India steps back from ammonia spot buying as Jan-Feb needs are already covered – 12 Jan 2026

India’s ammonia buyers have largely locked in January–February requirements, leaving little appetite for spot cargoes even as prices hold at $525–550/t cfr.

With Middle East production improving and downstream DAP offtake slipping sharply in December, the market is stable

But demand visibility beyond February is thinning rather than strengthening.