Executive Summary

Urea Ammonium Nitrate (UAN) prices exhibited mixed regional movements during the latest quarter, reflecting divergent supply-demand fundamentals across North America, APAC, and Europe. While UAN prices in the United States edged marginally lower amid balanced market conditions, Asia-Pacific markets—particularly China—witnessed a sharper decline due to subdued demand and easing feedstock costs. In contrast, Europe recorded a notable price increase, driven by constrained imports and tightening supply conditions. Looking ahead, Urea Ammonium Nitrate prices are expected to remain volatile, with seasonal fertilizer demand, feedstock cost uncertainty, and trade policy shifts shaping short-term price trajectories.

Introduction: Understanding Urea Ammonium Nitrate Price Dynamics

Urea Ammonium Nitrate is a widely used liquid nitrogen fertilizer, favored for its high nutrient efficiency and ease of application. As a blend of urea, ammonium nitrate, and water, UAN pricing is highly sensitive to upstream ammonia and urea costs, agricultural demand cycles, logistics constraints, and international trade flows. Monitoring Urea Ammonium Nitrate prices is therefore critical for fertilizer producers, distributors, agribusinesses, and procurement managers seeking to optimize purchasing strategies.

During the most recent quarter, global UAN markets reflected region-specific pressures rather than a unified global trend. Differences in planting seasons, domestic production economics, and import availability led to varying price outcomes across major fertilizer-consuming regions.

Global Overview of Urea Ammonium Nitrate Prices

On a global level, Urea Ammonium Nitrate prices showed moderate volatility, with price indices moving within a narrow band in most regions except Europe. The fertilizer market remained influenced by:

• Fluctuations in ammonia and urea feedstock costs
• Seasonal fertilizer demand patterns
• Export restrictions and tariffs
• Shipping and port availability

While feedstock costs softened in parts of Asia, supporting production margins, logistical disruptions and constrained trade flows continued to exert upward pressure in select European markets.

North America Urea Ammonium Nitrate Price Trends

Urea Ammonium Nitrate Prices in the United States

In North America, Urea Ammonium Nitrate prices remained relatively stable during the quarter. The U.S. UAN Price Index declined marginally by 0.51% quarter-over-quarter, indicating a broadly balanced market environment.

The average Urea Ammonium Nitrate price in the United States stood at approximately USD 388.33/MT, CFR Tampa, reflecting steady domestic supply and measured demand from the agricultural sector.

Key Market Drivers in North America

• Balanced Supply and Demand: Domestic production levels were sufficient to meet seasonal fertilizer requirements without creating surplus pressure.
• Spot Market Softening: UAN spot prices softened slightly due to fresh arrivals, particularly through Gulf Coast terminals.
• Export Constraints: Despite spot price easing, the Price Index remained supported by constrained export flows, limiting excess supply in the domestic market.

North America Price Outlook

The Urea Ammonium Nitrate price forecast for North America points toward monthly oscillations, largely driven by evolving tariff policies and uncertainty around feedstock inputs such as ammonia and natural gas. While sharp price movements are unlikely in the near term, procurement strategies will need to account for periodic volatility.

APAC Urea Ammonium Nitrate Price Trends

China Urea Ammonium Nitrate Market Overview

In the Asia-Pacific region, Urea Ammonium Nitrate prices experienced downward pressure, with China serving as the primary driver. The Chinese UAN Price Index fell by 3.1% quarter-over-quarter, reflecting limited downstream demand.

The average Urea Ammonium Nitrate price in China was recorded at approximately USD 374.67/MT during the quarter.

Factors Influencing APAC Prices

• Muted Agricultural Demand: Seasonal demand failed to meet expectations, resulting in softer price sentiment.
• Domestic Spot Price Firmness: Despite the overall index decline, domestic UAN spot prices showed signs of firmness, supported by controlled supply.
• Easing Seasonal Pressure: The Price Index decline reflected reduced urgency from buyers as seasonal fertilizer application slowed.

Production Cost Trends in APAC

A notable feature of the APAC market was the easing Urea Ammonium Nitrate production cost trend. Declining ammonia and urea input costs helped producers maintain healthy margins, even as selling prices softened. This cost advantage limited aggressive production cutbacks, further contributing to supply stability.

APAC Price Outlook

Looking ahead, Urea Ammonium Nitrate prices in APAC are expected to remain range-bound. Any rebound will likely depend on improved agricultural demand or changes in export policies, while continued feedstock cost softness could cap upside potential.

Europe Urea Ammonium Nitrate Price Trends

France and European Market Performance

Europe emerged as the strongest-performing region during the quarter. In France, the Urea Ammonium Nitrate Price Index surged by 8.98% quarter-over-quarter, driven by supply-side constraints.

The average Urea Ammonium Nitrate price across the region was approximately USD 360.00/MT, inclusive of imports.

Key Drivers Behind European Price Strength

• Tighter Import Availability: Reduced import volumes, particularly from transatlantic routes, constrained regional supply.
• Logistics and Trade Flow Shifts: Changes in shipping patterns altered short-term availability, amplifying price pressure.
• Seasonal Demand Anticipation: Buyers moved to secure volumes ahead of upcoming fertilizer application cycles, supporting spot prices.

European Price Forecast

The Urea Ammonium Nitrate price forecast for Europe suggests modest oscillations in the coming months. While seasonal demand is expected to return, the extent of price movement will depend on import normalization and broader trade dynamics.

Comparative Regional Price Snapshot

Urea Ammonium Nitrate Market Outlook and Conclusion

Overall, Urea Ammonium Nitrate prices reflect a market shaped by regional fundamentals rather than uniform global forces. North America remains stable but sensitive to policy-driven cost changes. APAC markets continue to navigate demand softness offset by lower production costs, while Europe faces upward pressure from constrained supply and logistics challenges.

As the fertilizer market transitions into the next seasonal cycle, stakeholders should closely monitor feedstock price movements, trade policy developments, and regional supply disruptions. Strategic procurement timing and diversified sourcing will be key to managing exposure to Urea Ammonium Nitrate price volatility in the months ahead. 

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