Ammonia: Trading
The Tampa contract that sets the world's ammonia price
The Tampa contract that sets the world's ammonia price What this tab covers How it is bought and sold: buyers and sellers, price benchmarks and who publishes them, exchanges, contract types, traders, how Indian buyers price it, recent price points, and good sources to follow.Who buys, and where
- Phosphate makers (OCP Morocco, Indian DAP/NPK producers)
- US Corn Belt distributors (direct application)
- Chemical makers in Europe, Korea and Taiwan
- Japanese utilities for co-firing (emerging)
Who sells, and from where
- Trinidad and Tobago (21.4% of reported export value, 2024)
- Saudi Arabia (14.1%)
- Canada to the US (12.6%)
- Indonesia (10.4%)
- Algeria (7.4%)
- Russia (does not report to Comtrade)
Price benchmarks
| Benchmark | Publisher | Basis |
|---|---|---|
| Tampa CFR monthly contract | Yara-Mosaic settlement, reported by Argus, CRU, QCI | monthly contract |
| Middle East FOB, Black Sea FOB, NW Europe CFR, CFR India, Far East CFR | Argus, CRU, ICIS | weekly spot |
| US Gulf Coast ammonia (FOB) | USGS (annual average) | annual |
Exchanges
| Venue | Contract | Notes |
|---|---|---|
| CME Group | Ammonia Tampa CFR (Argus) futures and swaps (indicative) | cash-settled; thin liquidity |
Contract types
- Monthly Tampa contract
- Term contracts with formula pricing off benchmarks
- Spot cargoes FOB or CFR
- 10-year fixed-price green ammonia contracts (India SECI)
Traders and distributors
- Trammo
- Koch Fertilizer
- Yara (trading arm)
- Ameropa
- Helm
How Indian buyers price it
- Imported ammonia priced CFR India off Middle East benchmarks
- DAP makers pass cost into DAP under the NBS subsidy
- Green ammonia fixed by SECI auction at Rs 49.75-64.74/kg for 10 years
Recent price points
| Date | Price | Basis | Source |
|---|---|---|---|
| Sep 2026 | $555/t | Tampa CFR monthly contract | Fertilizer Daily (10 Sep 2026) |
| May 2026 | $825/t | Tampa CFR | Fertilizer Daily (2026) |
| 2025 average | $450 per short ton (about $496/t) | FOB US Gulf Coast | USGS MCS 2026 |
| Mar 2025 | $515/t | grey ammonia reference used in Indian green tender comparison | pv magazine India (Aug 2025) |
| Aug 2025 | Rs 51.8/kg (about $591/t) | green ammonia, SECI auction, delivered Madhya Pradesh | pv magazine India (Aug 2025) |
Good sources to follow
Fertilizer Dailyfree newsletter · independent fertiliser news siteTampa ammonia settlements, tenders, India subsidy news
Quantum Commodity Intelligence (ammonia)freemium newsletter · QCI price reporting agencyammonia prices, including low-carbon ammonia
IFA (International Fertilizer Association)freemium research site · global industry bodyammonia and nitrogen supply and demand statistics
Nitrogen+Syngas (CRU BCInsight)paid research site · CRU Groupammonia plant technology and markets
JMK Researchfreemium research site · Indian clean energy research firmIndian green ammonia and hydrogen tenders