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.
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Latest nitrogen news
Browse the latest market moving news on the global nitrogen industry.
Nitrogen market braces for CBAM after documents leak
Nitrogen market braces for CBAM after documents leak
Amsterdam, 11 December (Argus) — Nitrogen fertilizer market participants are grappling with the implications to trade and product flows into the EU after the latest document leak from Brussels shed more light on carbon border adjustment mechanism (CBAM) charges for 2026. ‘Urea is king', declared one major European importer as urea faces the lowest proportional carbon cost in price terms, while offering the importer the highest content of nitrogen (46pc) per tonne ( see table ). Conversely, projected default charges for nitrates and some ammonium sulphate (amsul) origins are considerably more prohibitive. Europe is overwhelmingly reliant on urea imports, and the projected default values show the mechanism has been implemented to protect the bloc's non-urea nitrogen industry, one trader said. Europe has significant capacity of nitrate-based fertilizers — ammonium nitrate (AN), calcium ammonium nitrate (CAN) and urea ammonium nitrate (UAN) — thanks to plants run by international producers Yara and Agrofert, as well as other major local suppliers, but the bloc is heavily dependent on urea imports. The EU's urea imports from non-EU sources were 6.23mn t in 2024, with Egypt, Russia and Algeria accounting for over 87pc of those receipts. The estimated default CBAM cost for imports of duty-free urea from Egypt, the bloc's top supplier, is €43/t ($50/t) — or around 9-10pc of the granular urea fca French Atlantic price on 4 December. The calculation is based on a prompt ETS price of €82.48/t as assessed by Argus on 10 December. Theoretical default costs range up to €58/t for urea from Turkmenistan and Uzbekistan, with Russian and Nigerian hovering around €50/t, and duty-free Algerian at around €45/t. UAN imports from Trinidad and Tobago, the lowest tariffed origin among the major sources, are projected to have a default charge of around €68/t at current default values, which is nearly 20pc of the UAN price in Rouen, while only delivering 30pc nitrogen content. Amsul from China, which has become a more popular source of imports this year, faces a default charge of €74/t, while only delivering 21pc of nitrogen against urea's 46pc. Amsul from Egypt is facing a levy of just €19/t. CBAM default charges for AN and CAN are projected to be considerable at €155-161/t and €115-130/t, respectively, for imports from current top origins, equating to 33-38pc of current major EU inland prices. The latest projected default charges have been calculated following a leaked draft of the approved documents from Brussels, which emerged on Wednesday . There remains a considerable lack of clarity among participants as to how the market will adjust to urea trade into Europe once the CBAM charges come into force from 1 January. By Harry Minihan Theoretical CBAM default charges for nitrogen fertilizers Selected origins Projected CBAM default charge (€/t)** CBAM default charge per tonne of nitrogen (€)*** CBAM charge % of major EU price* Urea 46pc nitrogen Granular urea fca French Atlantic Egypt 43.26 0.94 9.3 Algeria 44.92 0.98 9.6 Nigeria 49.09 1.07 10.5 Russia 49.92 1.09 10.7 Azerbaijan 54.92 1.19 11.7 Turkmenistan 58.25 1.27 12.5 Uzbekistan 58.25 1.27 12.5 Average 51.23 1.11 11.0 UAN 30pc nitrogen UAN 30 fca Rouen Trinidad & Tobago 68.03 2.27 19.2 Egypt 75.53 2.52 21.3 Russia 85.53 2.85 24.1 US 94.69 3.16 26.7 Average 80.94 2.70 22.8 AN 33.5pc nitrogen AN 33.5 cpt France Russia 154.91 4.62 32.8 Georgia 158.24 4.72 33.5 Uzbekistan 160.74 4.80 34.0 Average 157.97 4.72 33.4 CAN 27pc nitrogen CAN 27 cif inland Germany Egypt 115.45 4.28 33.2 Russia 129.61 4.80 37.3 Ukraine 129.61 4.80 37.3 Turkey 130.44 4.83 37.5 Average 126.28 4.68 36.3 Amsul 21pc nitrogen Granular amsul fob NW Europe Egypt 19.51 0.93 8.0 Russia 22.84 1.09 9.3 Serbia 22.84 1.09 9.3 China 74.49 3.55 30.4 Average 34.92 1.66 14.2 *prices assessed on 4 December; **based on ETS prompt price of €82.48/t on 10 December; ***nitrogen content of products can vary depending on plant Argus Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Urea market grapples with EU’s CBAM as revision delayed
Urea market grapples with EU’s CBAM as revision delayed
Amsterdam, 10 December (Argus) — A considerable lack of clarity remains as to how the urea market will trade following the rollout of the EU's carbon border adjustment mechanism (CBAM) next month, with the market still waiting on confirmation from the EU regarding key aspects of the charge calculation. Market participants are split as to how the market will react to the additional carbon-related costs associated with the CBAM, and under which trade terms — whether fob, cfr, cif or fca — the most liquidity will be found. No clear consensus has emerged as to which part of the supply chain will bear the increased costs. Some expect importers to absorb most of the CBAM charge when the import market is in season, while others think that the levy will weigh on fob prices from origin markets. Some expect the cost to be spread across producers and importers. The CBAM charge depends heavily on individual plants' reported carbon emissions per tonne of urea produced, with lower fees for newer, more-efficient plants that emit less carbon and are less susceptible to unplanned outages. Plants' reported emissions vary widely, and this translates into a similarly wide carbon levy range. The fee could be as low as €15/t ($17/t), or up to as high as €70-80/t and beyond for some origins. Market participants are still waiting for the EU to confirm some key aspects of the CBAM charge calculation, even though it is set to be implemented in three weeks' time. The costs will be partly based on average quarterly prices of emission trading scheme (ETS) contracts, which adds another layer of complexity to risk management for importers. At current ETS prices, imports from Egypt — the top urea supplier to European markets — are expected to face an average carbon levy of around €40/t. But this average comes from a wide range, given that Egypt's multiple urea plants have varying rates of carbon efficiency. Product from central Asia — another key supply region — will face higher charges than Egyptian supplies. Urea production plants in Turkmenistan and Uzbekistan are older and less-energy efficient than plants in Egypt, according to trading firm Alkagesta's head of fertilizers, Vusal Muradov. Product from some central Asian plants will likely average a considerably higher CBAM cost at current rates, and European buyers will increasingly prioritise lower-emissions supply chains, Muradov said. The latest delay to the mechanism's planned revisions has not helped matters. The European Commission on Tuesday confirmed a delay to legislative proposals to revise the CBAM, which had originally been scheduled for 10 December. Officials have yet to confirm 16 December as the new date for the proposals to be presented. One major European importer speculated, likely out of hope, that the bloc may water down the CBAM charges on urea. The impending rollout of the CBAM prompted a surge in urea prices into Europe at the end of October and early November, with granular urea trading at above $500/t fob Egypt as importers scrambled to clear product through customs for their warehouses before CBAM charges are applied. The spike in north African prices saw importers look to atypical origins, with over 300,000t of urea from Nigeria, Oman, Malaysia, Qatar and China set to arrive in Romania, the UK and Turkey in November-December so far. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Socar issues granular urea sales tender after restart
Socar issues granular urea sales tender after restart
Amsterdam, 9 December (Argus) — Azeri producer Socar is offering 30,000t of granular urea on a bulk fob Batumi basis and 20,000t in big bags on a fob Trabzon basis in its latest sales tender. The tender closes on 12 December. The quantities can be shipped in one or multiple lots and are to load in the second half of December to the first half of January. The producer last closed an officially reported tender on 28 October . The tender marks Socar's return to the urea market after the 600,000 t/yr facility stopped production for at least a month. News of the outage emerged in early November, but there was no comment from the producer. Socar confirmed the resumption on Monday. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Russia’s Uralchem agrees urea JV deal with Indian firms
Russia’s Uralchem agrees urea JV deal with Indian firms
Amsterdam, 5 December (Argus) — Russian fertilizer producer Uralchem has reached an agreement with India's RCF, NFL and IPL to set up a joint venture to build a 1.8mn-2mn t/yr urea plant in Russia. The plant is set to receive ammonia — urea's key feedstock — from Russian supplier Togliattiazot, while the Indian firms will finance the project until the plant begins commercial operation, according to Uralchem. No timeline has emerged for the project. The agreement comes during the 23rd India-Russia annual summit, with Russian president Vladimir Putin attending in-person in New Delhi. Russia's existing urea plants are owned and operated solely by Russian firms without any third-party involvement. But Indian fertilizer firms have rolled out the joint-venture model in other countries, notably in Oman with the 2.1mn t/yr granular urea Omifco plant, and more widely for the supply of phosphate-based fertilizers. Russia is consistently one of India's top suppliers of fertilizers and has typically been the second largest of urea to India after Oman in recent years. India remains strongly reliant on urea imports, despite its considerable domestic production, with Indian firms buying over 9mn t of urea through import tenders so far this year. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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