Platts proposes adjustment to Japan Korea Ammonia Price (JKAP) carbon intensity specification

Platts, part of S&P Global Commodity Insights, is proposing to adjust the carbon intensity specification of its daily low-carbon Japan Korea Ammonia Price(JKAP) assessment, effective March 24, 2025.

In view of a revision of carbon intensity requirements in Japan relating to ammonia, Platts plans to change the carbon intensity specification of its JKAP assessment to 0.87 kg CO2eq/kg ammonia well to gate, excluding transportation to the point of CFR delivery. This will be roughly equivalent to 47g CO2eq/MJ.

The current carbon intensity specification of the JKAP assessment is maximum 40g CO2eq/MJ (roughly equivalent to 720 kg CO2eq/mt ammonia) gate to gate, excluding transportation to point of CFR delivery.

The change would align the JKAP carbon intensity specification with that of the low-carbon US Gulf Ammonia Price (UGAP) launched by Platts on Nov. 1, 2024.

Assessment name: Japan Korea Ammonia Price (JKAP)

Quality: Anhydrous ammonia, which is around 82% nitrogen and is stored and transported as a liquid under pressure at around -33°C

Quantity: Basis 15,000-25,000 mt, normalized where necessary to 15,000 mt

Basis and location: Spot cargoes only. CFR Japan and South Korea, basis Nagoya.

Carbon Intensity: Maximum 0.87 kg CO2eq/kg ammonia well to gate excluding transportation to the point of CFR delivery.

Timing: Loading 1-6 weeks forward

Frequency: Daily

Appears in: Platts Fertecon Daily

Unit of assessment: US dollars per metric ton

Timestamp: 16:30 Penang, following the Penang publishing calendar

Platts also has carbon intensity escalators for South Korea and Japan that can be used to normalize bids, offers and trades of ammonia with a CI below the stated carbon intensity threshold. For specifications relating to the CI escalator, see our Methodology and Specifications Guide for Global Hydrogen and Ammonia.

Please send any feedback, questions and comments to fertilizer@spglobal.com and pricegroup@spglobal.com by Feb. 28, 2025

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