CF · 8-K · 20260805PR091275

Trade Policy and Tariffs

CF Industries Holdings, Inc. · 2026-08-05 · Importance 20 · Surprise 24

CF Industries expects Chinese urea exports to remain under a strict quota, with 2026 exports estimated at approximately 4–6 million metric tons. Indian urea imports are expected to increase because of reduced domestic production, while Brazilian imports are expected to remain robust in the second half of 2026 at approximately 7–8 million metric tons. The company also identifies ongoing supply disruptions from Russia and the Middle East, high energy costs challenging European production, and geopolitical risk premiums affecting Middle Eastern and Russian producers as factors tightening global nitrogen supply.