Argus Ammonia

Formerly Argus FMB Ammonia

Issue 23-20 | Thursday 18 May 2023

Executive summary key prICES

Bearish sentiment weighs further on prices Ammonia prices $/t

18 May 11 May ±
Another week of limited prompt demand applied further
pressure on spot prices, and the near term outlook still looks fob
bearish, with an array of suppliers offering cargoes from all Pivdenny na-na na-na 34

key production regions. Middle East 230-260 250-295 u

SE Asia and Australia spot 250-270 250-270 34
Buyers were reluctant to finalize deals ahead of the key
cfr
industry conference in Prague next week. The results of In-
India 280-310 300-340 u
dia's Fact tender at $310/t cfr pushed prices lower, particu-
East Asia (excl Taiwan) 300-320 300-340 u
larly in the Middle East. And offers into Europe have fallen
Tampa 380-380 380-380 34
significantly on the week as sellers compete for the limited
For a full list of prices, see page 2
pockets of demand emerging.
In the east, buyers continue to bid below $300/t cfr but Ammonia price comparison $/t
are not showing firm buying interest for June outside of a
tender issued from Taiwan.
In the west, participants are anticipating another fall to east Asia cfr Caribbean fob netback
the Tampa contract for June, with supply length reported in southeast Asia fob Middle East fob
1,200
the US and ongoing weak downstream dynamics.
1,000
Market drivers
800
-
hh
Russian exports primed to restart 600
Eurochem has started to load Russian ammonia on the
newly-chartered Gaschem Bremen at the port of Ust Luga. 400

200
India awards 5,000t tender 27 Oct 15 Dec 9 Feb 30 Mar 18 May
India's Fact has awarded its 15 May tender to trading
company Trammo at $310/t cfr. The tender requested 7,500t Data & Download index
of ammonia for 10-20 June delivery at Cochin.
„„ European import line up
Taiwan „„ Indian import line up
Formosa Plastics Group has issued a tender for 8,000-10,000t
„„ Moroccan import line up
of ammonia for 2H June arrival at Mai Liao. Offers to be
submitted by 21 May. „„ Trinidad exports

„„ Middle East exports

30-60 day Outlook
„„ Indonesian exports
With European gas prices falling further this week, there „„ Algeria exports
is room for pricing to move lower in the west, especially
„„ Spot sales
with supply now coming in from east of Suez. Some outages
are scheduled for June but this is balanced out by poor „„ US export line up
downstream demand in both industrial and fertilizer markets
„„ Green ammonia project tracker
for late-2Q.

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 Argus Ammonia Issue 23-20 | Thursday 18 May 2023

Europe Ammonia prices $/t

18 May 11 May ±

NW Europe fob
Ongoing downward pressure on natural gas prices in west Baltic na na-na nc
Europe is reducing potential ammonia production costs Pivdenny na-na na-na nc
at European plants, and pushing down bid prices from
North Africa 280-320 290-368 -29.0
importers. NW Europe prices have fallen to $370-390/t cfr
Middle East 230-260 250-295 -27.5
duty-free, and buyers are pushing for $360/t cfr and below
Middle East spot 235-260 250-270 -12.5
for the next round of buying.
Middle East contract 230-260 250-295 -27.5
US Gulf domestic (barge) $/st 330-340 335-345 -5.0
Turkey
Caribbean (Tampa netback) 330-335 330-335 nc
Eti Bakir is looking for 5,000t for June delivery and has yet
Caribbean/US Gulf spot 310-330 330-350 -20.0
to cover the requirement, trading firms say. Bagfas was
SE Asia and Australia spot 250-270 250-270 nc
also reported to be in the market for a June cargo. Traders
say Turkish buyers had been targeting $300/t cfr for June SE Asia and Australia contract 280-280 280-300 -10.0

deliveries but are now looking to buy at around $270/t cfr. cfr

Trammo’s Oceanic Moon ex-Egypt is scheduled to discharge NW Europe (duty unpaid) 350-370 370-405 -27.5

at Ceyhan this week. NW Europe (duty paid/free) 370-390 390-425 -27.5

The Fortune Gas ex-Iran is expected to be heading to Tur- NW Europe weekly index† 408.00 420.00 -12.00
key for delivery to at least two buyers. Turkey 300-310 320-350 -30.0
Trafigura's Dancing Brave is returning to the ammonia fleet North Africa 310-340 335-360 -22.5
this month after it leaves dry-dock in Turkey. India 280-310 300-340 -25.0
East Asia (excl Taiwan) 300-320 300-340 -10.0
France Taiwan 298-308 300-330 -12.0
Borealis has been in the market for around 10,000t for 1H China 300-305 300-320 -7.5
June arrival this week, and no purchase has been finalized ex-works Jiangsu Yn/t 2,950 2,700 +250
according to trading firms. Borealis’ last ammonia purchase,
Tampa 380-380 380-380 nc
which has just been delivered on the Nashwan, was report-
US Gulf 375-380 380-385 -5.0
edly agreed at a price of $425/t cfr a few weeks ago a cargo
Natural gas
with Fertiglobe. Borealis was heard to be offering close to
Henry hub $/mn Btu 2.180 2.040 +0.1400
$360/t cfr for the June cargo it is looking to source.
TTF month ahead $/mn Btu 10.390 11.480 -1.0900
Ammonia cost of production (TTF) 412.40 450.55 -38.15
Russia
Eurochem has started loading ammonia from the Kingisepp
plant on its newly chartered Gaschem Bremen at the port of and 45,000t of urea per month, following a nine-month
Ust Luga. The Russian producer is also close to finalizing a shutdown.
charter agreement on the newly-named Priestley (previously
Gaschem Aachen). It is unclear where the ammonia will be
delivered to. Ammonia production costs

Bulgaria
Production cost based on Henry Hub, $/st (LHS)
Trafigura will deliver the cargo loading this week from Qatar Production cost based on TTF, $/t (RHS)
on its new-build Cerro Alto Explorer to Varna in early-June. 400 3,500
Agropolychim is receiving an ammonia shipment from 350 3,000
Trammo this week at Varna on Trammo Paris. 2,500
300
2,000
Italy 250
1,500
Yara resumed ammonia production on 11 May and urea 200
1,000
production shortly after at its facility at Ferrara. The
150 500
plant had been shut down on 20 April because of technical
problems, Argus understands. The facility had restarted 100 0
5 May 22 8 Sep 22 12 Jan 23 11 May 23
only three weeks earlier, targeting 50,000t of ammonia
.

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Issue Ref: 158128

Argus Ammonia Issue 23-20 | Thursday 18 May 2023

Middle East and Africa Ammonia freight rates (17-May) $/t

Route Size Rate ±

Middle East MGC

Middle East spot prices are $235-260/t fob, and contract Ras Al-Khair to Kandla 25300t 19.97 u

prices are in a slightly wider range of $230-260/t fob, with Ras Al-Khair to Kakinada 25300t 37.94 u
Ras Al-Khair to Ulsan 25300t 70.01 u
the low end reflecting netbacks on sales to East Asia.
Ras Al-Khair to Taichung 25300t 61.66 u
Ras Al-Khair to Antwerp 25300t 93.43 u
Saudi Arabia Ras Al-Khair to Jorf Lasfar 25300t 79.37 u
Ma’aden has sold 40,000t of TUV Rheinland accredited blue Point Lisas to Ulsan 25300t 116.02 t
ammonia to Trammo. The cargo will be sold into the Europe Point Lisas to Houston 25300t 30.24 t
market, and the first lot of around 25,000t is scheduled to Point Lisas to Antwerp 25300t 50.10 t
load from Ras al Khair in June, with the balance loading Point Lisas to Jorf Lasfar 25300t 39.87 t
before October this year. In total, Ma’aden received Point Lisas to Richards Bay 25300t 69.94 t

blue accreditation for 140,000t of its annual ammonia Bontang to Ulsan 25300t 31.25 u

production. The blue ammonia price has reportedly been Handysize

Ras Al-Khair to Kandla 15000t 29.18 t
agreed at a small premium to conventional ammonia prices,
Ras Al-Khair to Kakinada 15000t 59.24 t
but the sale is mainly aimed at helping Ma’aden to break into
Point Lisas to Tampa 15000t 38.92 t
Europe's blue ammonia market.
Arzew to Rotterdam 15000t 36.72 t
Sabic has sold 15,000t spot to Fertiglobe for prompt load-
Bontang to Ulsan 15000t 46.97 t
ing. The price has not been disclosed but the cargo will load
on Oceanic Breeze 21-24 May from Sabic, after the vessel Oman
loads a part cargo from Abu Dhabi. Sabic loaded 23,000t on Yara is loading the Yara Sela from Salalah around 21 May,
Seasurfer earlier this week for delivery to Taiwan. At the under an earlier agreed purchase from OQ.
end of this month/early-June, Sabic will load 23,000t for The 15,000t spot cargo sold by OQ last week is reported to
Trammo on the Green Pioneer, and in mid-June the producer have been purchased by Trafigura and is scheduled to load
has allocated 23,400t for OCP’s Clipper Venus. 25-30 May.

the Ammonia world this week

Russia: Eurochem starts

US: Market expects another loading ship from Ust Luga
drop to Tampa June contract

Taiwan: Formosa issues

June tender

France: Offers to Borealis in

the mid to high-$300s/t cfr
range

India: Fact awards tender

to Trammo at $310/t cfr

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For more information visit http://www.un.org/Depts/Cartographic/map/profile/world.pdf

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Argus Ammonia Issue 23-20 | Thursday 18 May 2023

Jordan 60,000t completed loading in the first 10 days of the month.

Fertiglobe is delivering an ex-Qatar cargo on Seashine at Further loadings for late-May are expected to be confirmed
JPMC, Aqaba this week. in the coming days.

Iran Indian subcontinent

Fortune Gas, which loaded from Iran will pass through Suez
this week and is expected to discharge in Turkey this month.
North Africa
Fob prices in north Africa are under pressure from lower
prices being negotiated in Turkey and northwest Europe.
Netbacks from Europe put prices around $320/t fob north
Africa, but will have to fall below this level to compete
for business in Turkey where some buyers are looking for
cargoes below $300/t cfr.
Egypt
Oceanic Moon loaded a full cargo from Ain Sohkna this week,
with the first part of the cargo delivering to Toros in south
Turkey today. Abu Qir has sold another cargo to Yara, which
is loading in late-May on Navigator Gusto. No price has been
revealed.
India
Fact awards ammonia tender
Indian producer Fact has awarded its 15 May purchase tender
to Trammo at $310/t cfr. The tender requested 7,500t of
ammonia for 10-20 June delivery at Cochin.
Trammo was the only supplier to offer into the tender.
Given the small volume of the shipment, the tender award
reflects a notable softening in Indian pricing since 11 May,
when Argus assessed India cfr at $300-340/t.
Indian prices have slid to $290-310/t cfr, with contract
prices reported at the low end of the range. Trammo
shipped 23,150t of Oman/Bahrain ammonia to IFFCO Kandla
on 16 May on Al Jabirah, priced at $280/t cfr. Ma’aden is
shipping 22,000t to the east coast of India for CIL at $294/t
cfr. The May line up is just under 200,000t, with spot de-
mand still largely absent from the market, traders said.

Morocco India to cut DAP subsidy 35pc for April-September

OCP remains out of the spot market, keeping delivered The Indian government is set to lower the DAP nutrient-
prices in north Africa broadly in line with netbacks from the based subsidy (NBS) to 32,642 rupees/t ($396/t) for April-
Caribbean and Middle East. September, dropping by 35pc on the 2022-23 levels.
OCP is scheduled to receive 37,500t in late-May but the The reduction has yet to be officially confirmed but fol-
name of the vessel has not been confirmed. Clipper Venus is lows the cabinet's approval of a reduction in the NBS for
discharging at the port this weekend. phosphate- and potash-based fertilizers earlier today.
The NBS for DAP jumped to around Rs50,020/t in April last
Algeria year, as global fertilizer prices soared to multi-year highs in
No ships loaded from Algeria over the past week, after the wake of the Russian invasion of Ukraine.
Indian imports
Supplier Buyer Vessel Volume (t) Loading port Arrival Discharging port Price ($/t cfr)

May 190,072
CIFC CIL Gas Quantum 3,192 Bontang 4-May Vizag 345
Raintrade PPL ST Oslo 3,000 AG 4-May Goa 261
Raintrade Smartchem Waasmunster 6,000 AG 4-May JNPT
Ma'aden IFFCO Wepion 25,193 Ras al khair 5-May Paradip
Raintrade Smartchem St Raman 17,500 AG 6-May JNPT
Ma'aden CIL Seamaid 15,000 Ras al khair 7-May Kakinada 294
CIFC CIL Gas Quantum 4,000 Bontang 8-May Ennore
Sabic IFFCO AL Jabirah 20,000 Ras al khair 8-May Kandla
Raintrade MCFL Waasmunster 5,000 AG 8-May Mangalore
CIFC Indo Rama Marianna 28 5,646 Bontang 12-May Haldia
Raintrade PPL Waasmunster 9,891 AG 13-May Paradip
Raintrade Smartchem St Raman 18,500 AG 16-May JNPT
Ma'aden CIL Seamaid 7,000 Ras al khair 18-May Vizag 294
Ma'aden GSFC Seagemini 14,000 Ras al khair 15-May Sikka
Trammo IFFCO AL Jabirah 23,150 Qalhat/Sitrah 16-May Kandla
Raintrade PPL ST Oslo 4,000 AG 21-May Goa
CIFC CIL Navigator Glory 9,000 Kertih 28-May Vizag
June
Raintrade IFFCO ST Judi 22,000 AG early June Kandla

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Argus Ammonia
Asia Pacific
China
Fresh import demand from China for June continues to
remain weak because of strong buying over the past two
months. Market participants received indicative offers at
$310/t cfr into China earlier in the week, but the majority of
indicative bids are in the $280-290/t cfr range.
In Jiangsu, domestic prices rebounded to Yn2,950/t
($420/t) ex-works, up by Yn250/t from last week. Domestic
supply shortages owing to the shutdown of some local am-
monia plants drove prices up in Jiangsu, Hebei and Shan-
dong. The rebound in coal prices by Yn30/t in some regions
had also raised production costs, driving ammonia prices up.
A river buyer is looking to purchase a cargo of Middle East-
origin ammonia, but nothing had been finalized by today.
A past contract cargo arrived at Nanjing port this week,
but the ammonia was intended to be supplied to end-users
through pipeline and was not a spot sale.
Highsun continues to remain out of the export market
as its production plant undergoes shift maintenance. The
producer will likely be required to purchase some ammonia
cargoes in the coming weeks, for caprolactam production.
China domestic
„„ In the river, the price rebounded to Yn2,950/t ex-works in
Jiangsu, up by Yn250/t. Linggu maintains prices at Yn2,800/t
ex-works and is planning to raise prices to Yn2,900/t
„„ In Hubei and Hunan, offers widened to Yn2,800-3,000/t
ex-works compared, up from Yn2,700-2,900/t ex-works.
„„ In the southwest, in Sichuan and Chongqing, prices rose
to Yn2,800-2,900/t ex-works, up by Yn200/t. Producers
stocks have declined, pushing them to raise offers.
India, East Asia and Middle East price
India cfr Far east cfr Middle East fob
900
800
700
600
-
500
400
300
200
26 Jan 23 Feb 23 Mar 20 Apr 18 May
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Issue 23-20 | Thursday 18 May 2023
„„ In Guizhou, prices rose to Yn3,200-3,400/t delivery, up
by Yn100/t, driven by the rebound in prices in Sichuan and
Chongqing.
„„ Elsewhere in Hebei, prices rose to Yn3,200/t ex-works, up
by Yn350/t.
Taiwan
Formosa Plastics Group has issued a tender for 8,000-10,000t
of ammonia for 2H June arrival at Mai Liao. Offers to be
submitted by 21 May. Formosa is receiving its next contract
ammonia cargo from Yara this week on the Quebec ex-
Australia, but trading firms say the Taiwanese producer is
looking to test the spot market to check for lower prices.
Taiwan cfr prices have fallen to $298-308/t cfr to reflect
latest delivered prices.
Taiwan Fertilizer Company is running all of its fertilizer
and nitric acid units currently, but some are running at
reduced rates. The producer will receive a 23,000t ammonia
cargo from Sabic on Seasurfer in late-May, and its next am-
monia cargo will be an early-July delivery from Ma’aden.
CPDC is buying all its ammonia requirements on a contract
basis, because of the favourable prices on offer based on
its contract formula. The producer has a 15,000t shipment
scheduled to arrive from Mitsubishi in early-June on Pazifik
and has not confirmed any further contract shipments.
South Korea
Lotte Fine Chemical is loading Polar this week from Saudi
Arabia for delivery into Ulsan and Incheon in mid-June. The
producer is also receiving a 10,000t cargo from Mitsubishi in
early-June on the Pazifik. The Capro Corp plant is reported
to be down until next month for maintenance, slightly
reducing ammonia import requirements this month. Trading
firms says caprolactam margins in the east Asia region
are improving because of the fall in benzene and other
feedstock costs.
$/t
The rate of imports into South Korea remains slow overall,
with the region projected to receive around 92,000t/month
in the first six months of the year, totalling around 554,000t.
Average monthly imports into South Korea were 107,000t in
2022.
Parna Raya’s Marianna Glory is at Yeosu discharging am-
monia for Namhae Chemical Corporation this week.
hh
Indonesia
The ammonia shutdown at Parna Raya is reportedly ongoing
and expected to last for around 4 weeks. Some trading firms
say this has led to more inquiries for ammonia from Kaltim,
although no new spot sales were confirmed this week. One
Page 5 of 9
Argus Ammonia Issue 23-20 | Thursday 18 May 2023

trader has been looking to sell a spot cargo into NW Europe,
but contract fob prices of around $280/t fob Bontang can
not compete in west Europe where prices have fallen to
$370-390/t cfr.
Mitsui's Gaz Millennium is at Bontang now, loading for
China (8,000t) and Japan (7,000t). The trader has also just
loaded the Gaz Venezia from Kaltim for delivery to Vietnam.
Yara will load its vessel Leo Sunrise from Luwuk in late-
May as part of a swap arrangement with Mitsubishi.
PAU’s 750,000t/yr production plant in Luwuk is running at
stable rates this week, and market participants report that
no changes in operating rates are likely to be expected.
Vietnam
Suppliers continue to source ammonia from Indonesia and
Malaysia to cover contract and spot requirements in the
north and south of Vietnam, now that Chinese ammonia is
no longer on offer. Mitsui will deliver a small ammonia cargo
to Dong Nai on the Gaz Venezia next week. The vessel has
just loaded from Indonesia. SK Chemical is delivering a spot
cargo to Hai Phong later this month on Camila B. The cargo
will load from Malaysia and has been priced on formula.
Linker’s Tanja Kosan has been waiting at Hai Phong to
discharge, but the vessel is reported to be facing berthing
issues.
Australia
Petronas’ Navigator Glory is on the way to Kwinana, to
discharge 10,000t of ammonia for a previously concluded
deal two weeks ago.
Mitsubishi’s Pazifik is heading to Dampier this week and
will load a cargo under a swap arrangement with Yara. The
cargoes had been previously concluded under formula pric-
ing.
Malaysia
Linker’s Vast Ocean is at Bintulu this week. The vessel is
currently on charter and is expected to conduct another two
trips from Kerteh to Haiphong in June.
Henan Energy’s Gas Grouper is currently at Kerteh and
will be heading to Thailand to discharge 13,000t priced on a
formula basis. Petronas was the supplier of the cargo.
Americas
US
US Midwest and Corn Belt ammonia pricing sank further
this week, with suppliers accepting lower bids to reduce
inventories as side-dress applications lift demand and
provide a final breath of demand before the summer
offseason. Sources expect suppliers to maintain aggressive
pricing ahead of the offseason lull, hoping to lessen the
impact of a potential price reset for summer fill, which,
according to multiple sources, is likely to occur once
applications conclude.
In the US Gulf, Nola barges fell by $5/st from the previ-
ous week on a midpoint basis to $330-340/st fob, as reduced
offers from suppliers failed to spur interest in the market
and no trades were confirmed this week. Demand is likely
to remain low in the near-term, with barge purchases in the
coming weeks expected to account for fill tonnage and will
likely be discounted to attract buyers with available inven-
tory, contingent upon the announcement of fill offers.
Another decline to the Tampa ammonia settlement re-
mains consensus among industry participants, with softness
still lingering the in global market while the US’ fertilizer
offseason will slash demand in the late second and early
third quarter.
Fertiglobe will load Nashwan from Beaumont in late-May,
but the destination of the cargo has not been confirmed.
Trinidad and Tobago
Production rates are improving in Trinidad compared with
a few weeks ago, traders said, but remain restricted by gas
supply.
Around 237,500t is on the May line up, around 100,000t
below the average rate of exports so far in 2023.
Trinidad exported 930,000t in the first quarter of 2023,
down 2pc – or 19,000t – on the same period of 2022.
Subscribers can download the latest green ammonia
project and vessel tracking data here.

Spot Sales Selection – 2023

Shipment Seller Buyer Destination tonnes $pt bulk Origin

June Trammo Fact India 5,000 310 cfr TBC

May Sorfert Yara Europe 12,000 368 fob Algeria
May Mitsubishi CPDC Taiwan 5,000 300 cfr Indonesia
April Mitsubishi Henan China 15,000 310 fob Indonesia
April Mitsubishi Sailboat China 22,000 380 cfr Indonesia
March OQ Sailboat China 25,000 455 cfr Oman
March Trammo CPDC Taiwan 5,000 535 cfr Indonesia

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Argus Ammonia
NEWS AND ANALYSIS
Trinidad’s March NH3 output slips
Trinidad and Tobago’s ammonia and methanol production
both declined in March from a year earlier, reflecting
reduced allocation of natural gas, according to data from the
energy ministry.
Continue reading >>
Exmar profits jump in 1Q
Belgium-based LPG shipowner Exmar's shipping arm
increased its profits in the first quarter of the year, buoyed
by an increase in freight rates.
Continue reading >>
India to cut subsidies for complex fertilizers
India's government will significantly cut its nutrient-based
subsidy (NBS) rates for complex fertilizers for the April-
September kharif season.
Continue reading >>
Nutrien reports strong 2Q fertilizer demand
North American fertilizer producer Nutrien said potash
demand has strengthened this quarter and it anticipates
another surge in demand in the back half of 2023 because of
lower expected inventories and improved grower affordability.
Continue reading >>
Lower energy prices lift EU GDP outlook
The European Commission today raised its forecast for EU
gross domestic product (GDP) growth to 1pc in 2023, from
0.8pc previously, citing lower energy prices, fewer supply
constraints and persistently strong labour markets.
Continue reading >>
US corn, soy quicken pace, winter wheat im-
proves
Corn and soybean planting progress continued above its five-
year average pace in the US while winter wheat conditions
slightly improved, though the largest winter wheat state,
Kansas, further deteriorated, according to the US Department
of Agriculture (USDA) report for the week ending 14 May.
Continue reading >>
OCP buys 50pc stake in Globalfeed
Moroccan phosphates giant OCP has finalised its purchase
of half of Spanish feed-phosphate producer Globalfeed and
plans to double the company’s annual production capacity.
Continue reading >>
Copyright © 2023 Argus Media group
Licensed to: Siraj Rahimtula 2, TRANSCOM DMCC
Issue 23-20 | Thursday 18 May 2023
Fundamentals
Prices trend lower east and west
Market activity was more muted ahead of a major industry
conference next week and public holidays in Europe, but
sentiment remains bearish.
India dominated market attention with the cabinet's
approval of the subsidy and 35pc cut in the DAP NBS. But im-
porters and manufacturers are still set to enjoy solid margins
at current rates. DAP fell to $511-513/t cfr India basis latest
business, down from $523-525/t cfr.
A major southern Chinese producer sold 70,000t of DAP
to India, netting below $500/t fob, with other sales in the
$500-505/t fob range emerging earlier in the week. The DAP
assessment slid to $495-500/t fob China, basis the sale and
latest indications, down from $505-510/t last week.
European import demand has largely disappeared. North
African fob levels were stable on last week.
West of Suez, MAP cfr Brazil was under sustained pressure
through the week, dropping to $500-520/t cfr. Incofe closed
a tender on 17 May, with DAP offered lowest at around
$529/t cfr. In the US, prices slipped lower - DAP barges fell
to $480-510/st fob Nola, with MAP trading in the low $480s/
st fob for May shipment.
Slowing demand weakens urea
Urea prices generally weakened further this week but only
by small amounts as short-term supply remained tight and
buyers declined to commit to much forward business.
Trade this week was concentrated in Americas markets
and Turkey.
US prices rose overall, propped up by prompt demand,
but the key price for June barges fell by $15/st to $285/st
fob Nola — showing that US importers desire no more supply
from offshore.
Buyers in Mexico and central America sought cargoes for
their west coasts, with Russian supply again most competi-
tive despite still-high freight rates.
Brazil prices slipped lower in sporadic trade, from $320/t
cfr to $314/t cfr for all origins.
Turkish importers booked cargoes of prilled and granular
urea at $350/t cfr and $365/t cfr, respectively, for shipment
from Egypt by mid-June.
Page 7 of 9
Argus Ammonia Issue 23-20 | Thursday 18 May 2023

clean ammonia Green ammonia $/t

27 Apr 30 Mar ±

Ammonia-fuelled ships for Australia exports by 2028: GMF Middle East LCO delivered NW Europe 1,208.463 1,208.583 34

Vessels running on clean ammonia could be deployed on the

iron ore route from Western Australia to China by 2028 and
be used for up to 5pc of total shipments annually by 2030, NWE ammonia vs conventional marine fuel, weekly avg. 12 May
according to the Global Maritime Forum (GMF) in a new $/mn Btu $/t MGOe $/t VLSFOe
feasibility report. NWE ammonia weekly assessment,
20.455 825.507 803.501
Continue reading >> wholesale, duty paid, cfr*
NWE green ammonia modeled value,
68.663 2,771.096 2,697.225
wholesale, duty paid, cfr
CF, CHS partner for low-carbon fertilizer ARA MGO retail, delivered 16.614 663.750 -
Fertilizer producer CF Industries has partnered with ARA MGO retail, delivered including
24.106 972.861 -
agribusiness CHS to produce, distribute and promote more CO2 cost*^
ARA VLSFO retail, delivered 13.327 - 519.438
low-carbon nitrogen fertilizer.
ARA VLSFO retail, delivered includ-
Continue reading >> ing CO2 cost*^
20.892 - 820.674

*weekly assessment cfr NW Europe

Stamicarbon to design US green NH3 plant
Dutch fertiliser plant technology firm Stamicarbon is to
design a US plant for an undisclosed customer, with a view
to producing 450 t/d of green ammonia from 2026.
Continue reading >>
VNG eyes Norway green NH3 supply
German gas firm VNG is planning to purchase 200,000 t/yr of
renewable ammonia from Norwegian project developer Aker
Horizons from 2028.
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Australia needs to accept all types of H2 to scale up
Acceptance of gas-derived blue hydrogen could ease
difficulties in scaling-up Australia’s hydrogen development,
delegates heard at the Australian Petroleum Production and
Exploration Association (Appea) conference in Adelaide on
17 May.
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SK Ecoplant enters green H2 project in Canada

Argus Clean Ammonia
South Korean energy firm SK Ecoplant, the sustainability North America Conference
arm of SK Group, will take a 20pc stake in the first phase of June 6 -8, 2023 | Houston, Texas
Canadian developer World Energy GH2’s renewable hydrogen
project Nujio’qonik, in the province of Newfoundland and Meet market makers and explore the commercial
future of clean ammonia in the Americas
Labrador in eastern Canada.
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Book by
Egypt signs deal for 40,000 t/yr e-methanol plant April 21 to save
Egypt’s state-owned Alexandria National Refining and $300 with
Petrochemicals (ANRPC) and the Egyptian Company for the early bird
discount
Bioethanol have signed a deal to build a $450mn e-methanol
production plant with Norwegian renewables developer
Scatec, according to the Egyptian ministry of petroleum and www.argusmedia.com/clean-ammonia-north-america
mineral resources.
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