A general overview
Fertilizer Week has been publishing benchmark fertilizer prices from the time it was launched in April 30, 1987. Over the past 24 years its prices have been used as part of formulas for various pricing contracts by clients.
Price discovery is conducted by a highly trained specialist team of analysts based in London, Norway, US and China. In total Fertilizer Week covers 189 regional and international prices for urea, nitrates, ammonium sulphate, ammonia, phosphates, NPKs, phosphate rock and phosphoric acid, potash, sulphur and sulphuric acid.
The team input the Fertilizer Week prices into a Price Database which houses historical weekly prices going back to 1987. The Price Database was developed with the aim of providing an audit trail of prices inputted to ensure the credibility and quality of historical pricing data. This price methodology guide is merely a general explanation of our price assessment methods. A price by price guide is available to subscribers and can be viewed on the individual Product Dashboards.
Core Objectives
- Provide clarity and accountability
- Improve accuracy of assessments
- Eliminate price distortions
- Determine a transactable market price
Prices
In the Fertilizer Week Price Database, as well as on our Online Platform, the 189 prices are ordered and organised according to the following criteria:
- Product group: (urea, nitrates, ammonia, phosphates, potash, sulphur, sulphuric acid),
- Price Basis: (FOB, FOT, DAF, CFR, CIF, CPT, DEL)
- Product Type: (prilled, granular, standard, lump)
- Packaging: (bagged or bulk)
- Price Range: high and low
Each price is marked with the region/country and is either spot, contract or a combination thereof and is quoted in a particular currency (usually either US dollars or Euros). Prices are either in metric tonnes, short tons, long tons or nutrient units. Other price specifications include duty and tax paid prices, where applicable.
Frequency
On a Wednesday, 19 benchmark preliminary price assessments are updated and published in the Weekly Price Preview report and only serve as a price trend indication. The final publication date is on Thursdays, when all 189 prices are assessed updated on individual product pages. All prices can also be found on the Weekly Price Assessment page. Prices are also published in the Weekly Price Report on Thursdays.
Prices published on the Thursday reflect transactions concluded in the industry over seven days, with a weighting towards the Thursday. All main reports are published on a Thursday evening out of London. This applies to all previously quoted FW America prices which have been merged into Fertilizer Week.
Assessment Method
Analysts use telephone, email and instant messaging services to collect market intelligence as well and to verify the information received.
Prices are either spot or contract and the assessment can vary depending on the type of product.
Price assessments reflect actual deals concluded and information is gathered through consultation with producers, buyers, traders and shipping companies. Each deal is verified with both parties to the deal and where this is not possible, a third and fourth party are consulted. FOB prices are derived either from direct sales from producers to traders/buyers or from netbacks on CFR sales based on estimated or actual freight rates. CFR prices are sometimes assessed basis prevailing FOB prices and estimated freights.
Price ranges reflect the lowest and highest deal concluded during the week from Friday to Thursday, with a weighting towards the overall trend in the market towards the end of the reporting week, if a market is particularly volatile.
If a market has been quiet during the week with no deals concluded prices are usually rolled over with a ‘no recent business’ asterisk next to the price. However, if the overall market trend is strongly upwards or downwards, but no transactions were concluded for that price point, firm bids and offers are incorporated into assessment and the price range is marked as indicative. This is marked by two asterisks next to the price. The Indicative marker is in the footnotes of each price page and clearly denotes that this is a subjective weighting on the part of the analyst.
If there is no market movement at all in a particular market for a period of longer than 4-6 weeks, an ‘nm’ or ‘no market’ is assigned to that price. Once the market becomes active again and deals are being concluded a price will be published.
Deactivated prices
A price point will remain active as long as it can be demonstrated that there a sufficient number of buyers and sellers and/or traders which allow for the analyst to make an assessment of the price. If the price suffers from limited transparency due to a lack of the above mentioned factors or as business dynamics change (such as a traditional trade route ceases to exist due to emergence of new market competition), it will be deactivated. Its history will still be available to clients for a fee, should they require this information. However, no further price information will be collected for that price from the time it is deactivated.
Sizes
Overall, transactions are typically for cargoes of 5,000 mt and over. However, smaller transactions do apply to some price assessments, e.g. US New Orleans barges and inland truck/rail market, Baltic/Black Sea/Europe deals. Otherwise, deals might be mentioned in the commentary or region entry for a particular fertilizer product, but their prices are not taken into account.
Timing
Assessments typically reflect latest transactions for product to be supplied within 30-45 days forward in the spot market. However, some US domestic transactions are only deemed spot if shipped within 14 days.
Contract prices are transactions done for large volumes over a one year, six months, quarterly or monthly shipping period. Contract prices are adjusted once a settlement is reached. However, contract pricing may settle ahead of the relevant period or delayed owing to prolonged contract price negotiations. In either instances, price assessments will be reflected accordingly.
Duties and Taxes
These are denoted by ‘†’ next to the price. The duties and taxes are outlined in the price by price Methodologies which are provided to subscribers of Fertilizer Week.
The table below outlines the format and specification for each product. It also shows how many prices are quoted for each of the products and how many of the total quoted belong to the former FW America , which has been merged with Fertilizer Week to provide clients with a comprehensive overview of the international markets.
Price Specs
|
Product
|
Type
|
Nutrient content
|
Number of prices quoted
|
Number of US prices
|
|
Urea
|
Prilled Granular
|
46% Nitrogen
|
41
|
16
|
|
Urea Ammonium Nitrate (UAN)
|
Liquid
|
28-32% Nitrogen depending on the price point
|
13
|
10
|
|
Ammonium Nitrate
|
Granular and Prills
|
33-34.5% Nitrogen
|
10
|
4
|
|
Calcium Ammonium Nitrate (CAN)
|
Granular and Prills
|
26-27.5% Nitrogen
|
2
|
-
|
|
Ammonium Sulphate (AS)
|
Caprolactam and Coke oven grades White Standard
|
21% Nitrogen & 24% sulphur content
|
3
|
1
|
|
Ammonia
|
Anhydrous Ammonia 99.5% min by weight
|
82 % Nitrogen
|
24
|
12
|
|
Diammonium Phosphate (DAP)
|
Granular
|
18-46-0
|
25
|
10
|
|
Monoammonium Phosphate (MAP)
|
Granular
|
11- 52-0 typically, but on occasion 12-52-0, 11-54-0, 11-55-0, 11-56-0
|
7
|
-
|
|
Triple Super Phosphate (TSP)
|
Granular
|
0-46-0
|
3
|
-
|
|
Phosphate Rock
|
Grade depends on supply source/destination
|
65-75% BPL, equivalent to ≈ 30-34% P2O5
|
3
|
-
|
|
Phosphoric Acid
|
Liquid
|
Merchant grade: 52-54% P
2
O
5 Prices are quoted basis 100% P2O5
|
4
|
-
|
|
NPKs
|
Granular
|
16-16-16, 15-15-15 S, 15-15-15 Cl, 17-17-17 20-10-10
|
6
|
-
|
|
Muriate of potash (MOP) or potassium chloride (KCl)
|
Standard
|
K
2
O content: 60% minimum
|
20
|
6
|
|
Sulphate of potash (SOP)
|
Granular Granular
|
K
2
O content: 50% minimum. Sulphur content: 17.5% minimum
|
1
|
-
|
|
Sulphur
|
Granular sulphur, Crushed lump sulphur, Molten sulphur
|
99.5% purity, 99.5% purity, 99.9% purity
|
19
|
1
|
|
Sulphuric Acid
|
Smelter acid Sulphur burnt acid
|
95-99% purity
|
8
|
1
|
|
Total price on the Weekly Thursday Price Page
|
|
|
189
|
61
|
List of the 187 Prices provided by Fertilizer Week
Urea - FOB Prilled Bulk
Black Sea Spot (USD/mt)
Baltic Sea Spot (USD/mt)
Bulgaria/Croatia/Romania Spot (USD/mt)
Middle East Spot (USD/mt)
Indonesia Spot (USD/mt)
China Spot (USD/mt)
US New Orleans barge Spot (USD/st)
Urea - FOT Prilled Bulk
China ex-factory Spot (RMB/mt)
China wholesale Spot (RMB/mt)
Urea - CFR Prilled Bulk
Mediterranean (duty paid) Spot (USD/mt)
India Spot (USD/mt)
Vietnam Spot (USD/mt)
Philippines Spot (USD/mt)
EC Central America Spot (USD/mt)
Brazil Spot (USD/mt)
Urea - FOB Granular Bulk
Middle East Spot (USD/mt)
Egypt Spot (USD/mt)
Malaysia Spot (USD/mt)
Indonesia Spot (USD/mt)
Venezuela/Trinidad Spot (USD/mt)
US New Orleans barge Spot (USD/st)
US Midwest Spot (USD/st)
US Midwest East Spot (USD/st)
US Midwest West Spot (USD/st)
US Great Lakes Spot (USD/st)
US Southern Plains Spot (USD/st)
US Arkansas River Spot (USD/st)
US Texas Coast Spot (USD/st)
US South Spot (USD/st)
US East Coast Spot (USD/st)
Urea - FOB/FOT Granular Bulk
France Spot (EUR/mt)
Urea - CFR Granular Bulk
Mediterranean (duty paid) Spot (USD/mt)
SE Asia Spot (USD/mt)
South Korea Spot (USD/mt)
Urea - DEL Granular Bulk
US Northern Plains Spot (USD/st)
US California Spot (USD/st)
US Pacific NW Spot (USD/st)
Canada West Spot (CAD/mt)
UAN - FOB Bulk
Black Sea 32% Spot (USD/mt)
US Midwest Spot (USD/unit)
US Midwest East Spot (USD/unit)
US Midwest West Spot (USD/unit)
US East Coast Spot (USD/unit)
US Pacific NW Spot (USD/unit)
US Southern Plains Spot (USD/unit)
US New Orleans barge Spot (USD/unit)
US New Orleans barge 32% Spot (USD/st)
UAN - FOT Bulk
Germany 28% Spot (EUR/mt)
UAN - FOB/FOT Bulk
Rouen 30% Spot (EUR/mt)
UAN - CFR Bulk
US East Coast 32% Spot (USD/mt)
UAN - DEL Bulk
US California Spot (USD/unit)
Ammonium Sulphate - FOB Standard Bulk
Black Sea Spot (USD/mt)
Ammonium Sulphate - FOB White Bulk
Black Sea Spot (USD/mt)
Ammonium Sulphate - FOB Bulk
US Midwest Spot (USD/st)
Ammonium Nitrate - FOB Bulk
Black Sea Spot (USD/mt)
Baltic Sea Spot (USD/mt)
US Midwest Spot (USD/st)
US Southern Plains Spot (USD/st)
US South East Spot (USD/st)
US New Orleans barge Spot (USD/st)
Ammonium Nitrate - FOT Bagged
UK Spot (GBP/mt)
France Spot (EUR/mt)
Ammonium Nitrate - DEL Bulk
France Spot (EUR/mt)
US South Spot (USD/st)
CAN - CIF Bulk
Germany Spot (EUR/mt)
Benelux Spot (EUR/mt)
Ammonia - FOB Bulk
Black Sea Spot (USD/mt)
Ventspils Spot (USD/mt)
Middle East Spot (USD/mt)
Middle East (India) Contract (USD/mt)
Middle East-Spot/Contract Spot Contract (USD/mt)
Caribbean Spot (USD/mt)
US New Orleans barge Spot (USD/st)
US Midwest Spot (USD/st)
US Midwest East Spot (USD/st)
US Midwest West Spot (USD/st)
US Northern Plains Spot (USD/st)
US Southern Plains Spot (USD/st)
Ammonia - CFR Bulk
Southern Europe duty paid Spot Contract (USD/mt)
NW Europe duty paid Spot Contract (USD/mt)
Morocco Spot (USD/mt)
India Spot Contract (USD/mt)
South Korea/Taiwan Spot Contract (USD/mt)
Southeast Asia Spot (USD/mt)
US Gulf Spot (USD/mt)
US Tampa Spot (USD/mt)
US NOLA/Texas Spot (USD/mt)
Ammonia - DEL Bulk
US Midwest rail Spot (USD/st)
US California Spot (USD/st)
DAP - FOB Bulk
Baltic/Black Sea Spot (USD/mt)
Jordan Spot (USD/mt)
North Africa Spot (USD/mt)
Tunisia Spot (USD/mt)
Morocco Spot (USD/mt)
Saudi Arabia Spot (USD/mt)
China Spot (USD/mt)
US Gulf/Tampa Spot (USD/mt)
US Central Florida Spot (USD/st)
US New Orleans barge Spot (USD/st)
US Midwest Spot (USD/st)
US Midwest East Spot (USD/st)
US Midwest West Spot (USD/st)
US Southern Plains Spot (USD/st)
US South Spot (USD/st)
DAP - FOT Bulk
China ex-factory Spot (RMB/mt)
DAP - FOT Bagged
China wholesale Spot (RMB/mt)
DAP - FOB/FOT Bulk
Terneuzen/Ghent Spot (USD/mt)
DAP - CFR Bulk
India Spot (USD/mt)
Pakistan Spot (USD/mt)
Argentina/Uruguay Spot (USD/mt)
DAP - DEL Bulk
US California Spot (USD/st)
US Northwest Spot (USD/st)
MAP - FOB Bulk
Baltic/Black Sea Spot (USD/mt)
US Gulf/Tampa Spot (USD/mt)
US Central Florida Spot (USD/st)
MAP - FOT Bulk
China ex-factory 11-44-00 Spot (RMB/mt)
China ex-factory 10-50-00 Spot (RMB/mt)
MAP - CFR Bulk
Brazil Spot (USD/mt)
TSP - FOB Granular Bulk
Tunisia Spot (USD/mt)
Morocco Spot (USD/mt)
TSP - FOB/FOT Granular Bulk
Benelux Spot (USD/mt)
Phosphoric Acid - FOB Bulk
North Africa 100% P2O5 Spot (USD/mt)
Phosphoric Acid - CFR Bulk
India 100% P2O5 Spot (USD/mt)
NW Europe 100% P2O5 Spot (USD/mt)
Mediterranean 100% P2O5 Spot (USD/mt)
Phosphate Rock - FOB Bulk
Morocco (65-75% BPL) Spot (USD/mt)
Phosphate Rock - CFR Bulk
India (72-75% BPL) Spot (USD/mt)
India (68-70% BPL) Spot (USD/mt)
NPKs - FOB Bulk
Baltic Sea 16-16-16 Spot (USD/mt)
NPKs - FOT Bulk
China ex-factory 15.15.15 Cl Spot (RMB/mt)
China ex-factory 15.15.15 S Spot (RMB/mt)
NPKs - CIF Bulk
Germany 15-15-15 Spot (EUR/mt)
NPKs - DEL Bulk
France 17-17-17 Spot (EUR/mt)
NPKs - DEL Bagged
UK 20-10-10 Spot (GBP/mt)
Potash - FOB Standard Bulk
Vancouver Spot (USD/mt)
Jordan/Israel Spot (USD/mt)
Baltic Sea Spot (USD/mt)
US Carlsbad Spot (USD/mt)
Potash - FOT Standard Bulk
China port wholesale Spot (RMB/mt)
Potash - CFR Standard Bulk
China Spot (USD/mt)
India 180 days Spot (USD/mt)
Southeast Asia Spot (USD/mt)
Potash - DAF Standard Bulk
China/Russia cross border Spot (USD/mt)
Potash - FOB Granular Bulk
Vancouver Spot (USD/mt)
Baltic Sea Spot (USD/mt)
US Carlsbad Spot (USD/st)
Saskatchewan Spot (USD/st)
US New Orleans barge Spot (USD/st)
US Midwest East Spot (USD/st)
US Midwest West Spot (USD/st)
US South Spot (USD/st)
Potash - CFR Granular Bulk
Brazil Spot (USD/mt)
Potash - CIF Granular Bulk
NW Europe Spot (EUR/mt)
Potash - DEL Granular Bulk
US Midwest barge Spot (USD/st)
SOP - FOB/FOT Standard Bulk
NW Europe Spot (EUR/mt)
Sulphur - FOB Bulk
Vancouver Spot (USD/mt)
Vancouver H2 2012 Contract (USD/mt)
Middle East Spot (USD/mt)
Middle East Q3 2012 Contract (USD/mt)
Middle East H2 2012 Contract (USD/mt)
Adnoc Monthly September 2012 Contract (USD/mt)
Black Sea Spot (USD/mt)
Sulphur - FOT Bulk
China port Spot (RMB/mt)
China ex-factory Spot (RMB/mt)
Sulphur - CFR Bulk
China Spot (USD/mt)
China Q3 2012 Contract (USD/mt)
India ex Middle East Spot (USD/mt)
North Africa H2 2012 Contract (USD/mt)
Mediterranean (excl. domestic contracts) Spot (USD/mt)
Mediterranean (incl. North Africa) Spot (USD/mt)
Brazil Spot (USD/mt)
Sulphur - FOB Liquid Bulk
US Tampa Q3 2012 Contract (USD/lt)
Sulphur - CPT Liquid Bulk
NW Europe H2 2012 Contract (USD/mt)
Sulphur - CFR Liquid Bulk
Benelux H2 2012 Contract (USD/mt)
Sulphuric Acid - FOB Bulk
NW Europe Spot (USD/mt)
Japan/S Korea Spot Contract (USD/mt)
Sulphuric Acid - CFR Bulk
NW Europe 1H 2012 Contract (EUR/mt)
Turkey Spot (USD/mt)
Tunisia Contract (USD/mt)
US Gulf Spot (USD/mt)
Brazil Spot (USD/mt)
Chile Spot (USD/mt)
Chile Contract (USD/mt)