CF · 10-Q · 2026Q2 · Full report
Nitrogen Market Demand Trends
CF Industries Holdings, Inc. · 2026-08-06 · Importance 54 · Surprise 56
Global nitrogen fertilizer conditions remained tight from 2025 through the first quarter of 2026, with strong demand for all nitrogen products, particularly in North America, India and Brazil. Average selling price increased 39% year over year to $523 per ton in the second quarter of 2026, while sales volume declined 15% to 4.3 million tons as the fertilizer application season concluded and customers delayed purchases. For the first six months, sales volume declined 11% to 8.9 million tons, driven primarily by lower UAN, AN and ammonia volumes, partly offset by higher granular urea and Other volumes. Global nitrogen prices remained elevated through most of the second quarter before declining near quarter-end as agricultural demand weakened and phosphate-production curtailments reduced ammonia import demand.
Key facts
- Average selling prices increased by 15% due primarily to a tighter global nitrogen supply and demand balance. source
- As a result of Middle East disruptions, global nitrogen fertilizer prices significantly increased in March 2026 and remained elevated throughout most of Q2 2026. source
- Near the end of Q2 2026, global nitrogen selling prices declined due primarily to a decline in agriculture demand after the fertilizer application season, a decline in global import demand for ammonia driven by phosphate production curtailments due to limited sulfur availability, and prospects of returning supply availability from the Middle East. source
- Ammonia sales volume Q2 2026: 0.9 million tons, decreased 20% from 1.1 million tons in Q2 2025. source
- UAN sales volume Q2 2026: 1,391 thousand product tons vs 1,902 thousand in Q2 2025, a 27% decrease. source
- Beginning in 2025 and continuing into Q1 2026, global nitrogen fertilizer market conditions reflected a tight supply and demand balance with strong global demand particularly in North America, India and Brazil. source