Platts amends incoterms, adds close bates for several US urea price assessments

Platts, part of S&P Global Commodity Insights, has amended the incoterms for four US domestic urea price assessments, effective Oct. 10, 2025.

While acknowledging the market's use of FOT as an incoterm, Platts officially uses FCA (Free Carrier) as the designated incoterm for cargoes loaded onto trucks at the seller's cost.

The changes are as follows:

Platts has also introduced close values for the four aforementioned price assessments, and for urea FOB NOLA-7 (FGUNE04). Following the change, the low and high elements of the assessment are standardized to minus $1/st, plus $1/st below and above the assessed close value.

These changes were first proposed on Aug. 26 , 2025 in a note available here, and were confirmed Sept. 12 in a note available here.

These assessments are currently published in the US Fertilizer Report, Fertecon Daily, and are also available on Platts Connect.

Please send any feedback, questions, and comments to fertilizer@spglobal.com and pricegroup@spglobal.com.

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