, who previously was a top executive at US exchange operator ICE. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
London, 3 April (Argus) — Rebuilding India's DAP inventories remains an uphill struggle as the latest subsidies and current market prices keep importers' and many producers' margins in the red, despite a rise in the subsidy. India will have to keep relying on NPKs/NPs to cover much of its phosphate needs. The Indian government has set the nutrient-based subsidy (NBS) for DAP for the April-September kharif season at 27,799 rupees/t. This is an increase of Rs5,888/t from the base subsidy for the October-March rabi season. The government will probably extend the Rs3,500/t special additional subsidy for DAP into kharif, bringing the total subsidy for DAP up to Rs31,299/t. The maximum retail price (MRP) for DAP will remain at Rs27,000/t. DAP importers face losses The new subsidy rate, including the special additional subsidy, brings the breakeven import price for DAP to the low $600s/t cfr at the current exchange rate and MRP. This is well below the latest concluded level in the high $640s/t cfr, and almost $60/t below latest offers. Without the Rs3,500/t special additional subsidy, the breakeven import price would be around $563/t cfr. The government will probably commit to compensating importers for losses on DAP over kharif, but there has not yet been official confirmation. The department of fertilizers said in September last year that it would compensate importers for losses on DAP over rabi. But some importers said that they have not yet received this compensation. NPKs more attractive for many producers Indian DAP producers using phosphoric acid and ammonia imported at $1,153/t P2O5 cfr and $350/t cfr, respectively, now face losses of $25/t, given the current NBS, MRP and exchange rate. The second-quarter contract price for merchant-grade phosphoric acid to India is up by $98/t P2O5 from the first-quarter price of $1,055/t P2O5 cfr. The rise in the acid price was driven by soaring sulphur costs, firmer sentiment for DAP and falling ammonia prices — which are down from a midpoint of $440/t cfr at the start of the calendar year. Those producers using phosphoric acid will be drawn to the profits to be gained from making NPKs. The new subsidies for 10-26-26 and 12-32-16 are Rs16,257/t and Rs19,495/t, respectively. Both grades have an MRP of Rs35,000/t. At current phosphoric acid, ammonia and potash — with MOP at $283/t cfr with 180 days credit — import costs and exchange rates, Indian producers would see profits of around $48/t for 10-26-26 and $54/t for 12-32-16. DAP producers using imported phosphate rock, sulphur and ammonia will make a profit. Producers importing 30-31pc P2O5 phosphate rock at $153/t cfr, dry bulk sulphur at $280/t and ammonia at $350/t cfr now see margins of around $66/t. Phosphate rock prices have held broadly steady over recent quarters. The fall in ammonia costs has helped to counter the bull run in the global sulphur market, which has pushed up dry bulk sulphur cfr prices in India by $91/t at the midpoint since the beginning of 2025. Without the Rs3,500/t special additional subsidy on DAP, the loss for producers using imported phosphoric acid and ammonia would rise to around $66/t. And the margin for producers using imported phosphate rock, sulphur and ammonia would fall to around $25/t. Producers generally cannot switch between using phosphoric acid and using phosphate rock and sulphur. The Indian government did not cover the losses incurred by DAP producers over rabi — forcing many producers to turn to making NPKs/NPs instead. Although speculation has emerged that the government will compensate producers over kharif, there has been no official indication either way. DAP stocks to remain low Provisional data indicate that India ended March with around 1.3mn t of DAP in stock, still well below the perceived comfortable minimum of 2mn t. Indian distributors will want to build DAP stocks ahead of the peak offtake season — beginning around June. But while importers and producers continue to face losses, stocks will remain low and many farmers will again have to settle for NPKs/NPs as an alternative source of phosphate. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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