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.