Nitrogen
Overview
The ease of urea availability east and west of Suez has shaped the current trade flows of this key nitrogen fertilizer. Despite challenges posed by energy prices and military conflicts, key import markets such as India, Australia, and Latin America remain robust. But structural oversupply and the role of China as a swing exporter have led to price volatility as this fast-moving market seeks equilibrium, more so during seasonally high-demand periods.
Our extensive nitrogen coverage includes prilled and granular urea, UAN, ammonium nitrate, and ammonium sulphate. Argus has many decades of experience covering the nitrogen market and incorporates our multi-commodity market expertise in key areas including ammonia and natural gas to provide the full market narrative.
Argus support market participants with:
- Daily and weekly nitrogen price assessments, proprietary data and market commentary
- Short and medium to long-term forecasting, modelling and analysis of urea prices, supply, demand, trade and projects
- Bespoke consulting project support
Latest nitrogen news
Browse the latest market moving news on the global nitrogen industry.
Oman’s Omifco plans IPO
Oman’s Omifco plans IPO
Amsterdam, 2 June (Argus) — Omani urea and ammonia producer Omifco aims to float 25pc of its existing shares on the Muscat exchange through an initial public offering (IPO). The precise timeline for the IPO has not been confirmed, but the firm has indicated an expected listing at some point in July, according to its website. Oman's OQ owns half the business, with India's Iffco and Kribhco holding a quarter each. Omifco produced 2.07mn t of urea in 2025, almost all which was exported and sold by OQ, with India accounting for 71pc of deliveries in 2023-25, while 17pc went to Latin America. The firm also produced 1.35mn t of ammonia last year, with India receiving 61pc of shipments in 2023-25 and 23pc shipped to African markets. Omifco exports from the Omani port of Sur. The firm has yet to publish an IPO prospectus, but reported revenue of just over $800mn last year and a profit margin of 40pc, implying profit of just under $321mn. In comparison, fellow supplier Fertiglobe, which operates nitrogen facilities in the UAE, Egypt and Algeria, posted revenue of $2.83bn in 2025, while Saudi Arabia's Sabic reported revenue of 13.1bn riyals ($3.49bn) last year. Omifco is the top urea producer in Oman and the joint third-largest producer in the Mideast Gulf — not including Iranian suppliers — after QatarEnergy and Sabic and has roughly the same urea capacity as Fertiglobe's Fertil facility in the UAE. The timing and speed of the IPO launch are not surprising. Urea and ammonia prices spiked in the aftermath of the US-Iran war at the end of February and the effective closure of the strait of Hormuz. The Middle East is the largest urea exporting region, shipping around 20mn t/yr, or 35pc of global seaborne trade, of which just over 17mn t/yr either loads beyond the strait of Hormuz or from Iran. But Omani suppliers have escaped the snarled traffic in the wider region in recent months and were largely able to continue operations and shipments, capitalising on the highest nitrogen prices in nearly four years. But urea prices have tracked lower in recent weeks, having hit a peak in mid-April. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Romgaz buys ferts producer Azmoures: Correction
Romgaz buys ferts producer Azmoures: Correction
Corrects total value of deal and value of plant in paragraph 3. London, 1 June (Argus) — Romanian state-controlled gas supplier Romgaz completed the purchase of domestic fertilizer producer Azmoures for €69mn on 29 May. Members of the interim government confirmed the deal in separate social media posts, although interim prime minister Ilie Bolojan clarified that approval was still required from Romgaz shareholders, the competition authority and the foreign investment commission. The price paid totals €69mn — €46mn for the value of the plant, €10mn for the raw material and remaining stocks, and €13mn to keep the plant running for two months, Bolojan said. "In a volatile geopolitical context, this is the right direction: Romanian gas used domestically, a national industry that produces competitive fertilizers, cheaper inputs for our farmers and strengthening Romania's economic position," minister Bogdan Ivan said. Romgaz on 7 May said it had reached an "agreement in principle" and expected the acquisition to be approved by board of directors for a final agreement by 31 May. Azomures, which is owned by Switzerland-based trading firm Ameropa, can produce up to 1.6mn t/yr of NPK and nitrogen fertilizers. It is one of Romania's biggest gas consumers, with demand of about 1bn m³/yr when operating at full capacity. But it has not produced fertilizer since August 2024 , barring small-scale production in the second half of last year . Romgaz first expressed interest in Azomures in February 2025, but the sales process stalled in January, with Azomures mothballing production facilities . The government then intervened to revive the prolonged talks. By Aidan Hall Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Egypt’s NCIC issues fertilizers sales tender
Egypt’s NCIC issues fertilizers sales tender
London, 19 May (Argus) — Egyptian fertilizer producer NCIC has issued a tender to sell various fertilizers, closing on 21 May. NCIC is offering the following products: 20,000t of DAP — it reported selling 30,000-35,000t at up to $915-917/t fob Adabiya/Damietta in a tender that closed on 4 May 25,000t of SSP — it sold 20,000t at $340-375/t fob Ain Sokhna in its 27 April tender and offered 30,000t in its 4 May tender, but did not report a sale 15,000t of granular urea — it reported selling 25,000t at up to $865/t fob Adabiya in its 4 May tender 5,000t of CAN26 — it last sold 5,000t at up to $412/t fob in its 20 April tender 600t of water-soluble SOP — it reported selling 1,000t at up to $721/t bagged ex-works in its 4 May tender The DAP, SSP, urea and CAN will be sold on fob basis, and NCIC said they will be ready for loading at Damietta port in the Mediterranean. The SOP will be sold in 25kg bags on an ex-works basis from NCIC's Fayoum plant. Buyers are to load the cargoes within 37 days from receiving the invoice. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi Arabia's Sabic loads urea vessel at Yanbu: Update
Saudi Arabia's Sabic loads urea vessel at Yanbu: Update
Adds vessel name Amsterdam, 19 May (Argus) — Saudi Arabian fertilizer producer Sabic has completed the loading of 25,000t of granular urea at the port of Yanbu on the Red Sea, marking the first bulk loading of urea on the west coast as shipments out of the Mideast Gulf are still heavily constricted. There was no comment on pricing, but the Courtesy K is understood to be destined for Bangladesh under Sabic's long-term government-to-government contract. Another granular urea cargo is scheduled to load for Bangladesh from Yanbu later this month. The urea was trucked from the production hub of Jubail to Yanbu for loading, meaning that around 1,250 truckloads of 20t each would have had to be delivered to the port for this cargo alone. The move follows the same strategy carried out by fellow Saudi fertilizer producer Maaden, which trucked phosphates from its Ral Al-Khair site to Yanbu for export in March in the wake of the war in the Middle East, which has resulted in the effective closure of the strait of Hormuz since the end of February. Sabic has been producing urea at Jubail and loading vessels since the war began, with Argus tracking at least 15 vessels loaded with Saudi urea in the Gulf yet to navigate the strait. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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