1,258,000
Metric tonnes traded
+34% YoY · +18% QoQ
Quarterly report · Q1 2026
EuroChem Trading Q1 2026 Quarterly Report
Reporting period: – . International commodity trading in fertilizers and agricultural chemicals — Dubai Multi Commodities Centre (DMCC), United Arab Emirates.
>$500M
USD turnover
+41% YoY · +22% QoQ
488
New clients
Onboarded via Trading Portal
18
Active markets
Countries served
Statement from the Managing Director
Q1 2026 marks a transformational quarter for our company — a clear step forward in scale, structure and ambition.
Q1 2026 marked a transformational quarter for EuroChem Trading Middle East DMCC. The results presented in this report reflect not only the strength of our underlying commercial operations, but also the meaningful structural progress we have made in evolving our business model.
Trading 1,258,000 metric tonnes during a single quarter, generating turnover in excess of USD 500 million, and onboarding 488 new counterparties through our digital infrastructure represent achievements of which our entire team can be proud. The trajectory — year-on-year volume growth of 34%, a deliberate pivot toward long-term contracted relationships, and measurable expansion across 18 international markets — reflects deeper structural change.
The world fertilizer and agricultural chemicals markets are entering a period of structural transformation. Supply remains tight, geopolitical complexity is increasing, and clients are demanding more from their commodity partners. EuroChem Trading is positioning itself precisely for this environment.
Our priorities are clear: scale our long-term contract base, deepen our regional partner ecosystem, mature our Trading Portal infrastructure, and strengthen our compliance and risk frameworks. The fundamentals supporting our markets remain constructive, and the operational foundation we have built positions us well for sustainable growth.
01 — Executive summary
EuroChem Trading Middle East DMCC delivered a record operational performance in the first quarter of 2026, combining strong volume growth, structural strategic progress and meaningful financial momentum.
The quarter was marked by record traded volumes, accelerated client onboarding through our structured digital infrastructure, and the continued geographic expansion of our commercial footprint across the Middle East, North Africa, Sub-Saharan Africa, Turkey, China and South Asia.
Against a backdrop of tightening global fertilizer supply, persistent freight market volatility and ongoing geopolitical shifts in key producing regions, the company maintained reliable supply performance and continued to convert market opportunities into long-term commercial relationships.
Total traded volumes reached 1,258,000 metric tonnes during the quarter — a 34% increase year-on-year and 18% quarter-on-quarter — with consolidated turnover exceeding USD 500 million, representing 41% YoY revenue growth. These results reflect disciplined commercial execution, firm fertilizer pricing across the product range, and the onboarding of 488 new counterparties through the EuroChem Trading Portal.
Q1 highlights: record traded volumes, 34% YoY growth, accelerated portal-based counterparty onboarding, expanded CIF supply flows into Africa, Turkey, China and South Asia, and continued strategic shift toward long-term structured supply contracts — now representing 64% of active contract value.
02 — Key metrics dashboard
| Metric | Q1 2026 | Growth |
|---|---|---|
| Volume growth (YoY) | — | +34% |
| Volume growth (QoQ) | — | +18% |
| Revenue growth (YoY) | — | +41% |
| Average shipment size | ~28,000 MT | — |
| Active contracts | 215 | — |
| New counterparties (portal) | 488 | — |
Trading volumes have grown consistently across the past five quarters, with Q1 2026 representing both the largest quarterly volume in the company’s history and the strongest sequential acceleration. The expansion is driven by deeper penetration of existing client relationships and the addition of new counterparties across all key regions.
03 — Market overview & operating environment
The first quarter of 2026 was defined by tightening global fertilizer availability, driven by export restrictions in several key producing countries, persistent logistical constraints across major shipping corridors, and elevated energy costs that continued to weigh on production capacity in Europe and parts of Asia.
Demand fundamentals across most of EuroChem Trading’s core markets remained firm throughout the quarter. Seasonal planting cycles in Asia, government-led procurement programmes in several African nations, and renewed agricultural investment activity in Turkey and the broader MENA region all contributed to a strong order book.
Product-level market dynamics
- Urea 46%: Continued strong demand from South and Southeast Asia, supported by seasonal planting cycles and active government procurement programmes. CFR pricing remained firm throughout the quarter.
- DAP & MAP: Marked demand recovery across African and Turkish markets, with CIF supply requests accelerating from February onwards.
- Ammonium sulphate: Elevated interest from industrial buyers alongside traditional agricultural consumers, particularly from South Asian markets.
- NPK blends: Sustained demand for customised NPK formulations from commercial agricultural distributors across MENA.
- Sulfur & sulfuric acid: Significant growth in industrial chemical inquiries from North Africa, the Middle East and China, including process grades such as formic acid and sodium carbonate (soda ash light / soda ash dense).
04 — Product mix & revenue composition
Q1 2026 trading activity remained anchored in core fertilizer products, with Urea 46% representing the single largest volume contributor at 42% of total tonnage. The product mix continues to diversify, with industrial chemicals and customised NPK blends becoming increasingly important contributors to both volume and revenue.
| Product segment | Share of volume |
|---|---|
| Urea 46% | 42% |
| DAP / MAP | 24% |
| Ammonium sulphate | 14% |
| NPK blends | 12% |
| Sulfur & sulfuric acid | 8% |
On a revenue basis, the fertilizer segment generated approximately USD 358 million, representing approximately 70% of consolidated Q1 turnover. Ammonium sulphate and industrial chemicals together contributed approximately USD 130 million, reflecting deliberate portfolio diversification beyond traditional bulk fertilizers.
05 — Geographic reach & market distribution
EuroChem Trading Middle East DMCC was commercially active across 18 countries during Q1 2026, with traded volume distributed across seven primary regional clusters. The Middle East & North Africa region remained the largest single market at 28% of volume, while Sub-Saharan Africa, South Asia and Turkey collectively represented over 50% of total trading activity.
| Region / market cluster | Primary products | Supply terms |
|---|---|---|
| Middle East & North Africa | Urea, NPK, sulphur | CIF / FOB |
| Sub-Saharan Africa | DAP, MAP, urea | CIF |
| South Asia | Urea 46%, ammonium sulphate | CIF / CFR |
| Turkey | DAP, MAP, ammonium sulphate | CIF / CFR |
| China | Sulphur, sulfuric acid | CFR |
| Southeast Asia | Urea, NPK blends | CIF / CFR |
| Europe (select markets) | NPK blends, ammonium sulphate | DAP / CIF |
06 — Operational statistics
- ~45 vessel operations coordinated in Q1 2026
- 32 origin and destination ports served
- 215 active contracts at quarter end (64% long-term by value, 36% spot)
- CIF shipments accounted for 78% of total volume
- Average shipment size: ~28,000 metric tonnes
- Average portal onboarding time: under 48 hours
- 100% digital documentation workflow
07 — Commercial performance
Commercial activity in Q1 2026 reflected both organic expansion within existing market relationships and substantial new business development. The company’s trading strategy continued to emphasise structured, long-term supply arrangements over opportunistic spot transactions.
Long-term contracts represented 64% of active contract value at quarter end, up from approximately 48% in Q1 2025. This deliberate shift improves forward revenue visibility, deepens client relationships, and supports supply chain planning for both counterparties and logistics partners.
08 — Trading Portal: digital infrastructure
The Trading Portal now serves as the primary interface for counterparty onboarding, KYC documentation management, transaction processing, commercial correspondence and contract administration.
Capability pillars
- Onboarding & KYC: Automated verification, document collection, sanctions screening and credit checks — average onboarding under 48 hours.
- Digital workflow: Structured RFQ intake, commercial response management, pricing visibility and centralised order tracking.
- Compliance built-in: KYC/AML protocols, sanctions monitoring and audit-ready transaction trails.
- Multilingual commercial support: Communication and contract templating across MENA, Africa, Turkey, China and South Asia.
- Contract lifecycle management: Contract generation, e-signing, amendment tracking and settlement close-out in one platform.
09 — Logistics & supply chain
Logistics coordination across multiple export corridors was a critical operational priority in Q1 2026. EuroChem Trading’s framework combines long-standing carrier relationships, flexible chartering capabilities and active scheduling management.
Primary export corridors
- Black Sea routes — principal corridor for MENA, Turkish and select African supply flows
- Baltic routes — Northern European and CIS-origin product flows
- Middle East hub — regional distribution, transshipment and value-added blending
10 — Risk environment & market volatility
Q1 2026 reinforced the importance of disciplined risk management across credit, market, operational and geopolitical dimensions.
- Freight market volatility on key bulk routes
- Geopolitical tensions affecting supply availability and shipping route selection
- Tightening global fertilizer availability and export restrictions
- Currency and counterparty credit risk — managed through diversified banking relationships and secured payment terms
- Regulatory and compliance evolution in importing markets
11 — Outlook: Q2 2026 & strategic priorities
The company enters Q2 2026 with a positive strategic outlook, supported by continued tightening in global fertilizer supply, a growing contracted client base, an expanded logistics partner ecosystem and a maturing digital trade infrastructure.
- Continued volume growth driven by firm fertilizer demand across Africa, South Asia and MENA
- Expansion of long-term supply contracts — targeting >70% of contract value
- Further development of sulfur, sulfuric acid and industrial chemical trading
- Scaling of the Trading Portal with enhanced onboarding and multilingual support
- Deepening of regional partner networks across Turkey, China and Southeast Asia
- Ongoing investment in compliance infrastructure and trade documentation standards
Full quarterly report (PDF)
Download the complete Q1 2026 report with charts and detailed disclosures, or contact our commercial desk for structured supply discussions.
Disclaimer & legal notice
This report has been prepared by EuroChem Trading Middle East DMCC for informational purposes only. Certain statements contained herein may constitute forward-looking statements based on current expectations, projections and assumptions about future events. Such statements involve inherent risks and uncertainties, and actual results may differ materially from those projected.
This document does not constitute an offer, solicitation or recommendation in respect of any investment, transaction, security or commercial agreement, nor does it constitute legal, financial, tax or commercial advice. All figures presented are unaudited and reflect management’s preliminary view of Q1 2026 operational and commercial performance. Final figures may differ following audit and review procedures.
Registered office: Dubai Multi Commodities Centre (DMCC), Dubai, United Arab Emirates. © 2026 EuroChem Trading Middle East DMCC. All rights reserved.