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.

U.S.–Iran tensions are pushing energy costs higher and disrupting Middle East fertilizer logistics, strengthening the outlook for higher global urea prices. Market highlights TTF gas rose from €40/MWh to €53/MWh. China H1 urea exports surged +551.9%. Sulfur price rose RMB 300/MT to RMB 9,180/MT. KCl imports reached 8.8 million MT, up 40.2%. China resumed mandatory export inspection for ammonium sulfate from July 16.

The global fertilizer market showed a clear divergence this week. Nitrogen fertilizer prices declined sharply, while phosphate fertilizers continued to strengthen under firm cost support from sulfur feedstocks. India has entered the fertilizer stocking period for the Kharif monsoon season. At the same time, soaring costs for water-soluble fertilizers and phosphoric acid are placing considerable pressure on industry margins.