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The Profercy World Nitrogen Index Explained

October 23, 20134 CommentsNitrogen

The PWNI utilizes key nitrogen fertilizer prices to derive a value for nitrogen as a crop nutrient. 2009 is used as the base point for the Index, which provides a useful and straightforward tool to gauge the overall health of the World market for nitrogen fertilizers.

The prices are derived from the Profercy Nitrogen Report and include: prilled and granular urea; Urea Ammonium Nitrate Solution; Ammonium Nitrate; Ammonium Sulphate; and Ammonia (for direct application).

Key components

The prices used to formulate the index are published each week and include:

  • Prilled Urea – $per tonne fob Yuzhnyy
  • Granular Urea – $per tonne fob Egypt and Arabian Gulf (full range)
  • Ammonium Nitrate – $per tonne fob Black Sea
  • UAN Solution – $per tonne fob Black Sea
  • Ammonium Sulphate (white) – $per tonne fob Black Sea
  • Ammonia – $per tonne fob Yuzhnyy

All solid prices are basis bulk. The prices chosen are considered the key and consistently available barometers of spot trade for seaborne tonnage. For example, for urea Yuzhnyy and Egypt are major areas of spot activity.

Product weighting

With the exception of ammonia, the weightings used by the PWNI are based on each products contribution to the World nitrogen trade in 2011. Urea has the highest weighting at over 60%. The weightings for Ammonium Sulphate, UAN and Ammonium Nitrate are 7%, 8% and 11% respectively.

Although largely regarded as an intermediate product, ammonia has been included as a component of the PWNI with its weight based on direct application in the USA. It holds a weighting of 10%.

The Profercy World Nitrogen Index is published every week through the Profercy Nitrogen Service, which offers daily news, weekly analysis and monthly forecasts.

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Recent Insights
  • US Gulf urea values recover as gas diversions and production cutbacks bring producers to the market; activity elsewhere limited
  • Cold equals hot for ammonia: market surges as supply problems mount
  • Financial Results: CF Industries Q4 urea sales up, UAN down; Nutrien’s total 2020 Nitrogen sales hit record high
  • Profercy World Nitrogen Index continues to reach new highs in spite of the slowdown in the global urea market
  • Financial Results: Acron’s net 2020 commercial AN and urea availability jumps; Yara fourth quarter net income up 24%
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  • US Gulf urea values recover as gas diversions and production cutbacks bring producers to the market; activity elsewhere limited
  • Cold equals hot for ammonia: market surges as supply problems mount
  • Financial Results: CF Industries Q4 urea sales up, UAN down; Nutrien’s total 2020 Nitrogen sales hit record high
Latest Global News
  • Cold equals hot for ammonia: market surges as supply problems mount. The impact of extreme cold weather in the USA… https://t.co/HNcoq19qNo
    22nd Feb 2021 08:22 UTC
  • Global amsul values have firmed since mid-2020 and show no immediate sign of let-up. Trade flows are set to change… https://t.co/LGJCDCS8Tr
    8th Feb 2021 16:31 UTC
  • Nitrogen markets have rallied throughout January. Egyptian granular urea spot values are up more than $75pt and are… https://t.co/p4QrksbVwU
    29th Jan 2021 17:06 UTC
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