- PWNI up 3.77 points on last week
- Middle East producers see prices gain for July
- Chinese granular firm; prills to feature heavily in major Indian purchasing tender next week
- FSU AN prices up on Brazilian demand
Granular urea prices firm
The past week has been beneficial for urea producers globally. Prices have remained firm. Granular urea producers have achieved higher prices for July while Chinese granular producers have held prices at levels $30pt higher than the low experienced in late May. This follows a sharp price rise over the last two weeks. Egyptian prices have also risen, albeit more modestly, while in the US barge prices for July have also improved.
Major Indian purchasing tender to take place next week – big test for Chinese prilled urea prices
The next week will be significant for the urea market with the first major Indian tender since March this year taking place mid-week. Just under a third of Indian urea sales are satisfied through imports, which are organised through three state-run trading enterprises. At the previous tender, India booked over 1m. tonnes of urea with considerable volumes of product sourced from China. With the commencement of the Chinese low-tax export window on 1 July, Chinese prills are set to feature heavily again with India providing the largest single market for the product. After a tough few months, Chinese prices have held in advance of this. For more information and news on the tender next week, you can sign up for a free trial of the Profercy Nitrogen Service (click here).
Index finishes Week 24 3.77 points up
With urea markets remaining firm, Profercy’s World Nitrogen Index gained 3.77 points on last week and is currently at 157.18. This represents the biggest gain in the Index since January 2014. In addition to improved urea prices, AN prices have firmed with Brazilian demand supporting increases.
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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. A full methodology can be found here.
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Profercy’s Nitrogen Service includes daily news, weekly analysis and monthly forecast reports. 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.