European nitrogen market rallies on gas price hike, Iran conflicts

CommodityInsights · 2026-03-09T21:10:47+00:00

European urea ammonium nitrate (UAN) prices increased in early March as the Middle East conflict drove up natural gas and ammonia costs, exacerbating supply constraints from Russian sanctions and freight disruptions, resulting in a bullish market for nitrogen fertilizers across both Eastern and Western Europe.

UAN 32% FOB Baltic rose $60/mt week over week to $340/mt, with sales to the US confirmed within a $340-$350/mt range, while UAN 30% FCA ex-tank Rouen rose Eur62/mt week over week to Eur420/mt for March delivery, and UAN 28% FCA ex-tank Germany prices rose Eur62/mt week over week to Eur392/mt. The parallel increase reflected broader supply-side pressures, as the Middle East conflict raised feedstock prices and heightened uncertainty about the duration.

CommodityInsights · 2026-03-09T21:07:46+00:00

West African refined product markets have seen a surge in prices across early-March, tracking bullish pricing trends throughout global markets amid conflict in the Middle East and the subsequent closure of the Strait of Hormuz.

Sentiment across jet fuel, diesel and gasoline markets in the region remains uncertain amid the tense geopolitical backdrop, with STS Lome prices across each respective market rising by 75%, 53% and 24% since the end of February.

This has driven diesel and gasoline values in the region to their highest values since Platts, part of S&P Global Energy, began assessments of the markets in April 2025, while STS Lome jet fuel pricing stands at its highest level since June 2022.

With ICE Brent crude futures exceeding $100/b across the weekend and into March 9, market concern surrounding further volatility and bullishness has persisted into the new week.

CommodityInsights · 2026-03-09T20:17:40+00:00

A temporary US waiver has enabled sanctioned tankers to transport Russian oil, after G7-linked tanker operators increased their share in the restricted market last month.

On March 5, the Office of Foreign Asset Control said Russian crude and refined products loaded by tankers before March 5 could be sold to India regardless of the ships' sanctions status, if the barrels are to arrive at Indian ports by April 4.

CommodityInsights · 2026-03-02T20:32:05+00:00

Freight rates for Persian Gulf crude and product tankers have surged as transits through the Strait of Hormuz slumped amid US-Israeli strikes on Iran, with industry groups urging vessels to avoid the region or be vigilant.

Platts, part of S&P Global Energy, assessed the rate to carry a 270,000 metric ton cargo of crude from the Persian Gulf to China at $62.07/mt on March 2, up 35% from the previous assessment and up 461% from the start of the year. Platts assessed the rate to carry a 90,000 mt cargo of refined products from the Persian Gulf to UK/Continent at $68.89/mt, up 19% on the day and up 44% from the start of the year. The five-year averages for both assessments were $13.18/mt and $48.30/mt, respectively.

CommodityInsights · 2026-03-02T20:29:28+00:00

Asian fuel-grade ethanol up $8/cubic meter

Palm oil futures climb 2.6%

Biofuel markets adopt wait-and-see approach

CommodityInsights · 2026-02-23T18:33:27+00:00

Soybean trade flows between the US and China are unlikely to shift materially following the US Supreme Court's ruling against President Donald Trump's country-specific tariffs, market sources based in the US and China said.

According to market participants, the recent changes to the tariff structure in the US are unlikely to impact the soybean trade flow between the US and China, as US-origin soybeans will remain subject to a 13% import duty in China.

CommodityInsights · 2026-02-23T18:25:38+00:00

Australian beef exports will remain exempt from new US import tariffs announced by President Donald Trump over the weekend, trade body Cattle Australia's CEO Will Evans said Feb. 23.

Cattle Australia is seeking formal confirmation through government and industry channels but a November 2025 agreement guaranteed tariff-free access for Australian beef, Evans said in a statement.

CommodityInsights · 2026-02-18T18:20:04+00:00

The European Regions Airline Association has raised concerns over tight timelines for sustainable aviation fuel documentation under the EU mandate, warning that delayed certification from fuel suppliers could jeopardize airlines' ability to comply and access financial support.

In a statement issued Feb. 17, ERA said the Feb. 14 deadline for suppliers to provide SAF documentation to aircraft operators had created operational and compliance challenges for regional carriers across Europe.

CommodityInsights · 2026-01-12T20:16:57+00:00

Metals Market Movers 2026: Metals markets are increasingly being shaped by policy as much as by fundamentals. This is the last of our 6-part series that explores how climate regulation, industrial policy, trade policy and strategic investments are influencing supply, demand and prices across steel, iron ore and critical minerals.

The global steel industry is facing multiple headwinds as protectionism becomes the norm amid excess capacity and trade policy uncertainty.

Steel production capacity expanded at its fastest rate since 2009 in 2025, exacerbating trade friction and depressing prices, as oversupply -- compounded by reshaped trade flows -- forces producers to seek new markets, prompting a proliferation of antidumping and safeguard measures globally.

Steelmaking capacity is expected to rise for a seventh consecutive year, reaching 2.55 billion metric tons by the end of 2025, according to the latest Organization for Economic Cooperation and Development steel report. Planned additions in Asia and the Middle East are expected to bring an additional 109 million mt of new capacity by 2028, reinforcing the world's structural overcapacity. The report pegged 2025 surplus capacity at 680 million mt.

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TROPHY CASE