China explosions: Potent chemical mix behind Tianjin blasts - BBC News
I remember my high school science teacher dropping a bit of potassium into water. Pop!
Remember how they said some firefighters had arrived on the scene? Easy to imagine spraying water on stuff without knowing what was there, or the water draining down to the potassium. Might've caused the first explosion, which aerosolized something else that ignited into the big boom.
ETA:
Turns out potassium nitrate and ammonium nitrate are both used for solid rocket fuels.
Potassium nitrate is the oxidizer in black powder (saltpeter).
Ammonium nitrate + water = cold pack