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 | Week 31 – Nitrogen value sees small increase as market braces for Indian tender
The PWNIndex has seen a small increase of 0.85 points this week to 213.85. This comes after a relatively quiet week for the market, as buyers anticipate the Indian Potash Limited (IPL) urea tender. An increase in Middle East spot values contributed to the Index’s rise, as did higher ammonia values. The final August granular urea cargoes in Indonesia were booked recently at over $480pt fob. There was a rise in value for Nigerian business, with activity at $474-475pt fob Lekki for August, up $5-7pt on prior levels and well above returns available in Latin America. Brazilian granular values are yet to establish themselves firmly in the high-$400s pt cfr, while demand across North Africa remains absent. The small increase in the Nitrogen Index comes as forecast. Looking forward, the forthcoming Indian tender is likely to boost global urea values further, with the Index expected to move higher, and potentially to the highest level this year. The index value is the second-highest it has been this year. It stands at 55.91 points higher than this time last year. The year-to-date average is 33.21 points higher than the same period in 2024, with this year standing at 185.91 versus 152.7. |
The Index is updated each week. An overview of the methodology can be found here.