Market Reporting Consulting Events. Argus FMB Strategy Report: NPK argusmedia.com Page 1 of 146. This copy is licensed to: Argus Media

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1 Argus FMB Strategy Report: NPK argusmedia.com Page 1 of 146 Market Reporting Consulting Events This copy is licensed to: Argus Media

2 Argus FMB Strategy Report: NPK argusmedia.com Page 3 of 146 Contents Table of Contents Chapter 1: NPK Fundamentals History and Background Multi-nutrient Fertilizers Covered in the Report Multi-nutrient Fertilizer Formulations Multi-nutrient Fertilizer Statistics Production Processes Nitrophosphate Process Chemical Granulation Steam Granulation Compaction Bulk Blending Global Structure of Supply Global Trade Import Demand for Multi-nutrient Fertilizers Export Supply of Multi-nutrient Fertilizers The Market for NPKs Outlook for the Industry NPK Global Trade Matrix NPK pricing Outlook for NPK Prices 42 Chapter 2: Review of Regional NPK Markets China NPK Demand NPK Exports NPK Supply Granular Compounds Bulk Blended NPK in China Main NPK + Micronutrients Producers Southeast Asia Malaysia Indonesia Thailand Philippines Vietnam Cambodia and Laos Myanmar FSU 65

3 Argus FMB Strategy Report: NPK argusmedia.com Page 4 of Market Structure and Evolution Russia Acron Phosagro Minudobreniya Rossosh Uralchem Eurochem Arvi NPK Meleuz Mineral Fertilizers Ultramar Belarus Gomel chemical plant Belaruskali Ukraine Sumykhimprom DZMU UkrTechnoPhos Lithuania Arvi Fertis Latvia NPK Expert Europe NPK Fertilizer Demand in Europe NPK Consumption by Crop in Europe NPK Consumption by Region in Europe NPK Consumption by Formulation in Europe NPK Fertilizer Exports from Europe Mixed Fertilizer Supply in Europe Granular Compounds Bulk Blends Major NPK Fertilizer Companies Yara Timac Agro Grupa Azoty Eurochem Agro Borealis Other Companies Raw Materials for Mixed Fertilizers in Europe India 95

4 Argus FMB Strategy Report: NPK argusmedia.com Page 5 of Background Assessment of Fertilizers Regional Demand for NPK Fertilizers Domestic NPK Production Coromandel International Limited (CIL) Zuari Industries Limited (ZIL) Gujarat Narmada Valley Fertilizers (GNFC) and Gujarat State Fertilizers and Chemicals (GSFC) Hindalco Industries (HIL) Indian Farmers Fertilizers Co-Operative (IFFCO) Mangalore Chemicals and Fertilizers (MCFL) Fertilizers and Chemicals Travancore Ltd (FACT) Deepak Fertilizers and Petrochemicals Rashtriya Chemicals and Fertilizers (RCF) Paradeep Phosphates (PPL) Southern Petrochemical Industries (SPIC) Madras Fertilizers (MFL) Tata Chemicals (TCL) NPK Imports NPK Mixtures NPK Pricing in India Brazil NPK Fertilizer Demand in Brazil NPK Consumption by region in Brazil NPK Consumption in Brazil NPK Consumption by Formulation in Brazil NPK Fertilizer Exports from Brazil NPK Fertilizer Supply in Brazil Granular Compounds Bulk Blends Major NPK Fertilizer Companies Yara, Brazil Fertipar Fertilizantes do Parana Mosaic Fertilizantes Fertilizantes Heringer Timac Agro Brasil Other NPK Blenders Raw Materials for Mixed Fertilizers in Brazil North America NPK Fertilizer Demand in the US 124

5 Argus FMB Strategy Report: NPK argusmedia.com Page 6 of NPK Consumption by Crop in the US NPK Consumption by Region in the US NPK Consumption by Formulation in the US NPK Fertilizer Exports from the US Mixed Fertilizer Supply in the US Granular Compounds Bulk Blends Major NPK Fertilizer Companies Raw Materials for Mixed Fertilizers in the US Africa North Africa East Africa West Africa Central Africa South Africa 145

6 Argus FMB Strategy Report: NPK argusmedia.com Page 7 of 146 List of Figures Figure 1: NPK Premium 13 Figure 2: Forecast Growth in Regional P 2 O 5 and K 2 O Consumption in Figure 3: Compound Fertilizer Capacity, by Production Route 21 Figure 4: Physical comparison of chemically and physically formed NPK granules 23 Figure 5: Distribution of granules in bulk blending 25 Figure 6: Compound Fertilizer Capacity, by Region, in Figure 7: Growth of World Trade in Compound Fertilizers in Figure 8: World Trade in Compound Fertilizers, Figure 9: Regional Imports of NPK, NP and PK Fertilizers in Figure 10: Regional Exports of NPK, NP and PK Fertilizers in Figure 11: Apparent Demand for Compounds Blends by Region in Figure 12: Forecast Growth in Regional P2O5 K2O Consumption in Figure 13: NPK Premium Over Straight Nutrient Equivalents 43 Figure 14: Chinese NPK demand by sector 46 Figure 15: China provinces 48 Figure 16: NPK plants in Malaysia 53 Figure 17: NPK plants in Indonesia 55 Figure 18: Thai NPK demand by sector 58 Figure 19: NPK plants in Russia and FSU 65 Figure 20: Major Countries Share of Total Ag Land Area in EU27 81 Figure 21: Fertilizer Nutrient Consumption by Crop in EU27 82 Figure 22: Deliveries of Multi-nutrient Fertilizers in European Countries 83 Figure 23: Closures of NPK Compound Plant Capacity in Europe 87 Figure 24: Europe s Largest Compound Fertilizer Producers capacities 88 Figure 25: Europe s Dependence on Domestic Producers Importers for the Supply of Major Fertilizers 93 Figure 26: Ratio of N:P 2 O 5 :K 2 O Use in India, Figure 27: States of India 97 Figure 28: NPK Demand in India for Fertilizer Year Figure 29: NPK Consumption: Northern India, 2013/14 99 Figure 30: NPK Consumption: Eastern India, Figure 31: NPK Consumption: Southern India, Figure 32: NPK Consumption: Western India, 2013/ Figure 33: Indian Fertilizer Plants DAP/NPK 102 Figure 34: Movements in fertilizer prices, India vs. world 109 Figure 35: Brazil states 112 Figure 36: Distribution of NPK Fertilizer Deliveries in Brazil, Figure 37: Fertilizer Nutrient Consumption by Crop in Brazil, Figure 38: Major Producers of NPK Fertilizers in Brazil, Figure 39: Brazil s Dependence on Domestic Producers and Imports for Major Fertilizers 122 Figure 40: Fertilizer Nutrient Consumption by Crop in US 125

7 Argus FMB Strategy Report: NPK argusmedia.com Page 8 of 146 Figure 41: Distribution of Fertilizer Deliveries by Region in The United States 126 Figure 42: US Fertilizer Delivery Regions 127 Figure 43: US Dependence on Domestic Producers Importers for the Supply of Major Fertilizers 132 Figure 44: Morocco NPK Exports Figure 45: East Africa NPK plants 136 Figure 46: West Africa NPK plants 140

8 Argus FMB Strategy Report: NPK argusmedia.com Page 9 of 146 List of Tables Table 1: Examples of Formulations 18 Table 2: Examples of Compound Fertilizer Formulations 19 Table 3: Compound Fertilizer Producers with Access to Raw Materials 28 Table 4: NPK Trade Matrix, Table 5: NPK FSU fob Price forecast to Table 6: Estimated Chinese NPK exports by formulation 47 Table 7: Estimated Malaysian NPK consumption by formulation 52 Table 8: Indonesian Domestic Demand for NPK from Government-Owned Producers 55 Table 9: Total Indonesian Domestic Demand for NPK, Table 10: Production of NPKs in Indonesia from Private Sector, Table 11: Indonesian NPK Imports Table 12: Yields of Rice in South east Asia 57 Table 13: Thai Central Chemical Public Company Typical NPK Formulation for Rice 59 Table 14: Terragro Fertilizer Co Typical NPK Formulation for Pineapple 59 Table 15: Terragro Fertilizer Company Co Typical NPK Formulation for Vegetables 59 Table 16: ICP Fertilizer Typical NPK Formulation for Oil Palm 59 Table 17: ICP Fertilizer Typical NPK Formulation for Rubber 59 Table 18: ICP Fertilizer Typical NPK Formulation for Rice 60 Table 19: Viking Fertilizer Ltd NPK Formulation for Rice 60 Table 20: Viking Fertilizer Ltd NPK Formulation for Corn 60 Table 21: Viking Fertilizer Ltd NPK Formulation for Rubber 60 Table 22: Viking Fertilizer Ltd NPK Formulation for Pineapple 60 Table 23: Estimated Philippine NPK consumption by formulation 61 Table 24: Atlas NPK Fertilizer Formulation for Rice 61 Table 25: Estimated Philippine NPK exports by formulation 61 Table 26: Rail shipments of NPKs to Russian consumers 66 Table 27: Acron NPK formulations 66 Table 28: Acron blend formulations 67 Table 29: Acron NPK capacity 67 Table 30: Acron NPK and blends production 67 Table 31: NPK sales (Novgorod and Dorogobuzh only), Table 32: Acron Exports, Table 33: Acron blend sales (Dorogobuzh only) 68 Table 34: PhosAgro NPK capacity, Table 35: PhosAgro NPK production, Table 36: PhosAgro NPK sales, Table 37: PhosAgro NPK Markets, Table 38: Minudobreniya Rossosh NPK production 71 Table 39: Uralchem NPK Formulations 71 Table 40: NPK production, Kirovo-Chepetsk Table 41: EuroChem NPK Capacity 73

9 Argus FMB Strategy Report: NPK argusmedia.com Page 10 of 146 Table 42: Eurochem NPK Production Nevinomyssk plant, Table 43: Sumykhimprom NPK Capacity 76 Table 44: Sumykhimprom NPK production 76 Table 45: DMZU NPK production, Table 46: European Exports of Multi-Nutrient Fertilizers 84 Table 47: European Imports of Multi-Nutrient Fertilizers 85 Table 48: Capacity for NPK Compound Fertilizers in Europe 86 Table 49: Grupa Azoty: Specifications of Polifoska NPK Products 90 Table 50: Eurochem Agro: Specifications of some Nitrophoska NPK P 91 Table 51: Common Indian NPK formulations for demand 96 Table 52: Common Indian NPK formulations for imports 101 Table 53: Summary of Complex Fertilizer Production to Table 54: Indian Fertilizer Plants 102 Table 55: Coromandel International Production, Table 56: Zuari Industries Production, Table 57: Indian Farmers Fertilizers Co-Operative Production, Table 58: Mangalore Chemicals and Fertilizers Production, Table 59: Rashtriya Chemicals and Fertilizers Production, Table 60: Paradeep Phosphates NPK Production, Table 61: Madras Fertilizers NPK Production, Table 62: Tata Chemicals NPK Production, Table 63: Indian NPK Imports, Table 64: Indian Physical Mixing Units by State 108 Table 65: Highest Quarterly Maximum Retail Price (MRP) for NPK Fertilizers in India 109 Table 66: Fertilizer Deliveries in Brazil, Table 67: Important Mixed Fertilizer Formulations in Brazil 114 Table 68: NPK formulations used by crop 115 Table 69: Exports of Mixed Fertilizers from Brazil 115 Table 70: Imports of Mixed Fertilizers into Brazil 116 Table 71: Granulation Capacity for Superphosphates NPK Fertilizers in Brazil 117 Table 72: YaraMila NPK Formulations for the Brazilian Market 118 Table 73: Examples of Timac Agro Brasil Formulations 120 Table 74: Smaller NPK blenders in Brazil 121 Table 75: Fertilizer Consumption in the United States 124 Table 76: Exports of Mixed Fertilizers from the US 127 Table 77: Imports of Mixed Fertilizers into the US 128 Table 78: NPK Fertilizer Imports into US Ports from Norway Finland 128 Table 79: YaraMila NPK Formulations for the US Market 129 Table 80: Capacity for Granular NPK NP Fertilizers in the United States 129 Table 81: NPK Compound Fertilizer Formulations of Simplot and Weaver Fertilizer 130 Table 82: NPS Compound Fertilizer Formulations of Mosaic Simplot 130 Table 83: United States Largest Agricultural Retailers in Table 84: Tanzania Use Pattern of NPKs 136

10 Argus FMB Strategy Report: NPK argusmedia.com Page 11 of 146 Table 85: Kenya Use Pattern of NPKs 138 Table 86: Ghana Use Patterns of NPKs 140 Table 87: Ivory Coast Use Patterns of NPKs 142 Table 88: Senegal Fertilizer Use Patterns 142

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