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Ammonium Nitrate Pricing, Demand and Supply Overview
2025
Base Year
2023-2025
Historical Period
2026-2027
Forecast Period
Market Overview
Ammonium Nitrate prices in Germany, the highest-cost reporting region, rose 4.7% in Q2 2026 to USD 450.00/MT from USD 430.00/MT in Q1, tracking the elevated ammonia feedstock cost environment affecting the broader nitrogen fertilizer complex. Globally, the average rose from USD 368.65/MT in Q1 to USD 387.40/MT in Q2, a 5.1% gain. For H2 2026, a global average of USD 375.00-425.00/MT is expected, with firm agricultural fertilizer demand and mining and quarrying sector consumption for blasting applications likely to keep this market on its established upward path.
Ammonium Nitrate is produced by reacting nitric acid with ammonia, yielding a compound valued as a high-nitrogen fertilizer and, in a denser prilled form, as the oxidizing agent in ammonium nitrate and fuel oil, or ANFO, blasting agents used extensively in mining and quarrying. Its dual role across agriculture and industrial explosives means demand tracks both planting-season fertilizer procurement and mining sector activity. Ammonia and nitric acid feedstock costs, natural gas prices that underpin ammonia production, and demand from agricultural and mining and quarrying sectors are what drive prices in this market.
Ammonium Nitrate Price Forecast for 2026
The outlook for Ammonium Nitrate through H2 2026 stays firm, tracking the elevated ammonia and natural gas cost environment affecting the broader nitrogen fertilizer and explosives complex. Steady agricultural demand ahead of major planting seasons, combined with consistent mining and quarrying sector consumption for blasting applications, should keep this market on a gradual upward path.
The main upside risk is a further tightening of ammonia feedstock or natural gas availability, which would push production costs higher across every region tracked in this report. The main downside risk is a slowdown in agricultural demand combined with softer mining sector activity, which would relieve some of the current price pressure.
| Region | 2026 Price Range (USD/MT) | Outlook |
| Global Average | 375.00 - 425.00 | Feedstock costs and firm demand support continued gains |
| Germany | 465.00 - 520.00 | Elevated energy costs sustain the highest regional price |
| United States | 415.00 - 460.00 | Steady agricultural and mining demand keeps this market firm |
| India | 395.00 - 440.00 | Growing fertilizer demand supports continued firming |
| Russia | 320.00 - 360.00 | Gas feedstock advantage keeps this the most affordable market |
For the Quarter Ending June 2026
Ammonium Nitrate Prices Q2 2026:
- Germany: USD 450.00/MT
- United States: USD 405.00/MT
- India: USD 385.00/MT
- Russia: USD 315.00/MT
Ammonium Nitrate Prices in Germany
German Ammonium Nitrate prices averaged USD 450.00/MT in Q2 2026, the highest of any region tracked here, up 4.7% from USD 430.00/MT in Q1, as elevated natural gas and ammonia feedstock costs continued supporting prices.
Why did the price of Ammonium Nitrate change in Q2 2026 in Germany?
Elevated natural gas costs across German and broader European ammonia production facilities continued feeding directly through to finished ammonium nitrate pricing, keeping this market at the top of the range tracked in this report.
Ammonium Nitrate Prices in the United States
US prices averaged USD 405.00/MT in Q2 2026, up 5.2% from USD 385.00/MT in Q1, as steady demand from both agricultural and mining and quarrying sectors kept this market firm.
Why did the price of Ammonium Nitrate change in Q2 2026 in the United States?
Steady pre-season agricultural procurement, combined with consistent demand from mining and quarrying operations for ANFO blasting applications, kept US buyers active even as feedstock costs moved higher.
Ammonium Nitrate Prices in India
Indian prices averaged USD 385.00/MT in Q2 2026, up 5.5% from USD 365.00/MT in Q1, tracking growing domestic fertilizer sector demand.
Why did the price of Ammonium Nitrate change in Q2 2026 in India?
Growing demand from domestic fertilizer manufacturers ahead of the growing season kept Indian buyers active even as feedstock costs pushed producer offers steadily higher.
Ammonium Nitrate Prices in Russia
Russian export-benchmark prices, the lowest of the four regions given low-cost domestic gas feedstock, averaged USD 315.00/MT in Q2 2026, up 5.0% from USD 300.00/MT in Q1.
Why did the price of Ammonium Nitrate change in Q2 2026 in Russia?
Low-cost domestic natural gas feedstock kept Russian producers highly export-competitive, even as global ammonia and nitric acid feedstock costs pushed prices higher across every region.
For the Quarter Ending March 2026
Ammonium Nitrate Prices Q1 2026:
- Germany: USD 430.00/MT
- United States: USD 385.00/MT
- India: USD 365.00/MT
- Russia: USD 300.00/MT
Ammonium Nitrate Prices in Germany
German prices rose 6.2% in Q1 2026 to USD 430.00/MT from USD 405.00/MT in Q4 2025, as energy cost pressures continued building through the quarter.
Why did the price of Ammonium Nitrate change in Q1 2026 in Germany?
Feedstock ammonia remained a major cost driver, as ammonium nitrate production depends heavily on ammonia and nitric acid inputs, and higher natural gas and electricity costs in Germany increased production expenses more than in most other regions tracked in this report.
Ammonium Nitrate Prices in the United States
US prices rose 6.9% in Q1 2026 to USD 385.00/MT from USD 360.00/MT in Q4 2025, as feedstock costs and steady demand supported gains.
Why did the price of Ammonium Nitrate change in Q1 2026 in the United States?
Demand from agricultural fertilizer applications and industrial explosives manufacturing both supported baseline consumption, while rising ammonia feedstock costs pushed producer offers steadily higher through the quarter.
Ammonium Nitrate Prices in India
Indian prices rose 7.4% in Q1 2026 to USD 365.00/MT from USD 340.00/MT in Q4 2025, tracking growing domestic fertilizer sector demand.
Why did the price of Ammonium Nitrate change in Q1 2026 in India?
Strong demand from fertilizer producers, particularly ahead of the growing season, played a central role in supporting price gains, with rising upstream ammonia and nitric acid costs further reinforcing the upward trend.
Ammonium Nitrate Prices in Russia
Russian export-benchmark prices rose 7.1% in Q1 2026 to USD 300.00/MT from USD 280.00/MT in Q4 2025, tracking the broader global feedstock cost environment.
Why did the price of Ammonium Nitrate change in Q1 2026 in Russia?
Global feedstock cost pressure, tied to the broader ammonia and nitric acid market, pushed Russian export offers higher even as the country's low-cost domestic gas supply kept it the most competitive market tracked in this report.
Quarterly Ammonium Nitrate Price Trends
Global Ammonium Nitrate prices dipped modestly in Q2 2025 before climbing steadily and consistently through every subsequent quarter, tracking elevated ammonia feedstock and natural gas costs alongside firm agricultural and mining sector demand across every region covered in this report.
| Quarter | Price (USD/MT) | QoQ Change | Direction |
| Q2 2026 | 387.40 | +5.1% | ↑ Rising |
| Q1 2026 | 368.65 | +6.9% | ↑ Rising |
| Q4 2025 | 344.90 | +4.5% | ↑ Rising |
| Q3 2025 | 329.90 | +5.1% | ↑ Rising |
| Q2 2025 | 313.80 | - | — Stable |
| Q3 2026 | In Progress | - | — In Progress |
What was Ammonium Nitrate Price in 2025?
Ammonium Nitrate firmed steadily and consistently across every market covered in this report through 2025, tracking rising ammonia feedstock and natural gas costs alongside firm agricultural and mining sector demand, with no single region deviating meaningfully from the broader pattern.
Ammonium Nitrate Prices in Germany in 2025
German prices firmed from about USD 380.00/MT in Q1 2025 to USD 405.00/MT by Q4, a gain of roughly 6.6%, tracking elevated European energy costs through the year.
Ammonium Nitrate Prices in the United States in 2025
US prices firmed from about USD 340.00/MT in Q1 2025 to USD 360.00/MT by Q4, up roughly 5.9%, supported by steady agricultural and mining sector demand.
Ammonium Nitrate Prices in India in 2025
Indian prices firmed from about USD 320.00/MT in Q1 2025 to USD 340.00/MT by Q4, a gain of roughly 6.2%, tracking growing domestic fertilizer sector demand.
Ammonium Nitrate Prices in Russia in 2025
Russian export-benchmark prices firmed from about USD 260.00/MT in Q1 2025 to USD 280.00/MT by Q4, up roughly 7.7%, the strongest annual gain of the four regions, tracking the broader global feedstock cost environment.
How We Can Help
Expert Market Research: Your Source for Real-Time Ammonium Nitrate Price Intelligence
Expert Market Research tracks Ammonium Nitrate prices continuously across every major producing and consuming region, combining ammonia and nitric acid feedstock cost data, natural gas price trends, and agricultural and mining sector demand signals into a single, regularly updated view of the market. Our team can help your procurement function benchmark current offers, plan purchases around the feedstock-driven trends covered in this report, and build a defensible view of where this essential nitrogen fertilizer and blasting agent input is headed next. Reach out to our team for a tailored briefing or a deeper look at any of the regional markets covered here.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Key Questions Answered in the Report
It is valued as a high-nitrogen agricultural fertilizer and, in a denser prilled form, as the oxidizing agent in ammonium nitrate and fuel oil blasting agents used extensively in mining and quarrying.
The Q2 2026 global average was USD 387.40/MT, ranging from USD 315.00/MT in Russia to USD 450.00/MT in Germany.
The global average rose from USD 344.90/MT in Q4 2025 to USD 368.65/MT in Q1 2026 and then to USD 387.40/MT in Q2, tracking rising ammonia feedstock and natural gas costs.
Feedstock ammonia remains a major cost driver, as ammonium nitrate production depends heavily on ammonia and nitric acid inputs, and elevated natural gas and energy costs in several markets have kept production expenses climbing.
The global average is expected in the USD 375.00-425.00/MT range, supported by feedstock costs and firm agricultural and mining sector demand.
Russia holds the lowest cost given low-cost domestic natural gas feedstock, while Germany carries the highest cost among the regions tracked here given elevated European energy costs.
This report is updated monthly. For real-time pricing intelligence, connect with the Expert Market Research team.
Ammonia and nitric acid feedstock costs, natural gas prices that underpin ammonia production, and demand from agricultural and mining and quarrying sectors.
Russia maintains substantial low-cost production tied to abundant domestic natural gas, with the United States, Germany, and India also producing significant volumes for domestic fertilizer and industrial explosives markets.
Buyers can monitor ammonia feedstock and natural gas cost trends given their outsized influence on this market, time forward purchases around the quarterly breakdowns in this report, and benchmark supplier quotes against the tracked price ranges.
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