Nutrien Financial and Strategic Update
Global potash and phosphate prices have been relatively stable in
the second half of 2023 while ammonia prices have increased
Selected Fertilizer Prices1
US$ per Unit
K
N
P
1,200
1,000
800
600
400
200-
0
Brazil (Gran. US$/mt CFR)
US Midwest (Gran. - US$/st FOB)
Southeast Asia (Stan. - US$/mt CFR)
Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23
1,800
1,500
1,200
900
600
300
0
Tampa NH3 (US$/mt CFR)
NOLA Urea (US$/st FOB)
NOLA UAN (US$/st FOB)
Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23
1,400
1,200
1,000
800
600
400
NOLA DAP (US$/st FOB)
Brazil MAP (US$/mt CFR)
•
•
•
•
Fertilizer Market Drivers
Global potash prices were relatively stable in the third quarter of
2023 and demand was strong in North America, Brazil and China.
We now anticipate exports from Belarus to be down approximately
4 million tonnes and exports from Russia to be down approximately
2 million tonnes, compared to 2021 levels.
We expect robust agricultural fundamentals and the need to
replenish soil nutrient levels will support increased potash
consumption next year.
Ammonia outages in Europe and production challenges in other
key regions have contributed to higher benchmark prices in the
second half of 2023.
Urea markets are relatively balanced as Chinese export restrictions
and strong import demand in India offset weaker seasonal demand
in other regions.
Tight phosphate fertilizer supply has supported global benchmark
prices, while recent increases in ammonia and sulfur input costs
could pressure phosphate margins.
1. As of November 9, 2023.
200
0
Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23
. . .
24
Source: Fertilizer Week, NutrienView entire presentation