Brazil's fertiliser import volumes fell sharply in September, dropping around 30% as buyers confronted the steepest prices since 2022. Daily import flows through mid-September averaged roughly 137,310 metric tons, putting the pace of purchases at its lowest level since 2023.
Brazil is one of the world's largest fertiliser importers, supplying its vast soybean, corn and sugarcane sectors, so a sustained slowdown in buying typically signals either demand rationing in response to cost or delayed purchasing ahead of the main planting season. Weaker import pace can tighten domestic availability later if buyers are forced to restock quickly once crop economics or financing conditions improve.
For trading houses and suppliers, slower Brazilian offtake alongside higher landed prices suggests near-term softness in order volumes, but also raises the risk of a sharp rebound in demand should growers need to secure product before planting windows close. Counterparties with exposure to nitrogen, phosphate or potash flows into Brazil should watch for a catch-up buying wave that could tighten vessel availability and support freight rates into South America.
Related on gidex.com: urea supply · DAP supply · MOP supply
Original note by GIDEX Group based on reporting by Fertilizer Daily. Written up by the GIDEX market desk — see how these notes are made. Not investment advice.
OCP's H1 2026 EBITDA fell 28.5% to MAD 13.3bn as sulphur prices tripled; TSP now 35% of fertiliser exports.
Dated Brent surges past $120 even as ICE Brent futures slip to $101, signalling acute physical crude tightness and a widening futures gap.
China's top refiners suspend October fuel exports, tightening already strained global diesel, gasoline and jet fuel supplies.