Global Urea-Ammonium-Sulphate (UAS) Market – Q2 2026

Quarter Ending June 2026

SPECIALTY NITROGEN & SULFUR MARKET INTELLIGENCE BRIEFING

Global Urea-Ammonium-Sulphate (UAS) Market Overview

Global Urea-Ammonium-Sulphate (UAS; homogeneous granulated compound containing 32%–40% N and 6%–12% S) markets experienced stable to firm demand through Q2 2026. Driven by growing agronomic recognition of sulfur deficiency across North America, Brazil, Western Europe, and Asia, UAS has solidified its role as a premium dual-nutrient fertilizer. International price benchmarks ranged between USD 360 and USD 500/MT across major export hubs and key wholesale markets, reflecting internal consistency with underlying Q2 2026 feedstock assumptions for granular urea (~USD 350–410/MT) and caprolactam/synthetic ammonium sulphate (~USD 140–190/MT). UAS continues to trade at a justified USD 20–35/MT premium over physical dry blends of urea and ammonium sulphate, driven by improved nutrient uniformity, reduced segregation, and superior field performance.

COMMERCIAL PRODUCTION STRUCTURE & MARKET DYNAMICS

International Trade & Commercial Contracts

International UAS trade is relatively limited compared with straight nitrogen fertilizers. Export transactions are generally negotiated on a spot or short-term basis, while domestic sales are predominantly conducted through seasonal or formula-based agreements between producers, distributors, and agricultural cooperatives.

Commercial Production Structure

Predominantly Integrated Production: Most UAS is produced within integrated nitrogen fertilizer complexes where manufacturers upgrade granular urea and ammonium sulphate into higher-value sulfur-containing fertilizers. Production volumes are generally planned around seasonal agricultural demand and established distributor relationships rather than a liquid global spot market.
Merchant Sales: Merchant sales account for a meaningful share of production, particularly for export-oriented suppliers in Eastern Europe and Asia, but are considerably smaller than for globally traded straight fertilizers such as urea or ammonium sulphate. Export cargoes are typically negotiated through spot or short-term agreements, while domestic sales are commonly supplied under seasonal or formula-based contracts.
Overall Assessment: Approximately 70–80% integrated/contract-driven and 20–30% merchant/export spot, although the mix varies by region.

GLOBAL UAS PRICE BENCHMARKS (Q2 2026)

Benchmark / Grade	Mechanism	ecommended Price (USD/MT)	$/MT N Parity	Supply	Outlook
UAS 33-0-0-11S FOB Baltic	Export Spot	380–420	1,151–1,272	Balanced	Stable
UAS 38-0-0-7.5S US Midwest	Wholesale / Seasonal Contract	430–480	1,131–1,263	Tight	Moderately Bullish
UAS 33-0-0-12S CFR Brazil	Import Spot	420–470	1,272–1,424	Balanced	Stable
UAS 40-0-0-6S FOB China	Export Spot	360–400	900–1,000	Ample	Neutral
UAS 32-0-0-10S NW Europe	Formula / Seasonal Contract	440–500	1,375–1,563	Balanced to Tight	Stable

Note on N-Parity: Calculated as USD/MT ÷ (% Nitrogen Content). Pricing ranges are internally consistent with Q2 2026 assumptions for granular urea (~USD 350–410/MT), ammonium sulphate (~USD 140–190/MT), natural gas, and sulfur markets.

RISK ASSESSMENT

Market Risks

Feedstock Price Volatility: Uncertainty in underlying granular urea (~USD 350–410/MT) and ammonium sulphate (~USD 140–190/MT) pricing directly impacts UAS synthesis margins.
Seasonal Application Delays: Weather-related delays during peak application windows in North America or Western Europe can cause rapid wholesale stock accumulation.

Supply Chain & Product Quality Risks

Handling & Physical Integrity: Inadequate conditioning or high moisture absorption during transit leads to caking and degradation of homogeneous particles.
Regional Logistics Disruptions: Seasonal tightness in barge, rail, and ocean freight capacity can elevate delivered costs into major agricultural markets.

UPDATED PROCUREMENT RECOMMENDATIONS

Benchmark Against Straight Nutrient Economics: Evaluate UAS offers against the combined nutrient value of granular urea and ammonium sulphate. A homogeneous UAS premium of approximately USD 20–35/MT is generally justified by improved nutrient uniformity, reduced segregation, and better field performance.
Secure Seasonal Supply Early: Lock in supply ahead of major application seasons in North America, Europe, and Brazil, when sulfur demand strengthens and wholesale premiums typically widen.
Monitor Feedstock Markets: Track granular urea, ammonium sulphate, natural gas, sulfuric acid, and ocean freight, as these remain the principal drivers of UAS production costs and regional pricing.
Specify Product Quality: Include contractual specifications covering moisture content, crushing strength, particle size distribution, and anti-caking performance to minimize storage and transportation losses.
Diversify Suppliers: Maintain qualified suppliers across Europe, North America, and Asia to reduce exposure to regional production disruptions, logistics bottlenecks, and seasonal supply tightness.