Key Takeaways
- Urea settled at $702.25/T, down 1.51% on the day but flat on the week (+0.14%), masking a 15.12% monthly and 81.69% year-to-date advance tied to Hormuz energy & fertilizer supply disruption.
- DAP held at $722.50/T, up 0.35% on the week and 11.58% on the month, with firm demand from Brazil and India absorbing elevated freight costs.
- Sulfur at CNY 6,100/T remains 158.73% above year-ago levels — the most acute cost pressure in the phosphate production chain — despite easing 7.58% on the week.
- TTF gas surged 6.86% on the day to EUR 41.43/MWh, reigniting operating cost concerns for European ammonia and urea producers.
- China's confirmation of a sulfuric acid export suspension from May 2026 adds a structural bottleneck to the global phosphate supply chain that the Hormuz situation alone does not explain.
Fertilizer prices remained under structural pressure in the week ending April 20, with the renewed Strait of Hormuz closure amplifying supply chain risks across the nitrogen, phosphate and sulfur complexes. Urea has climbed 81.69% year-to-date; sulfur has extended its ascent to 158.73% above year-ago levels; and TTF gas spiked 6.86% on Monday, threatening European nitrogen production margins. For the crop demand context driving fertilizer consumption, see the iGrowNews agricultural commodities weekly update.
The Big Three Fertilizer Prices: Urea, DAP and Potash
Urea — Nitrogen
Urea is the global headline benchmark for fertilizer prices, and this week's near-flat reading of +0.14% obscures the scale of the year-to-date move. At $702.25/T, urea is 81.69% above where it started 2026 and 69.63% above year-ago levels. The primary FOB Middle East route — the most closely watched benchmark given the region's role as the world's largest low-cost urea export hub — remains effectively closed to commercial traffic following the IRGC's April 18 strait declaration and the U.S. Navy's April 19 seizure of the Touska. Vessels rerouting via the Cape of Good Hope are adding 10–14 days to voyage times, further inflating CFR Brazil and CFR India landed costs above spot.
