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Nitrates follow urea, nitrogen markets firm – Index up 10 points since July

August 29, 2014Leave a commentGeneral, Nitrogen, Profercy World Nitrogen Index

The Nitrogen Index and the brief comments below draw on the prices and analysis published through the Profercy Nitrogen Service. For detailed assessment and full price information on global nitrogen markets, please register your interest in a free trial of the service. 

Profercy’s Nitrogen Index gained a further 2.57 points this week, evidencing a bullish trend that began at the end of July. Urea prices have supported the massive increase in the Index since July, aided by tight ammonia markets. Further gains this week have also been a consequence of this firmness spilling over to other nitrogen products, primarily ammonium nitrate, UAN and ammonium sulphate.

With supply issues still prevalent in the global urea market, fob prices have held or increased in key export origins. The most notable gains this week were in the Middle East. Both the low and high-end of Profercy’s price quote for Middle East granular urea increased by $8-10pt fob. The high-end has risen due to traders moving to lock in prices and secure September product from the Arab Gulf.

The relationship between urea and other nitrogen products is well documented and it is of note that nitrate markets have lagged urea over the last month. With ammonia markets also firm, Black Sea ammonium nitrate and ammonium sulphate prices have now seen notable gains. The low end of our range for Black Sea AN increased by $15pt this week. For readers in Europe, the strength of global urea markets has also provided major nitrate producers with support for increases in both CAN and AN list prices in the EU.

Profercy’s World Nitrogen Index

The final week of August sees the Nitrogen Index finish on 175.64 having gained a massive 9.5 points over the month. This is the biggest increase in the PWNI over a single month since January 2014, when the Nitrogen Index gained nearly 20 points.

[tabs][tab title=”Profercy Nitrogen Index – 2012 Onwards”]

PWNI increases 2.57 to 175.64

PWNI increases 2.57 to 175.64

[/tab][tab title=”Profercy Nitrogen Index – 2009 Onwards”]

PWNI increases 2.57 to 175.64

PWNI increases 2.57 to 175.64

[/tab][/tabs]


Profercy World Nitrogen Index: Methodology

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.

Free Trials of the Profercy Nitrogen Service

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.

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Recent Insights
  • PWNI continues to advance as nitrogen values firm on escalating supply concerns in Europe
  • USA: UAN imports from Russia and Trinidad given green light – ITC concludes shipments do not injure US industry
  • European nitrate producers scramble to figure out new offer levels as gas prices surge
  • Ammonia: Soaring natgas prices trigger capacity curtailments and burst of spot sales into Europe
  • Company News: Hexagon Group AG acquires Aries Fertilizers Group PTE Ltd
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  • PWNI continues to advance as nitrogen values firm on escalating supply concerns in Europe
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