Ammonium Sulfate Exports Hit Record High, Brazil Leads
China’s ammonium sulfate exports continue to grow, reaching 1.84 million tons in November 2024, up 4.84% month-on-month and 20.28% year-on-year. From January to November, total exports hit 15.35 million tons, a 19.45% increase, with annual exports expected to exceed 16 million tons.
Brazil remains the largest market, importing 5.81 million tons (37.88% of total exports) from January to November, up 22.57% year-on-year. Demand surged in the second half, with August and October seeing the highest volumes. Delayed purchases this year were due to heavy rains and low grain prices. With China’s low prices and strong demand, exports to Brazil may hit new highs in 2025, though rising domestic production may cap price increases.
Ethiopia’s EABC Offers $639/ton CFR for DAP
Ethiopia’s Agricultural Business Corporation (EABC) tendered for diammonium phosphate (DAP) at $639/ton CFR for multiple batches, with responses due by January 5. EABC awarded one batch to Midgulf International earlier but awaits supplier confirmation. A total of 780,000 tons of DAP were quoted at $639–705/ton CFR, with deliveries scheduled as follows:
Batch 1: January 16–22
Batch 2: January 25–30
Batch 3: February 1–5
Batch 5: February 10–15
Batch 6: February 21–25
Each batch comprises 60,000 tons.
India Extends DAP Subsidy to Keep Prices Stable
India extended its DAP subsidy into 2025, maintaining retail prices at 1,350 rubee per 50-kg bag. This move, costing 38.5 billion rubee, prevents a planned price hike of 4,000 rubee/ton. Current importers face losses of $101/ton on DAP priced at $632/ton CFR. India’s DAP stocks are expected to reach 1.2 million tons by year-end due to slower imports.
Brazilian Farmers Delay Fertilizer Purchases for Corn
Brazilian farmers are postponing fertilizer purchases for the 2024/25 second corn crop, anticipating price drops and higher corn prices. Urea demand has been most affected, with prices at $359/ton CFR in December, $39/ton higher than last year. Delays in soybean planting due to weather have also pushed back corn planting and fertilizer purchases, with most demand now expected in January.
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