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.

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.

In the first quarter of 2026, the global fertilizer market experienced significant disruption driven by multiple converging factors, resulting in a landscape characterized by firm domestic markets, volatile global supply, and divergent policy interventions.

Global Fertilizer Market Weekly Update (CW11): Middle East Tensions Reshape Raw Material Pricing - Sulfur and Urea Surge, EU Policy Signals Easing, Potash Markets Show Regional Divergence