Profercy’s Nitrogen Index utilizes key global nitrogen fertilizer prices to derive a value for nitrogen as a crop nutrient. The Index provides a useful and straightforward tool to gauge the overall health of the World market for nitrogen fertilizers.
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| Market Status: Stable to Firm | 14 November – Urea prices stable ahead of major Indian purchasing tender
Profercy’s World Nitrogen Index edged one point higher this week, supported by marginally higher spot granular urea values in the Middle East and SE Asia. This has offset the moderate decline in North African prices. Broadly, urea producers are comfortable for November, with many in the Baltic and in the east looking to India as a potential outlet for significant volumes through to 15 January. Indian Potash Limited closes a purchasing tender on 20 November and is targeting a stated 2.5m. tonnes of urea. For the moment, China’s return to the market has not weighed heavily on global urea values, even if many are eying policy developments closely. Having benefitted from strong -pre CBAM European demand, North African producers have seen inquiry dissipate in the past week. Loading delays, shipment times and sizeable import line-ups across Europe have stalled demand with few major buyers willing to entertain CBAM exposure for mid-December onwards shipments. The Index stands at 199.18 points. |
The Index is updated each week. An overview of the methodology can be found here.