For the Quarter Ending March 2025
North America
During Q1 2025, the North American Urea Ammonium Nitrate (UAN) market recorded a modest yet consistent price increase, primarily driven by seasonal demand and new tariff measures. In January, prices edged up despite muted demand and low freight rates, as strong import flows and expectations of high tariffs spurred early market activity. The tariff imposition in early February reduced import volumes and raised costs, tightening overall supply.
Concurrently, severe winter storms disrupt transportation networks and curtail production due to freezing conditions and operational halts, especially in key manufacturing regions. These disruptions coincided with the onset of spring fertilizer procurement, further straining availability.
By March, prices remained firm, supported by tight supply and a gradual rebound in agricultural demand as planting season neared. Ice buildup along export routes and delayed planting activity initially limited demand but picked up toward the end of the quarter. Overall, constrained logistics, production issues, and growing seasonal demand upheld a bullish trend across the North American UAN market throughout the quarter.
APAC
During Q1 2025, the Urea Ammonium Nitrate (UAN) market in the APAC region, particularly in India and China, witnessed a consistent downward trend in prices. In both countries, the decline was primarily driven by falling feedstock ammonia prices due to global oversupply and subdued demand from major industrial hubs. In India, prices fell sharply in January and continued a modest downward trajectory through March, supported by stable inventories, cautious procurement, and limited spot trading. Similarly, in China, UAN prices weakened amid tepid domestic demand and reduced export opportunities, with oversupply conditions and adequate stockpiles further weighing on the market. The presence of ample inventories, steady domestic production, and subdued downstream inquiries across both nations contributed to muted market activity. Additionally, above-normal temperatures in India raised concerns over rabi crop yields, leading to conservative purchasing behavior. Overall, the interplay of low feedstock costs, balanced supply-demand fundamentals, and weak seasonal demand maintained bearish sentiment in the APAC UAN market.
Europe
During Q1 2025, the European Urea Ammonium Nitrate (UAN) market saw a steady rise in prices, mainly due to persistent supply constraints and seasonal demand. Production was limited as major manufacturers like SKW Piesteritz faced operational challenges, while labor strikes, port closures, and delayed cargoes further tightened availability. In January, demand remained low amid harsh winter weather and limited agricultural activity. However, by February and March, restocking began as buyers prepared for the spring planting season, supporting a recovery in consumption. International demand, especially from Latin America, added further momentum to the price rally. Geopolitical tensions and the European Commission’s proposed tariffs on Russian and Belarusian fertilizers heightened uncertainty, making procurement more complex. Even though port operations started to normalize by mid-March, UAN supply remained constrained, keeping prices elevated. Overall, the market was shaped by a blend of logistical disruptions, tight production, and growing seasonal demand, resulting in a bullish trend that persisted throughout the quarter across the European region.
For the Quarter Ending December 2024
North America
In Q4 2024, Urea Ammonium Nitrate (UAN) prices in North America followed a mixed trajectory, heavily influenced by supply constraints, demand fluctuations, and seasonal factors. October witnessed a significant price surge, largely driven by supply shortages resulting from logistical disruptions, adverse weather, and reduced production capacity. Labor strikes in Canada, hurricanes in the U.S., and technical issues at key facilities such as CF Industries’ Woodward plant intensified supply challenges, further pushing prices upward.
Although Ammonium Nitrate feedstock prices remained relatively stable, the limited supply and strong industrial demand continued to support upward pressure on UAN prices.
In contrast, November and December saw more stability in UAN prices, driven by proactive inventory management and more balanced demand-supply dynamics. Imports from Trinidad, a key supplier of UAN, were initially impacted by curtailments in natural gas supply but gradually recovered as supply constraints eased. Demand from the agricultural sector remained subdued due to unfavorable weather conditions and seasonal downturns, while industrial consumption continued at steady levels.
Asia-Pacific
In Q4 2024, Urea Ammonium Nitrate (UAN) prices in the Asia-Pacific region exhibited a mixed trajectory, reflecting complex market dynamics. The Indian market saw a notable decline in UAN prices during December, marking a shift from earlier stability. This dip was primarily due to balanced demand-supply dynamics, with ample inventories from both domestic production and imports meeting the requirements of the agricultural sector, particularly for the Rabi planting season. Manufacturers effectively mitigated rising feedstock costs, such as Ammonia and Natural Gas, ensuring stable supply. Demand remained steady, driven by institutional tenders and preparations for peak planting seasons. However, logistical challenges, including delays at ports like Kattupalli in India and fears of dockworker strikes, disrupted supply chains, increasing freight costs and influencing procurement strategies. Subdued spot market activity also contributed to stable pricing across the region. Despite these disruptions, robust domestic production, well-managed inventories, and cautious procurement ensured market stability. Looking forward, the interplay of logistical challenges, feedstock costs, and seasonal demand will continue to shape UAN pricing in the Asia-Pacific region.
Europe
From October to December 2024, the European UAN market saw significant price fluctuations driven by a mix of supply disruptions, seasonal demand changes, and logistical challenges. In October, UAN prices surged due to a widening gap between supply and demand. Import restrictions, delayed shipments, and domestic rail strikes contributed to the shortage of UAN, while agricultural stakeholders rushed to stockpile supplies for the 2025 planting season. This increased demand, coupled with reduced imports, pushed prices upward. However, in November, prices stabilized as demand remained subdued, especially with buyers prioritizing existing contracts over spot purchases. Reduced production by LAT Nitrogen further limited supply, but the lack of significant market activity dampened price increases. By December, UAN prices rebounded sharply due to persistent supply constraints, including high raw material costs and geopolitical uncertainties, along with delayed shipments from key exporting countries. Despite low demand from the agricultural sector due to adverse weather and the holiday season slowdown, supply-side challenges continued to push prices higher.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Urea Ammonium Nitrate (UAN) market experienced a significant uptrend in prices, driven by a combination of robust demand and constrained supply. The agricultural sector, in particular, saw a surge in demand for UAN, a key input in fertilizers, which added upward pressure on pricing. This increased demand coincided with supply constraints caused by several production cuts and weather-related disruptions, creating a noticeable imbalance in the market.
In August 2024, a critical shortage became evident in the North American market, primarily due to reduced production rates in Trinidad, a major exporter to the United States. Ongoing natural gas supply issues in Trinidad led to delayed and diminished exports, which further strained UAN stocks in the region. As the quarter progressed, the North American fertilizer industry adopted a cautious stance due to persistent adverse weather, including hurricanes and thunderstorms. Although Hurricane Francine impacted southern Louisiana, market reports suggest that most of the state’s fertilizer sector managed to endure the storm’s effects without significant disruption. Nevertheless, the industry remained on alert as another tropical storm was anticipated, raising concerns about further disruptions.
As per ChemAnalyst, the latest quarter-ending price of Urea Ammonium Nitrate CFR Tampa was reported at USD 363/MT.
APAC
In Q3 2024, the APAC region experienced a significant surge in Urea Ammonium Nitrate (UAN) prices, driven by a convergence of supply disruptions and rising production costs. The market was particularly impacted by a shortage of key feedstock materials, which, coupled with disrupted supply chains, elevated manufacturing expenses and exerted upward pressure on prices. Adverse weather conditions, including typhoons and heavy rainfall, alongside port congestion and logistical challenges, further hampered production activities across the region, leading to constrained supplies and heightened demand for UAN. China, as a major market within the region, saw substantial price volatility throughout the quarter, with UAN prices experiencing notable increases. The overall trend in the APAC region displayed a positive pricing sentiment, with a 5% increase from the previous quarter. In addition, there was a 2% rise in prices between the first and second half of Q3 2024, indicating persistent demand and limited availability. The quarter concluded with UAN priced at USD 460 per metric ton FOB Qingdao in China, reflecting the overall upward momentum in the market. The combination of supply constraints, rising production costs, and logistical bottlenecks drove the price surge, establishing a bullish outlook for UAN in the APAC region during Q3 2024.
Europe
Throughout Q3 2024, the Urea Ammonium Nitrate (UAN) market in Europe experienced a significant upward trend in prices, particularly pronounced in France, which observed the most substantial price fluctuations. This surge can be attributed to several interrelated factors. Firstly, escalating costs of feedstock Ammonium Nitrate and upstream Ammonia and Natural Gas played a critical role in driving up overall prices. As these fundamental inputs became more expensive, production costs soared, necessitating higher selling prices to maintain profitability. Additionally, reduced production activities, exacerbated by limited availability of raw materials, further fueled the price escalation. The quarter was also marked by disruptions, including force majeure events at key UAN production facilities, notably BASF's Ludwigshafen plant. Such occurrences tightened the supply chain, compounding existing pressures on availability and contributing to a more constrained market environment. Despite these supply-side challenges, demand from smaller buyers remained moderate to low, reflecting a cautious sentiment amidst uncertainties in weather patterns that were affecting the downstream fertilizer sector. By the end of the quarter, Urea Ammonium Nitrate was priced at USD 312 per metric ton CFR Le Havre in France, underscoring a consistently positive pricing environment amid the challenges faced.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Urea Ammonium Nitrate (UAN) market experienced substantial upward pressure on prices, driven by myriad factors. Foremost among these was the persistent shortage of imported material, exacerbated by logistical bottlenecks and supply chain disruptions. Severe drought conditions in key transportation corridors, notably the Panama Canal, further compounded these challenges, limiting the steady flow of UAN into the region.
Additionally, robust agricultural demand during the critical planting seasons bolstered the market, as farmers sought to maximize crop yields despite adverse weather conditions. This heightened demand, juxtaposed with constrained supply, created a pronounced imbalance that pushed prices upward. Compared to the previous quarter, the UAN prices surged by 6%, indicative of the persistent bullish sentiment.
The price comparison between the first and second half of the quarter showed a modest 1% increase, underscoring the ongoing upward trajectory. By the end of Q2 2024, the price of UAN CFR Tampa in the USA stood at USD 302/MT, reflecting a positive pricing environment characterized by sustained demand and supply-side challenges.
APAC
The second quarter of 2024 has been marked by an overall upward trajectory in Urea Ammonium Nitrate (UAN) prices across the Asia-Pacific (APAC) region. This quarter saw several significant factors driving market prices higher. Firstly, a notable surge in the price of essential feedstock, Urea, contributed to increased production costs, thereby exerting upward pressure on UAN prices. Additionally, the region experienced tight supply conditions due to plant shutdowns and disruptions, including the maintenance shutdown of Jinkai Group and Fudao Chemical Fertilizer plants in April. Transportation challenges exacerbated by adverse weather conditions further strained the supply chain, leading to higher freight costs and subsequently higher UAN prices. In China, the planting season, coupled with favorable agricultural conditions, boosted local demand for UAN, while increased export orders supported price stability. Seasonality played a critical role, with the onset of major planting seasons enhancing the demand landscape. Overall, the pricing environment has been decidedly positive, reflecting robust demand and constrained supply. The quarter-ending price for UAN in China was USD 437/MT FOB Qingdao, underscoring the significant upward movement in prices throughout Q2 2024.
Europe
The European Urea Ammonium Nitrate (UAN) market in Q2 2024 experienced a significant uptick in prices, largely driven by intricate market dynamics. Key factors contributing to this upward trajectory include a tightening supply chain exacerbated by severe weather conditions, such as torrential rains and flooding, which disrupted vital industrial routes and transport logistics. Additionally, economic pressures, like subdued industrial producer prices and rising inflation rates, compounded the supply constraints, creating a complex pricing environment. Despite a reduction in feedstock Ammonia prices, the market did not witness a corresponding dip in UAN prices, underscoring the influence of broader economic forces and localized supply issues. In France, the market reflected the maximum price changes, emphasizing the country's sensitivity to these prevailing conditions. The overall trend in France showcased an increasing pricing sentiment due to elevated demand from the fertilizer sector amidst favorable crop growth conditions and localized supply constraints. Seasonal factors further intensified this trend as the planting season progressed, amplifying the demand for UAN.
Comparing the first and second half of the quarter, prices surged by 8%, indicative of the growing supply-demand disparity. Despite a 5% decline from the previous quarter, the quarter-ending price stood at USD 275/MT CFR Le Havre in France. This reflects a generally positive pricing environment for Q2 2024, characterized by significant disruptions and robust demand pressures.
