1,598,000
Metric tonnes traded
+62% YoY · +27% QoQ
Quarterly report · Q2 2026
EuroChem Trading Q2 2026 Quarterly Report
Reporting period: – . International commodity trading in fertilizers and agricultural chemicals — Dubai Multi Commodities Centre (DMCC), United Arab Emirates.
>$650M
USD turnover
+27% QoQ · strong YoY growth
620
New clients
Onboarded via Trading Portal
23
Active markets
Up from 18 in Q1
Statement from the Managing Director
Q2 2026 represents another decisive step in the development of EuroChem Trading Middle East DMCC as a scalable, structured and technology-enabled international commodity trading platform.
Following the record performance delivered in Q1, the company continued to expand its commercial footprint, deepen long-term client relationships and strengthen its digital trade infrastructure. During the second quarter, total traded volumes reached approximately 1.598 million metric tonnes, representing a 27% increase quarter-on-quarter and a 62% increase year-on-year, while consolidated turnover exceeded USD 650 million.
This performance was driven by firm fertilizer demand across Africa, MENA, Turkey, South Asia and China, as well as growing interest in industrial chemicals, customized NPK formulations and long-term structured supply arrangements.
The Trading Portal continued to play a central role in our operating model. During Q2, 620 new counterparties were onboarded through the platform, reflecting both market demand and the increasing trust placed in our structured digital transaction process.
Our strategy remains unchanged: expand contracted supply, strengthen execution discipline, deepen regional partnerships, and maintain conservative risk management across volatile global commodity markets.
01 — Executive summary
EuroChem Trading Middle East DMCC delivered a strong second-quarter performance in 2026, building on the operational momentum achieved in Q1 and further expanding across key fertilizer and agricultural chemical markets.
Total traded volumes reached approximately 1,598,000 metric tonnes during Q2 2026, representing a 27% quarter-on-quarter increase and a 62% year-on-year increase. Consolidated turnover exceeded USD 650 million, supported by higher shipment volumes, resilient fertilizer pricing, expanded CIF flows and stronger demand across core import markets.
The company was commercially active across 23 active markets during the quarter, up from 18 in Q1, with notable expansion across Sub-Saharan Africa, MENA, Turkey, China and South Asia. Demand was particularly strong for Urea 46%, DAP/MAP, Ammonium Sulphate, customized NPK blends and sulfur-related industrial chemical products.
The Trading Portal continued to mature as the central operating infrastructure for counterparty onboarding, documentation, contract administration and transaction control. During Q2, 620 new clients were onboarded, with the average onboarding time reduced to approximately 42 hours.
Q2 highlights: record quarterly traded volume of 1.598 million MT, continued expansion of structured long-term contracts, wider geographic reach across 23 active markets, stronger CIF execution into Africa and South Asia, increased demand for DAP/MAP and NPK blends, and further scaling of the Trading Portal infrastructure.
02 — Key metrics dashboard
| Metric | Q2 2026 | Growth |
|---|---|---|
| Volume growth (YoY) | — | +62% |
| Volume growth (QoQ) | — | +27% |
| Revenue growth (QoQ) | — | +27% |
| Average shipment size | ~35,000 MT | — |
| Active contracts | 273 | — |
| New counterparties (portal) | 620 | — |
Trading volumes continued to expand across the last five quarters. Q2 2026 marked the strongest quarterly result to date, driven by a broader contracted client base, larger average shipment size, deeper regional partner networks and a higher share of repeat business.
03 — Market overview & operating environment
The second quarter of 2026 was characterized by sustained strength in global fertilizer demand, continued logistics volatility and tighter availability across several key supply corridors.
Seasonal agricultural demand in South Asia and Africa remained firm, while MENA and Turkey continued to show strong interest in structured CIF supply programs. Several buyers moved from spot inquiries toward forward coverage, reflecting concerns over availability, pricing volatility and freight reliability.
Product-level market dynamics
- Urea 46%: Demand remained strong across South Asia, Africa and MENA. Buyers prioritized reliable delivery schedules and larger contracted volumes.
- DAP & MAP: One of the strongest growth segments during the quarter, supported by increased demand from African, Turkish and South Asian markets.
- Ammonium sulphate: Stable demand, with both agricultural and industrial buyers increasing order frequency.
- NPK blends: Customized formulations gained additional traction across MENA and Southeast Asia, where distributors required market-specific nutrient profiles.
- Sulfur & sulfuric acid: Industrial chemical inquiries increased, particularly from China, North Africa and Middle Eastern buyers — a strategic diversification pillar.
Q2 2026 confirmed that buyers increasingly value supply security, documentation discipline and transaction transparency. Freight market volatility and regional geopolitical complexity continued to favor trading platforms with diversified logistics access and structured execution controls.
04 — Product mix & revenue composition
Q2 2026 trading activity remained anchored in core fertilizer products, while the portfolio continued to diversify toward industrial chemicals and customized blends.
| Product segment | Share of volume |
|---|---|
| Urea 46% | 40% |
| DAP / MAP | 26% |
| Ammonium sulphate | 13% |
| NPK blends | 13% |
| Sulfur & sulfuric acid | 8% |
On a revenue basis, the fertilizer segment generated approximately USD 448 million, representing around 69% of consolidated Q2 turnover. Ammonium sulphate and industrial chemicals together contributed approximately USD 167 million, reflecting the increasing importance of diversified product revenue.
05 — Geographic reach & market distribution
EuroChem Trading Middle East DMCC was commercially active across 23 active markets during Q2 2026. The regional mix shifted moderately, with Sub-Saharan Africa and Turkey gaining share, while MENA remained the largest overall regional cluster.
| Region / market cluster | Primary products | Supply terms |
|---|---|---|
| Middle East & North Africa | Urea, NPK, sulfur | 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 | Sulfur, sulfuric acid | CFR |
| Southeast Asia | Urea, NPK blends | CIF / CFR |
| Europe (select markets) | NPK blends, ammonium sulphate | DAP / CIF |
Africa, Turkey, South Asia and China were the strongest growth corridors during Q2. The company's regional partner network and multilingual commercial support capabilities enabled broader market coverage and faster conversion of inquiries into structured supply arrangements.
06 — Operational statistics
- 58 vessel operations coordinated in Q2 2026
- 41 origin and destination ports served
- 273 active contracts at quarter end (71% long-term by value, 29% spot)
- CIF shipments accounted for 81% of total volume
- Average shipment size: ~35,000 metric tonnes
- Average portal onboarding time: ~42 hours
- 100% digital documentation workflow
07 — Commercial performance
Commercial activity in Q2 2026 reflected stronger conversion of inbound inquiries into contracted volumes, increased repeat business from existing counterparties and higher average shipment size.
Total traded volume reached 1,598,000 metric tonnes, representing a 27% increase over Q1 2026 and a 62% increase year-on-year. Consolidated turnover exceeded USD 650 million. Average shipment size increased to approximately 35,000 metric tonnes, reflecting larger lot sizes and greater long-term contract execution.
Long-term contracts represented 71% of active contract value at quarter end, compared with 64% in Q1. This confirms the company's strategic transition away from fragmented spot activity toward a more durable and predictable contracted order book.
620 new clients were onboarded during Q2 2026 through the Trading Portal — approximately 9–10 new counterparties per business day, reflecting accelerating adoption of the structured digital workflow.
08 — Trading Portal: digital infrastructure
The Trading Portal remained a core differentiator during Q2 2026, supporting onboarding, documentation, contract management, counterparty communication and transaction administration.
Capability pillars
- Onboarding & KYC: Structured counterparty verification, document collection, sanctions screening and internal compliance workflows — average onboarding improved to approximately 42 hours.
- Digital workflow: RFQ intake, pricing response, order tracking, contract management and documentation handling centralized within the platform.
- Compliance built-in: KYC/AML checks, sanctions monitoring, documentation standards and audit-ready transaction records embedded into the workflow.
- Multilingual commercial support: Expanded support across English, Arabic, Turkish, Russian and selected Asian market languages.
- Contract lifecycle management: Contract generation, amendments, e-signature, performance monitoring and settlement close-out managed through the platform.
09 — Logistics & supply chain
Logistics coordination remained a critical operational priority in Q2 2026. The company coordinated approximately 58 vessel operations and served 41 origin and destination ports, supporting larger volumes across Africa, MENA, Turkey, China and South Asia.
The quarter was marked by elevated freight cost volatility, port congestion in selected corridors and ongoing geopolitical sensitivity around key export routes. Despite these challenges, the company maintained stable delivery performance through flexible scheduling, diversified carrier relationships and active route management.
Primary export corridors
- Black Sea routes — principal corridor for MENA, Turkey and selected African flows
- Baltic routes — Northern European and CIS-origin flows to global destinations
- Middle East hub — regional distribution, transshipment and value-added blending
- Asian corridors — CFR and CIF flows into China, South Asia and Southeast Asia
10 — Risk environment & market volatility
Q2 2026 reinforced the importance of disciplined risk management across credit, market, operational and geopolitical dimensions.
- Freight market volatility: elevated freight rates and limited vessel availability on several trade lanes
- Geopolitical tensions: political and sanctions-related complexity influencing route selection and counterparty review
- Tight fertilizer availability: supply constraints supporting pricing but increasing execution complexity
- Counterparty credit risk: rapid onboarding growth requiring strict verification and risk controls
- Regulatory scrutiny: importing markets increasing documentation and compliance requirements
- Currency and settlement risk: disciplined transaction structuring across diverse payment expectations
11 — Outlook: Q3 2026 & strategic priorities
The company enters Q3 2026 with a positive strategic outlook, supported by strong contracted demand, expanded regional coverage, a maturing Trading Portal and continuing supply tightness across several fertilizer and industrial chemical markets.
- Continue volume growth across Africa, South Asia, MENA and Turkey
- Maintain long-term contracts above 70% of active contract value
- Expand DAP/MAP and NPK blend supply programs
- Further develop sulfur and sulfuric acid trading
- Increase Trading Portal onboarding capacity
- Strengthen regional partner networks in Turkey, China, Southeast Asia and Africa
- Maintain active monitoring of freight conditions and geopolitical risks
- Continue investment in compliance, documentation and KYC/AML workflows
Full quarterly report (PDF)
Download the complete Q2 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 Q2 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.