For the Quarter Ending March 2024
North America
In North America, the WSF market witnessed a surge during the first quarter of 2024 were shaped by a mix of domestic production challenges and international geopolitical tensions. The U.S. faced several supply chain disruptions owing to extreme winter weather conditions that impacted both production facilities and logistics networks, leading to temporary slowdowns in WSF supply.
This was compounded by ongoing trade tensions and potential sanctions against key global phosphate suppliers like Russia, which introduced further uncertainties into the market. Due to these challenges, demand for WSF increased, supported by the agricultural sector's preparation for the spring planting season. However, the anticipation of increased demand did not immediately translate into higher prices due to the prevailing cautious sentiment among buyers, who were wary of potential price hikes and supply disruptions.
Suppliers prudently managed inventories, refraining from overproduction to safeguard prices and margins. The price action suggests that market participants have responded favourably, accumulating inventories in line with downstream market demands and inventory management strategies. As the quarter concluded, there were optimistic signals of market responsiveness, with anticipation of a surge in demand in the forthcoming months.
APAC
The water-soluble fertilizers (WSF) market in the Asia-Pacific (APAC) region witnessed a considerable decline during the first quarter of 2024. The policies were implemented to prioritize domestic agricultural needs, significantly affecting the availability and prices of WSF in neighbouring markets. As China is a major producer and exporter of WSF, including key products like Mono Ammonium Phosphate (MAP), the reduced export volumes led to adequate supply across the region. In response, countries heavily dependent on Chinese WSF, such as Malaysia and Vietnam, sought alternatives, creating a ripple effect in the global supply chain, and pushing up prices in the spot markets. The market dynamics were further complicated by seasonal demand fluctuations associated with agricultural cycles in the region, particularly around the Lunar New Year when agricultural activities typically decrease, but preparation for the subsequent growing season begins. This seasonal lull was exacerbated by the Chinese government’s decision to halt exports temporarily, leading to inventory pileups in China and acute shortages elsewhere. As the quarter progressed, prices witnessed a decrement, reflecting the market's sensitivity to any news regarding potential easing of export restrictions or increases in production capacity. The overall market sentiment remained bearish due to these supply constraints, coupled with fulfilling the demand from the agricultural sectors of emerging economies in the region seeking to secure adequate fertilizer supplies for the upcoming planting seasons.
Europe
In Q1 2024, the Water-Soluble Fertilizers (WSF) market in Europe exhibited a challenging scenario, marked by declination influenced by the market demands. One notable factor was the decrease in prices originating from China, a major exporter, which affected the overall pricing dynamics within the European market.
The market's performance was further shaped by a backdrop of economic uncertainties, which contributed to sluggish industrial activities and diminished agricultural output, adversely affecting the fertilizer sector. Demand for Water-Soluble Fertilizers in Europe witnessed on the lower side, with different sectors showing varied levels of demand. Notably, the water treatment and agrochemical sectors demonstrated diminished demand patterns, influencing the market's overall consumption dynamics. In Germany, the situation was particularly notable with significant price changes observed during the quarter. The supply of Water-Soluble Fertilizers was constrained, primarily due to reduced industrial activities which impacted production capacities. Overall, the pricing environment for Water-Soluble Fertilizers in Europe and specifically in Germany during Q1 2024 described as mixed, with market conditions leading to downward price movements.
For the Quarter Ending December 2023
North America
In Q4 2023, the North American region experienced a mixed trend in Water-Soluble Fertilizers pricing, influenced by several factors. Firstly, the strength in feedstock Styrene prices played a significant role in shaping the pricing dynamics. The decrease in feedstock costs exerted upward pressure on Water-Soluble Fertilizers prices. Secondly, a shortage of Water-Soluble Fertilizers supply in the market led to undersupply situations, posing challenges in managing low inventory and contributing to a bullish market outlook.
Lastly, robust demand from downstream industries, with a preference for immediate stock procurement over bulk purchases, further bolstered the market. Specifically in North America, Q4 2023 marked a bullish market for Water-Soluble Fertilizers.
Heightened demand from the Automotive and Construction sectors, coupled with lower product inventories, drove robust trading activities and price increases. Nonetheless, the limited supply of Water-Soluble Fertilizers posed challenges in meeting market demand. The surge in feedstock prices and escalating energy costs also added to the overall production cost of the product.
APAC
In Q4 2023, the APAC region witnessed an upward trend in Water soluble Fertilizers pricing, influenced by several factors. Firstly, the strength in feedstock Styrene prices played a significant role in shaping the pricing dynamics. Secondly, a shortage of Water-soluble Fertilizers supply in the market led to undersupply situations, posing challenges in managing low inventory and contributing to a bullish market outlook. Lastly, robust demand from downstream industries, with a preference for immediate stock procurement over bulk purchases, further bolstered the market. Specifically in India, Q4 2023 marked a bullish market for Styrene Copolymer. Heightened demand from the Automotive and Construction sectors, coupled with lower product inventories, drove robust trading activities and price increases. However, the limited supply of Water-soluble Fertilizers posed challenges in meeting market demand. The surge in feedstock prices and escalating energy costs also added to the overall production cost of the product. Regarding price trends in India, there was a 1.6% increase in October 2023 compared to the previous month, followed by increase of 3.9% in December 2023. The quarter-ending price for Mono Ammonium Phosphate (MAP) CFR JNPT in India was reported at USD 1009/MT.
Europe
In Q4 2023, the European region experienced an upward trend in Water-Soluble Fertilizers pricing, influenced by various factors. Firstly, the strength in feedstock prices played a significant role in shaping the pricing dynamics. The decrease in feedstock costs exerted upward pressure on Water-Soluble Fertilizers prices. Secondly, a shortage of Water-Soluble Fertilizers supply in the market led to undersupply situations, posing challenges in managing low inventory and contributing to a bullish market outlook. Lastly, robust demand from downstream industries, with a preference for immediate stock procurement over bulk purchases, further bolstered the market. Heightened demand from the Automotive and Construction sectors, coupled with lower product inventories, drove robust trading activities and price increases. Nonetheless, the limited supply of Water-Soluble Fertilizers posed challenges in meeting market demand. The surge in feedstock prices and escalating energy costs also added to the overall production cost of the product. In contrast, the European Water-Soluble Fertilizers market in the fourth quarter of 2023 showed a mixed trend in pricing dynamics. Factors such as feedstock prices and supply shortages played a role in shaping the market, resulting in varied price trends during the same period.
For the Quarter Ending June 2023
North America
The Water-Soluble Fertilizers market slumped during the second quarter of 2023, ending June in the USA market. The prices slumped in the wake of declining demand from the regional and international markets. The buyers were cautious in making bulk purchases amidst inflationary pressure and hiked interest rates. Additionally, the Collapse of two major banks in the USA in April also impacted the demand. This led to a contraction in the market and further influenced the prevailing price trend. Further, due to the low water level in the Mississippi River, exports arrived at Texas port. This consequently led to surplus availability of the material in the North American market. However, demand from the regional USA market revived in the month of May, driven by summer peak season demand in the region but later fell in June. Overall, the Water-Soluble Fertilizers market remained bearish, with low buying enthusiasm from the end-user segment. As indicated by the US Bureau of Labor and Statistics, the Natural Gas Index, which is an essential upstream product, decreased by 2.6% in the month. This decline was consecutively the fourth time in that index.
APAC
Throughout the second quarter of 2023, pessimistic market sentiments prevail for Water Soluble Fertilizers in the APAC region. The decline was primarily influenced by diminished demand from the end-user fertilizer segment. Additionally, during this quarter global market experienced a decline in bulk purchases. Consumers were reluctant to make bulk purchases amidst growing inflationary pressure and hiked interest rates. The prices of Water-Soluble fertilizer MAP in China tumbled by a significant margin of 14.7% from April to June. China has reduced its exports this year by a significant margin amidst the ongoing recession in the global market, which has consequently led to surplus availability of the material in the market. Further, low procurement orders from other importing counties, particularly India, further influenced the prevailing price trend. Backed by below-to-normal rainfall on a YoY basis, Kharif sowing tumbled by 8.4% in India, which further weakened the fertilizer market. This, coupled with depreciating demand from the end–user market and availability of the material, paved the way for a narrow demand-supply gap. Thus, the traders were compelled to keep prices on the lower side. Additionally, as indicated by the National Bureau of Statistics China, the Purchasing Manager Index is declining and has been recorded at 48.8 in May 2023 after a marginal decline of 0.8% from the previous month, along with a decrease in industrial growth rate from 5.6 in April 2023 to 3.5 in May 2023.
Europe
Water Soluble market remained bearish throughout the second quarter ending June 2023 in the European region. The prices were on a decline due to the impact of the ongoing war in the region and the global economic slowdown leading to pessimistic market sentiments. However, to curb inflation in the region, European Central Bank has hiked interest rates. This has made consumers hesitant to make bulk purchases. Diminished demand for fertilizers in exporting counties has further supported the prevailing price trend. Heavy rainfall and bad weather conditions in the United Kingdom and the Netherlands have affected farming activities and led to reduced purchasing activities. Additionally, as indicated by Eurostat, the Producers Price Index of the region declined to 138.3 in May from 143.4 in March and is expected to decline further. The average decline was 3.6%. Overall, the market situation for WSF remained bearish during this quarter, with low buying enthusiasm from the end-user fertilizer segment amidst growing inflation in the region.
For the Quarter Ending March 2023
North America
Water-Soluble Fertilizer prices continued to fall throughout Q1 2023, owing to reduced regional and international demand. Even though some purchases were cutting off production, the market for Water-Soluble Fertilizers remained largely oversupplied, which caused prices to keep dropping. All imports arrived in New Orleans without a hitch owing to the Mississippi River system, which began operating in February and has since been dispersed throughout the area. Although the market for Water-Soluble Fertilizers has been partially supported by the demand for nitrogen and phosphate fertilizers for spring plowing, prices were thus witnessed to be declining. As the gap between supply and demand narrowed, the price of water-soluble fertilizer fell, which further encouraged a shift from exports to domestic sales. In March 2023, Water Soluble Fertilizer prices FOB New Orleans were estimated to be at USD 760/MT.
APAC
The domestic Water-Soluble Fertilizer market remained poor in the first quarter of 2023. Prices dropped because of an excess of nitrogenous fertilizer and a lack of downstream demand. Lower feedstock coal and nitrogen costs have also been linked to the gradual rise in Water Soluble Fertilizer prices in China. The price drop could also be attributed to a lack of spot trading and buying during Q1. Furthermore, the absence of feedstock demand in the APAC region is due to massive inventories stockpiled and low downstream Urea prices. Fertiliser suppliers also struggled to understand how the downstream market was moving. At the conclusion of the first quarter in 2023, prices for Water Soluble Fertilizer were projected to be USD 580/MT FOB-Qingdao.
Europe
Water Soluble Fertiliser prices in Europe fell during the first quarter of 2023 due to lower natural gas costs. This had a negative impact on the market for Water Soluble Fertiliser and its derivatives. This quarter, when news of the US banking crisis broke, the price of European TTF fuel shot up to $17/MMBtu and kept declining throughout the quarter with minor fluctuations. Black Sea Water Soluble Fertiliser is nominally priced at USD 615/MT CFR Hamburg. The Water-Soluble Fertiliser market remains depressed, and it is expected further declines as a result of rising natural gas prices in Europe and further price cuts in Q2. The downstream industries' modest offtakes weighed on the market sentiments and kept them subdued.
For the Quarter Ending December 2022
North America
The US price of Water-Soluble fertilizers continued to fall during the fourth quarter due to falling raw material costs. The cost of water-soluble fertilizers decreased by about 1.5% in October compared to the previous month's cost. A sufficient supply of downstream fertilizers and declining upstream ammonia and nitrogen costs have put pressure on the prices of water-soluble fertilizers in the domestic US market. The cost of Water-Soluble Fertilizers has decreased, and there are market uncertainties in the area. The market demand has fallen, which has put pressure on WSF stockholders' quotes to decline due to the hoarding of downstream fertilizers.
APAC
The pricing trend for Water-Soluble Fertilizers in the Asia-Pacific region remained low in Q4 due to a lack of demand from downstream fertilizer markets. Q4 was one of the lowest quarters for WSF pricing because of the decline in demand from industrial and agricultural consumers in the region. It is projected that the mood will remain negative until Q1 2023. Regular export amounts from China have also started to become a staple of the market, and certain Suppliers are already discussing potential December deliveries to Northeast Asia at reduced pricing. In addition, market players had already stockpiled supplies to prevent any imbalance for the impending new year's demand as more orders are anticipated.
Europe
Prices for European Water-Soluble Fertilizers initially varied but ultimately stayed on the low side during Q4 2022. The fourth Quarter's fluctuating demand was reflected in how the downstream fertilizer market reacted. Russia increased the import quotas for all nitrogen fertilizers in November, which helped to boost the domestic supply. Some nitrogen-based fertilizer production plants in Europe have closed due to increased coal and natural gas prices, which are the primary raw materials necessary to produce fertilizers. Logistics were also kept in good shape by the fact that freight prices continued to be on the cheap side and that there were enough containers available.
For the Quarter Ending September 2022
North America
Due to the ongoing demand for agricultural products, Water-Soluble Fertilizer prices increased significantly in the third quarter of 2022 in the North American region. Owing to an increase in the price of water-soluble fertilizers, the pricing trend for water-soluble fertilizers showed an upward trajectory across the region. The cost of water-soluble fertilizer nearly doubled from the same time last year, translating to significant increases in the price of phosphate fertilizer in the area and increasing the concerns of some maize producers in the United States.
Asia
In the third quarter of 2022, the Asia Pacific area saw a strong increase in the market outlook for water-soluble fertilizers. Due to a significant increase in worldwide demand, water-soluble fertilizer prices increased significantly in the Chinese domestic market. In India, the demand for water-soluble fertilizer remained high in August, supported by consistent purchases from domestic NPK fertilizer producers, but there was still insufficient supply to meet the demand. In India, where the government attempted to limit the downstream fertilizer costs to lessen the burden on home farmers, the global shortage of water-soluble fertilizer increased the overall price of various phosphate fertilizers.
Europe
In the third quarter of 2022, the domestic market noticed an increase in the prices of water-soluble fertilizers in the European region, which further contributed to the price increase of water-soluble fertilizers throughout the region. The global demand for the material in Q3 was driven by increased agricultural commodity prices and ongoing demand in the US and European markets. Extreme weather, plant closures, sanctions, and rising energy costs in Europe and China continued to pressure the region's NPK fertilizer production, driving prices to record highs in Q3.
For the Quarter Ending March 2022
North America
During the first quarter of 2022, US water-soluble fertilizer consumption climbed by a factor of four. The usage of Urea and Potash has been relatively considerable. On the supply side, natural gas prices in the United States doubled in the first quarter of 2021, significantly raising the cost of producing Water-Soluble fertilizers. In addition, shipping prices rose considerably in 2021, particularly for goods from Asia to North America. Phosphate and Potash mining expenses also included energy, which weighed on the prices. On the supply side, high crop prices encouraged farmers to apply more fertilizer per acre, putting pressure on fertilizer prices. FOB Price in the North American region ranged between USD 310-320/ton during the first quarter of 2022.
Asia Pacific
The price of water-soluble fertilizers has been steadily rising during Q1 2022 because of increased demand from the agriculture sector. Increased demand of Urea and other fertilizers are affecting fertilizers due to previous energy price increases. Most export demands were projected to rise following the spring season, with the majority of them coming from Europe. On the other hand, domestic traders remained pessimistic about future demand growth, citing the industry's ongoing market volatility and high inflation amid the Russia-Ukraine conflict. WSF prices were INR 84000/MT (USD 1102.69/MT) in March, including MAP (Mono Ammonium Phosphate), CFR JNPT (India) prices, Potassium Nitrate CFR JNPT prices INR 85600/MT (USD 1123.69/MT), and Urea Phosphate CFR JNPT prices were INR 75000/MT (USD 984.54/MT).
Europe
During Q1, water soluble fertilizers manufacturers in Europe were pressurized because of high natural gas costs and increased demand from the agriculture sector. European Natural Gas prices have hit record highs in early March 2022 due to the uncertainty of Ukraine's invasion by Russia, a significant natural gas supplier to Europe. This affected the price of Water-Soluble Fertilizers. Furthermore, Increased production costs led to low operating rates in the region, thus hampering the supplies. Prices for the raw materials that make up the fertilizer industry, Ammonia, Nitrogen, Nitrates, Phosphates, Potash, and Sulphates, have increased by 30% since the beginning of the year. CFR prices skyrocketed in the European region and were assessed at USD420/MT during March 2022.
For the Quarter Ending December 2021
North America
Prices for Water soluble fertilizers rose during the fourth quarter of 2021 because of many causes, including lingering storms and other supply chain problems in the US Gulf. Due to the high prices, several farmers have been reported postponing purchases, risking a supply scramble during the most critical season for growing. Due to a Water-soluble fertilizer’s deficit, downstream Ammonium Nitrate inventory levels were discovered to be low. During December, the price of Mono Ammonium Phosphate (MAP) FOB was reported as USD 895/MT.
APAC
Water Soluble Fertilizers prices have risen dramatically this quarter because of halted imports and soaring domestic demand. China's recent prohibition on Phosphate fertilizer shipments till next year has had a negative impact on the cost of many fertilizers in the Asian market. Furthermore, because of this restriction, competing nations such as Russia and the United States have begun to consider their local needs to manage inflation in their respective countries. Meanwhile, demand fundamentals in the Indian market remained strong due to certainty about the impending crop season. Finally, WSF prices rose sharply, ultimately settling at INR 790/kg CFR JNPT.
Europe
In Europe, the price of water-soluble fertilizers has risen due to a surge in raw materials and strong demand from downstream industries such as agrochemicals and fertilizers in Q4 2021. Furthermore, the increasing energy prices caused by the natural gas crisis catapulted production costs across the European area, which also contributed to the Water-soluble fertilizers pricing trend. Furthermore, rising freight rates and a scarcity of shipping containers impacted Water soluble fertilizers prices this quarter.
For the Quarter Ending September 2021
North America
In the North American region, stagnancy was observed in the water soluble fertilizers market where July and August formed static months in terms of demand. New Orleans UAN barges continued to witness stable to declining interest on the buying side, producer’s offer also remained muted in the early phases of the quarter. Prices in mid-August were assessed at USD 340-350 per MT on FOB basis. UAN offers eventually improved as an aftermath of hurricane Ida which resulted in production curtailment at several manufacturing unit during Q3.
Asia
The Asian market witnessed a significant rise in the prices of water soluble fertilizers (WSF) during the 3rd quarter of 2021. In India, depleting stocks of fertilizers against the rising demand for the upcoming Rabi season, led to a steep rise in its prices. Traders revealed the reasons behind rising fertilizers prices in the country, like inadequate availability, soaring freight charges, rising raw materials cost, and inflation, etc. However, the government is trying to decrease the burden on farmers by supporting them with more incentives. Therefore, prices rose effectively for most of the water-soluble fertilizers and settled at USD 729/MT, USD 833/MT, and USD 887/MT for MAP, Urea Phosphate, and Potassium Nitrate respectively CFR JNPT during September. Shortages were reported in China due to some production lags. China’s decision to halt phosphate exports through 2022 further raised farmer’s worry over cost escalation.
Europe
Fertilizers prices rose effectively across the European region in Q3 2021 as prices for Potash rose up to 10%, Urea up to 5%, DAP up to 2%, and MAP up to 4% in September. Increased natural gas prices in Europe seemed to have altered the profitability of several fertilizer producers. In the second week of September, leading fertiliser producers considered implementation of additional surcharges due to high energy cost. Two major fertilizer producers announced shutdowns at European fertilizer manufacturing facilities in the last weeks of Q3 due to high natural gas prices.
For the Quarter Ending June 2021
North America
Prices of most of the fertilizers showcased an upward rally during this quarter in USA, backed by firm demand fundamentals. Water soluble fertilizers including Mono Ammonium Phosphate (MAP), Potassium Nitrate and Urea Phosphate remained high throughout the quarter due to firm demand and rising upstream cost in the country. Moreover, the demand for crops like corn and soyabean was already very high from other downstream sectors, which also induced the demand for fertilizers in the meantime. In addition, delayed crop season due to winter devastation also exacerbated the overall demand scenario and led to a significant rise in price of all the fertilizers in USA. Therefore, prices of MAP rose effectively and reached near USD 675/MT in USA in June.
Asia
Asian market witnessed firm sentiments for water soluble fertilizers during this quarter. In China, major manufacturers received significant enquiries for the product from Bangladesh, while the availability was not enough to satisfy the overall demand. Meanwhile, rising production cost of DAP, MAP and other fertilizers was leading Chinese manufacturers to ask the respective government authorities to increase their MRP on these fertilizers. Therefore, a steep rise in prices of WSF was observed across Asia. Meanwhile, India also encountered a similar scenario, where the domestic exports were very high compared to the domestic demand of the country, which led to an overall increment on the prices of these fertilizers during this timeframe.
Europe
Europe experienced huge demand for water-based fertilizers across the region during this quarter, backed by seasonal rise. The demand for water-based fertilizers including DAP, MAP and Urea Phosphate remained, while the prices shot up effectively due to expensive upstream chemicals from other countries like USA. In the meantime, demand from the global market remained high including USA, where due to the domestic shortage of fertilizers buyers were seeking cargoes from Europe and Asia. However, European buyers also seemed cheaper imports from APAC region during this timeframe.
For the Quarter Ending March 2021
North America
In North America, the demand for Water soluble fertilizers remained similar to Q4 2020, amid curtailed agricultural activities. Availability of several feedstocks remained low, as several plants remained idled due to freezing fallout across gulf area. Like several Nitrogen and Ammonia plants in USA had to face force majeure under extreme weather conditions, which halted the production of WSF in the country. The prices for Water soluble fertilizers like DAP (Di-Ammonium Phosphate) and Urea rose affectively, average DAP price was settled at USD 576.7/MT during March.
Asia
The Asian market witnessed moderate to low demand for Water soluble fertilizers but significantly high demand from overseas boosted the exports. Most of the export demand was heard coming from Europe, after the arrival of spring season. In the Chinese market, sudden surge in Covid-19 cases forced the government imposed partial lockdown which halted the supply activity in the country, although lockdown didn’t affect the overall agricultural production of the country. In the Indian market, DAP encountered a sudden surge of 58.33% in prices amidst strong domestic demand, which was later countered by government initiatives to provide relief to farmers of the country.
Europe
The European countries experienced higher demand for Water soluble fertilizers from the agriculture sector, after arrival of spring season. The regional supply remained pressured, as the imports of key raw materials reduced from the USA due to freezing winter snap. Meanwhile, traders were looking forward to import from several Asian countries, but that too sound expensive to many due to high freight and container cost across the Asia-Europe trade route which significantly affected the prices of Water-Soluble fertilizers in the region.
For the Quarter Ending September 2020
Asia
The Asian fertilizer sector reported strong performance during Q4 2020 led by higher sales volume. The region witnessed abrupt spike in the prices of WSF as the key raw materials- ammonia, phosphate, potash etc. firmed due to global shortage. In India, stocks for NPK remained pressured as the key fertilizer exporter from Russia awaited final decision from the Indian government as buyers were waiting for clarifications regarding the increase in fertilizer subsidy or MRP before making any further purchases. Reduced inventory levels and strong farmer’s appetite across the Indian subcontinent pushed up the WSF offers across the Indian markets. Prices spiked for almost all important WSF products as traders actively procured for the peak October-November months for the winter rabi season.
North America
The Americans reported strong pull from the fertilizers segment due to a robust growth in demand despite the economic downturn due to surging COVID-19 cases. Geared up agricultural practices in Canada prompted the sectoral growth. The US fertilizer producers reported volume growth in their quarterly sales of Water Soluble Fertilizers and firmed margins. Increase in the plantation of soil samplings in the US which were recorded higher by about 24% during Q4 encouraged higher sales. WSF applications picked up in the Southern Plains, such as Oklahoma, in November as cooler weather subsided while much of Texas remained warmer and drier than expected. Supply remained tight as several Russian exporters held back their volumes to meet the domestic demand. Highly priced Nitrogen and Phosphates triggered a quick rise in the WSF prices across the US towards the end of the quarter, prompting customers to make advance payments for retail purchases. Nitrogenous water Soluble Fertilizers showed sharp rise as Urea rates were also seen surging over Q3 levels against the backdrop of soaring gas price in Nov-Dec period.
Europe
The European markets were favorable for fertilizer producers throughout the fourth quarter. Towards the closing of 2021, the prices of some Water Soluble Fertilizers showed marked year-on-year growth due to high consumption by end consumers. A leading Russian fertilizer producer reported robust company sales and high margins despite lack of exports to US and some Asian countries. For December offers, prices for most of the fertilizer products were maintained at high levels as the key feedstocks which had remained at lows throughout 2020 started gaining momentum towards the end of Q4 due to recovering demand and production constraints due to the winter season. Ammonia FOB Baltic price which had touched USD 211 per tonne during the fourth quarter supported the WSF price growth.
