Market Updates·26 September 2026

Weekly Update - Global Fertilizer Market | Week Ending 24.09.2026

UREA

Southeast Asian granular urea was sold at around $450/t FOB.
Global supply remains tight due to congestion in the Strait of Hormuz, with only 7 urea vessels having transited in September.
Brazil: Urea prices were assessed at $470–505/t CFR. Buying activity has slowed in anticipation of the Indian tender, but demand is expected to reach around 1 million tonnes per month from October to December.
India: IPL issued a tender to purchase 1.7 million tonnes of urea (1 million tonnes for the west coast and 700,000 tonnes for the east coast, closing on 7 October with shipment required by 1 December).
Egypt: Mopco sold 10,000 tonnes of granular urea to Europe at $535/t FOB (October shipment)
Australian buyers prefer importing from Asia to save on freight costs. Currently, 3 vessels carrying 71,000 tonnes of urea from Southeast Asia are en route to the east coast.

Southeast Asia: DAP prices are unchanged at $900–945/t CFR in a subdued market.
Brazil: MAP CFR prices eased to $830–850/t CFR. Brazil’s Ministry of Agriculture and Livestock (Mapa) signed an MoU with OCP on 18 September, targeting 3.8mn t of phosphate fertilizer supply to Brazil during 2026–2027.
China: Producers continue to withhold DAP and MAP export offers through the end of 2026 to prioritize securing domestic supply.
Morocco: OCP Group is operating at only 50–60% of capacity due to a shortage of sulphur raw material supply.
India: DAP CFR prices declined to $891–903/t CFR. NFL awarded its 17 September tender for 50,000t of DAP at $913-914/t CFR with credit. In HURL’s tender, Sun International submitted the lowest offer, at the equivalent of around $891-892/t CFR
Pakistan: DAP prices continue to soften to $910–920/t CFR from $917–930/t CFR, as declines in India encourage importers to expect lower prices for Pakistan.

Southeast Asia: Muted off-season demand has kept standard and granular MOP prices unchanged. Standard MOP remains at $385-420/t CFR southeast Asia, granular MOP is steady at $425- 435/t CFR Thailand/Vietnam.
Russia Uralkali Granular MOP output down by estimated 30-40pc or 300,000-400,000t. Volumes for the domestic market to be prioritised.
Belarus Belaruskali reduction of 500,000t MOP, of which around 60pc will be red granular MOP and 40pc pink standard MOP