Key Takeaways This week, the global fertilizer market was shaped by three major themes: the rising strategic value of potash, renewed competition in the global urea market, and softer fertilizer flows into Brazil. Potash remains structurally supported by food-security concerns and highly concentrated global supply. Meanwhile, India is diversifying urea sourcing away from the Gulf while lower-priced Chinese cargoes are returning to the market. In Brazil, fertilizer deliveries,

Global fertilizer markets remain divided. Urea prices have stabilized at lower levels as Chinese exports resume, while phosphate prices remain elevated due to supply disruptions, high raw-material costs and restricted Middle Eastern logistics. India continues to support global nitrogen demand through another major urea tender, while weaker agricultural profitability is slowing fertilizer purchasing in Brazil.

Weekly Highlights The global fertilizer market continued to show clear divergence this week: Nitrogen fertilizers: European purchasing demand and policy incentives supported a recovery in urea prices, while ammonium sulfate remained under pressure due to export competition and shifting demand patterns.

Nitrogen prices are correcting as risk premiums fade. Phosphates remain constrained by sulfur shortages and limited tradable volume. Brazil is seeking emergency supply from Russia, China and Morocco. Thailand’s full import dependence is increasing farmer cost pressure. U.S. tariff relief on Moroccan phosphates shows rising supply-security concerns. QatarEnergy raised July sulfur FOB price to USD 890/t.

China's sulfur prices surpassed RMB 10,000/ton; Global urea prices fell by more than 30%; Brazil's sulfur imports dropped to a 21-year low in May.

I. Sulfuric acid prices keep rising, pressuring phosphate fertilizer producers. Rumors say China may suspend its exports (over 40% of global output) from May, aiming to stabilize domestic supply, though no official notice exists; phosphate fertilizer costs will remain high short-term. II. China’s Q1 2026 fertilizer trade booms: exports 8.162mt (+14.1% YoY), imports 5.001mt (+30.5% YoY), with March average CIF import price USD 375.49/ton. III. Three major institutions warn fue

Phosphate fertilizer costs remain elevated, driven primarily by the sharp rise in sulfur prices. Both Monoammonium Phosphate (MAP) and Diammonium Phosphate (DAP) markets continue to hold firm at high levels.