Nitrates Fertilizer Market and Price Analysis
Key themes affecting the nitrates fertilizer market
Higher production costs in Europe, a key producing and consuming region, ensured that prices increased sharply during the last months of 2021 – in some cases however still forcing marginal producers to bring maintenance and turnarounds forward.
Tensions at the Russia/Ukraine border during early 2022 present an important risk to international supply, while a petition for imposing countervailing duties on Russian and Trinidadian UAN continues in the United States.
The long-term prospects for nitrates demand are subject to considerable upside risk in the broader context of decarbonization, especially should carbon-based urea need to be replaced in some consuming markets.
International Nitrates prices and consumption volumes |
| UAN NOLA (per short ton) | AN fob Baltic/Black Sea (per tonne) | CAN cif Germany inland (per tonne) | Global UAN consumption (million tonnes) | Global fertilizer-grade AN consumption (million tonnes) | Global CAN consumption (million tonnes) |
2017 | $158 | $193 | €190 | 21.4 | 21.3 | 15.1 |
2018 | $184 | $185 | €199 | 22.2 | 21.4 | 14.8 |
2019 | $163 | $182 | €198 | 21.9 | 21.6 | 14.8 |
2020 | $127 | $161 | €168 | 23.1 | 22.2 | 16.2 |
2021 | $338 | $321 | €340 | 22.3 | 21.6 | 15.1 |
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