Chemicals: Weekly: China’s coal pivot, Global TiO2, Nitrogen prices rally

Research evidence excerpt

Chemicals: Weekly: China’s coal pivot, Global TiO2, Nitrogen prices rally

to MAP: Monoammonium Phosphate

keep upward pressure on US market prices despite limited domestic impact to higher

Mt: Metric Tonne

sulfur costs. According to ICIS, 3Q price increase nominations range from $150-$200/mt,

though given the weaker demand, customers are expected to pushback. In Asia, 2Q26 NEA: National Energy Administration

settlements were reported at +$100-250/mt. Buyers remain focused on drawing down

existing inventories and are generally only re-entering the market once stocks are NOLA: New Orleans

depleted. Sellers are even offering discounts in the market to move product. Conversely, St: Short Ton

European pricing has gained momentum as producers offset higher costs and restore

margins. While a few EU suppliers have announced 3Q 26 price increases of €250/mt, TiO2: Titanium Dioxide

market discussions suggest realized increases are likely to fall between €100-200/mt.

UAN: Urea Ammonium Nitrate

Nitrogen price rise, Looser Chinese urea export policy

Urea prices are starting to firm with demand coming back to the market following a

weaker June (Yara confirmed in its yearnings). The rebound comes a bit earlier than See back of this report for a more

normal, but with continued Middle East tensions and the Strait of Hormuz once again complete list of acronyms.

closed, perhaps it shouldn’t be surprising. NOLA granular urea prices rose $16/st w/w to

$385-420/st, lifting Midwest values to $430-450/st, marking a second consecutive

weekly increase. UAN prices remained stable at $305-345/st, reflecting strong

completion of summer fill. In phosphates, prices largely remains steady, with product

limited despite soft demand. On the supply side, China is replacing its $500/mt urea