Market review

Urea Edges Higher as European Gas Keeps Climbing

Urea rose 3.1% to $420 a tonne in October while European gas climbed another 12.1%, and EU sewage charges were running 5.0% above their level of a year earlier.

The month in figures · October 2026

Sewage charges, EU – vs a year ago
5,0%up: 0.1 percentage points
still above headline inflation
Eurostat, September
2 months (Sept 2026 – Oct 2026): 4,9–5,0%, latest 5,0%.
Urea
420 $/tup: 3.1%
dearer gas, constrained Gulf exports
World Bank
2 months (Sept 2026 – Oct 2026): 420–407,5 $/t, latest 420 $/t.
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The two market indicators that matter most to wastewater treatment moved the same way in October, but only by small steps. Urea rose 3.1% to an average of $420/t (World Bank, 2026a), and EU sewage charges were 5.0% higher in September than a year earlier, up 0.1 percentage points on August (Eurostat, 2026). Once again the month's real move came in energy: European gas (TTF) gained 12.1%, which feeds into the cost of making fertiliser and of running treatment plants alike.

Market indicators for the wastewater sector, October 2026

Monthly average prices and changes

IndicatorUnitValueMonth on monthYear on year
Urea$/t420.0+3.1%+6.5%
Sewage charges, EU – vs a year ago (September)%5.0+0.1 pp+0.7 pp
DAP fertiliser$/t803.1+0.3%+6.5%
Phosphate rock$/t170.00.0%+11.5%
Natural gas (TTF)$/MMBtu28.50+12.1%+161.7%

Source: World Bank (Pink Sheet, November 2026); Eurostat (HICP, September 2026)

Urea: a small rise, a lower forecast

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Urea rose for a second month in October, from $407.5/t in September to $420/t. That is still 51% below the April peak of $856.9/t and 11% below February's $472/t. The year-on-year comparison has flipped, from an 11.6% fall in September to a 6.5% rise in October, but this is mostly a base effect: a year ago urea dropped from $461.1/t in September to $394.4/t in October.

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The World Bank's Commodity Markets Outlook, released on 28 October (World Bank, 2026b), puts the third-quarter average at $399/t, down 42% on the previous quarter, and says prices eased further in the first half of October. The monthly average rose regardless; the report's data end on 14 October, so it does not cover the second half of the month. The bank attributes the retreat to China's easing of export restrictions in May, the temporary reduction in hostilities after the June memorandum of understanding between the United States and Iran, the end of spring planting in the Northern Hemisphere, and higher exports from Egypt, Nigeria and Oman. China's urea exports are expected to reach 7.0 million tonnes this year, up from 4.9 million tonnes in 2025.

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WastewaterSeptember 2026

Phosphate Holds Steady as Urea Turns Higher

Sewage charges, EU – vs a year ago
4,9%down: 0.1 percentage points
steady at 4.9–5.0% since June
Eurostat, August
Urea
407,5 $/tup: 4.5%
edging up after the war spike
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