US urea market awakens to supply shortfall
- Profercy World Nitrogen Index up almost 4 points on last week – Urea drives index gains
- Swaps market sees significant offer increases for January 2014 urea – up $15pt for Middle East Urea
The nitrogen market remains bullish. Urea price gains supported a more notable increase in the Profercy World Nitrogen Index this week with all other products holding or showing a slight increase. The Index stands at 165.34, up from 161.59 last week, and up nearly 17 points since the floor in early September (148.66).
Granular urea prices were behind the increase this week with active demand in a number of regions alongside multiple supply cutbacks. In particular supply cutbacks supported price increases for Egyptian and Middle East product. On the Direct Hedge paper market urea prices gained sharply yesterday with $330pt fob Yuzhnyy offered for January. Middle East granular was offered at above $360pt fob this morning on the Direct Hedge paper market nearly $15pt above the highest January offer yesterday.
Profercy’s latest Nitrogen Forecast was provided to subscribers earlier in the week and anticipated further price increases with the market to remain firm into Q1 2014. To request a free trial and our latest forecast, please follow the instructions below.
Profercy World Nitrogen Index above 165
The Profercy World Nitrogen Index is published every week and is based on price ranges provided by the Profercy Nitrogen Service. This includes prilled and granular urea, UAN, AN, ammonium sulphate and ammonia. For more detailed information on specific products and individual markets, please sign up for a free trial or for more information on the Profercy Nitrogen Service, please click here.
The methodology behind the Profercy World Nitrogen Index can be found here.
Related News
