This report provides an analysis of key developments in the ammonia and urea industry, including capacity updates, profitability, and pricing developments over the past quarter. The report includes monthly price and profitability analysis for ammonia and urea with a detailed discussion on the market forces (affecting price and profitability) over the fourth quarter in the United States, Western Europe, Middle East and China. The analysis now includes both mine-mouth plant economics and coastal plant economics for ammonia and urea in China. Outlook on firm global capacity developments from 2016 to 2020 period is also provided. The ‘Key Trends and Challenges’ section discusses natural gas and ammonia/urea outlook in Africa.