Ammonia
Market moving insight on clean and conventional ammonia – delivering robust price assessments, actionable commentary, powerful data, vital analysis and outlooks
Overview
The ammonia market is undergoing a period of rapid and dramatic change. Conventional or ‘grey’ ammonia is traditionally produced almost exclusively for its nitrogen content. However, the urgent need to decarbonise the global economy and meet ambitious zero-carbon goals has opened up exciting new opportunities.
Ammonia has the potential to be the most cost-effective and practical ‘zero-carbon’ energy carrier in the form of hydrogen to the energy and fuels sectors. This has led to rapid growth of interest in clean ammonia and a flurry of new ‘green’ and ‘blue’ ammonia projects.
Argus has many decades of experience covering the ammonia market. We incorporate our multi-commodity market expertise in energy, marine fuels, the transition to net zero and hydrogen to provide existing market participants and new entrants with the full market narrative.
Our industry-leading price assessments, powerful data, vital analysis and robust outlooks will support you through:
- Ammonia price assessments (daily and weekly), some of which are basis for Argus ammonia futures contracts, Ammonia forward curve data and clean ammonia cost assessments and modelled weekly prices
- Short and medium to long-term forecasting, modelling and analysis of conventional and clean ammonia prices, supply, demand, trade and projects
- Bespoke consulting project support
Latest ammonia news
Browse the latest market moving news on the global ammonia industry.
What role for clean H2 in South Korea?
What role for clean H2 in South Korea?
Plans for a cleaner grid may leave no future for ammonia co-firing, and recent events will reinforce resolve to reduce import reliance, writes Stefan Krumpelmann Hamburg, 8 April (Argus) — For a while, imports of clean hydrogen and derivatives were expected to take centre stage in South Korea's energy future. But a change in government and war in the Middle East have shifted the focus to domestic clean energy generation, and hydrogen imports could be sidelined to a supporting role. South Korea in 2021 set a target of using 3.9mn t/yr of hydrogen by 2030. Roughly half of this was to be imported from regions with abundant potential for low-cost production. Imports were expected to rise to 22.9mn t/yr by 2050, accounting for over 80pc of supply by then. Hydrogen and derivatives were expected to be used widely across industry, power generation and transport. While these targets have not been abandoned officially, the 2030 goals are far out of reach and policy objectives have changed. After taking office last year, the government of President Lee Jae Myung increased the country's 2030 renewable power capacity target to 100GW from 80GW previously. The existing figure stands at 37GW. The government also announced plans for an accelerated phase-out of coal-fired power , with direct implications for hydrogen and derivatives. Seoul called off a second round of its clean hydrogen power generation bidding market, as the coal phase-out decision effectively rules out long-term ammonia co-firing . War in the Middle East has provided fresh impetus for a government drive to strengthen domestic energy output — South Korea relies heavily on imported fossil fuels, including oil and LNG from the Mideast Gulf. "It is time to establish a new energy security system capable of drastically reducing dependence on imports by expanding domestic production," the ministry of climate, energy and environment said on 7 April. The government now says it aims to reach the 100GW renewables target for 2030 "ahead of schedule". The ministry's statement focused primarily on increased electrification, including a "complete transformation" of the national power grid. But it also referenced support for hydrogen production using renewable and nuclear power, hydrogen consumption in steelmaking and adoption of hydrogen-powered vehicles. An imminent relaunch of the clean hydrogen power generation bidding market's second round may be focused exclusively on co-firing domestically produced hydrogen with natural gas, industry participants say, although the government has yet to finalise the exact plans. Participants in the mechanism previously looked primarily to cheaper supply from abroad , including ammonia produced from natural gas with carbon capture and storage (CCS) in the Middle East. Even before the war started, delays in renewable and CCS-based hydrogen projects globally cast doubts over import plans. And with the government encouraging domestic output, major firms like Hyundai have advanced ambitious plans for renewable hydrogen production and development of in-house technologies . Imports will arguably still have a role, however, given cost advantages and investments already made. Renewable ammonia from elsewhere in Asia could be a particularly attractive proposition. Engineering firm Samsung C&T signed a binding $3bn deal last month for renewable ammonia supply from India's Reliance — possibly to replace volumes from a delayed Saudi CCS-based project destined for co-firing by utility Kospo. And in February, Lotte Fine Chemical received a first renewable ammonia cargo from China's Envision Energy. S Korea's H2 targets from 2021 Target year Domestic production Imports 2030 940,000 t/yr conventional/unabated; 750,000 t/yr CCS-based; 250,000 t/yr renewable 1.96mn t/yr renewable 2050 3mn t/yr renewable; 2mn t/yr CCS-based 22.9mn t/yr renewable - South Korean government Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran-linked ammonia vessel transits strait of Hormuz
Iran-linked ammonia vessel transits strait of Hormuz
London, 8 April (Argus) — An Iran-linked ammonia vessel successfully transited the strait of Hormuz over the weekend and is expected to deliver a shipment to India under a spot deal that has yet to be finalised, according to market participants and Kpler ship-tracking data. The Handysize vessel loaded from producer inventories in Iran. It is still understood that all ammonia production is off line in the country. The shipment is under discussion with buyers in India, where Argus last assessed prices at $750/t cfr on a midpoint basis on 2 April. Prices in India were $255/t lower before the start of the US-Israel war with Iran at around $495/t cfr on 26 February. It is the first ammonia shipment to be exported through the strait since the outbreak of war in the region on 28 February. A limited number of vessels have made safe passage through the waterway — Iran has signed agreements with "friendly" countries for the safe passage of vessels, including Malaysia , Pakistan, China, Russia, Iraq and Bangladesh. "These restrictions apply only to enemy countries," a spokesman for Iran's military previously said via the WANA News Agency in Tehran. The US and Iran then said on 7 April that they would halt hostilities for a two-week period to finalise a peace deal, with US president Donald Trump saying the deal was "subject to the Islamic Republic of Iran agreeing to the complete, immediate, and safe opening of the strait of Hormuz". Iran's supreme national security council confirmed the ceasefire agreement but described the peace proposal under discussion as enshrining "continued Iranian control over the strait of Hormuz", according to Iran's Tasnim news agency. Vessel movements in the waterway are little changed so far following the US and Iran's conflicting statements, as shipowners and operators await further clarity on security arrangements and insurance cover. Two medium-sized gas carriers (MGCs) laden with ammonia have been stuck in the Mideast Gulf for more than five weeks and have shown no signs of movement since the ceasefire announcement. The Eco Oracle (26,870t) and Green One (25,835t) are expected to be the first non-Iranian ammonia vessels to exit the region when exports do resume. But a meaningful resumption of ammonia exports will not be immediate. The status of Saudi Arabian producer Sabic's 330,000 t/yr export capacity is unclear following strikes at Jubail on 7 April. Fellow Saudi producer Maaden has taken two of its three 1.1mn t/yr ammonia units off line and state-owned QatarEnergy's ammonia production was taken off line on 3 March following drone strikes. Stock levels in tanks across the region available for immediate export once the strait reopens are not known. Maaden has two MGCs located within a few days' travel of the region, which could load a total of over 50,000t if stocks are available. Just 30,000t shipped from the Middle East in March, all of which loaded from Oman. The region typically exports 350,000 t/month. By Lizzy Lancaster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Sungrow, CRRC to provide tech for Kenya green NH3 plant
Sungrow, CRRC to provide tech for Kenya green NH3 plant
London, 24 March (Argus) — Chinese electrolyser manufacturers Sungrow Hydrogen and CRRC Zhuzhou have secured electrolyser supply contracts for the first phase of a geothermal-powered hydrogen and ammonia project in Olkaria, Kenya, developed by Chinese firm Kaishan Group. Kaishan signed a steam supply agreement with state utility KenGen in October 2025, under which KenGen will supply steam from existing geothermal wells for Kaishan to generate 165MW of electricity to power the electrolysers. Chinese firm Wuhuan Engineering is serving as engineering, procurement and construction contractor. Works on the site began in November 2025. Sungrow will supply 16 alkaline electrolysers rated at 1,000 Nm³/h each, while CRRC will provide eight units of the same rating, giving phase 1 a combined capacity of 24,000 Nm³/h, or around 120MW. This is sufficient to produce roughly 19,000 t/yr of hydrogen assuming continuous operation, which will be converted to the 100,000 t/yr of ammonia planned for phase 1. Kaishan plans to scale to 200,000 t/yr of ammonia at full build-out, with output processed into 480,000 t/yr of green fertilisers comprising 180,000 t/yr of urea and 300,000 t/yr of calcium ammonium nitrate. Kenya's government will offtake the fertiliser for distribution to local farmers to reduce import dependence. Total investment stands at around $800mn, with annual revenues projected at $220mn-250mn over a 25-year operating life, Kaishan said previously. Geothermal power offers a significant advantage for electrolytic hydrogen production, with capacity factors of around 90pc enabling near-continuous baseload operation without the intermittency or energy storage costs associated with solar and wind. Kenya's energy department estimates the country holds 10GW of geothermal potential, with only around 950MW of installed capacity to date. Chinese electrolyser makers have been increasing their equipment exports in recent months, supplying to projects in Europe, Middle East and Asia-Pacific. Sungrow delivered 160MW of alkaline electrolysers to Acme's green ammonia project in Oman , a 3MW containerised PEM system for Italy's MW-scale solar-to-hydrogen project , and a containerised alkaline system to a green hydrogen blending project in Brazil. By Chingis Idrissov Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
CIP, Hy2Gen cancel renewable ammonia project in Norway
CIP, Hy2Gen cancel renewable ammonia project in Norway
Paris, 9 March (Argus) — Danish renewables developer Copenhagen Infrastructure Partners (CIP) and German hydrogen company Hy2Gen have cancelled a 240MW renewable hydrogen and ammonia project in Norway. The Iverson eFuels project, planned for Sauda, in southwest Norway, lost its grid access. Norwegian power system operator Statnett decided in late 2025 to withdraw a previously allocated 270MW of electricity capacity because project development was more than two years delayed compared to original plans, Iverson said. When the Iverson project was announced in 2022 , the companies expected construction to begin in 2024 and operations to start in 2027, targeting production of 200,000 t/yr of renewable ammonia. Statnett said that new capacity could be available only once the grid is upgraded, which is expected in 2033-2035. "Such an uncertain situation" about securing grid capacity "is not compatible with further development of the project," Iverson said. The project partners will assess possible development of a data centre project at the Sauda site "so that the work and resources invested in the Iverson project can be utilised to create new activity", they said. By Pamela Machado Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
