Despite relative inactivity, global nitrogen values have declined by the sharpest amount since the latest downturn began in mid/late July. The ongoing downturn is being exacerbated by the delayed Indian urea tender announcement. This has been widely attributed to the tendering agency in India needing to free up credit lines and resources before holding the…
Chinese fob offer levels for both prilled and granular urea have declined significantly over the last few weeks. As the world’s largest producer of urea, China’s role as a swing supplier and primary determiner of global market direction remains intact. Indeed, the recent downturn in the urea market began as China’s domestic market slowed and…
The Profercy World Nitrogen Index (PWNI) has been pressured lower, with escalating freight rates once again a matter of concern and impacting fob urea values in a number of regions this week. With uncertainty surrounding when India will announce its next tender and the Chinese domestic market in the offseason, export offers from the world’s…
Despite the downturn in the urea market which has seen Brazilian granular urea values decline by around $35pt over the last three weeks, standard amsul values remain robust. Over the same period, Chinese capro amsul values have gained by almost $20pt. Indeed, projections are for further price increases due to upcoming demand from SE Asia…
CF Industries net earnings climbed to $397m during 1H 2021, up from $258m during the same period last year. The producer generated $1bn in adjusted EBITDA, a 25% increase compared to the first half of 2020 when its adjusted EDITDA stood at $808m. Net sales were at $2.64bn during 1H 2021, up from $2.18bn year-on-year.…
The Profercy World Nitrogen Index has declined for the third consecutive week. Buyers have noticeably taken a step back from the market and reduced bids speculatively, particularly in Brazil. In fob regions that rely on western business, traders have been unwilling to accept producer offer levels or take on positions. In some regions such as…
China’s return to the international urea market this week ended the bull run that began end-April. The sale of around 650,000t of urea from China aided India in securing 1.2m. tonnes of product in the latest purchasing tender, the largest single purchase since December 2020. Netbacks in the tender for suppliers were healthy, around $485pt…
With economies around the globe starting to stage a recovery and high grain prices seen during the first half of this year, there has been buoyant demand for urea and other products in the nitrogen complex. This has led to a rapid ascent in the Profercy World Nitrogen Index (PWNI), the index which utilises key…
CF Industries has filed petitions with the US Department of Commerce and the US International Trade Commission (ITC) requesting the initiation of antidumping and countervailing duty investigations on imports of UAN from Russian and Trinidad and Tobago. The ITC has now officially listed an active import injury investigation on its website (Inv. No. 701-TA-668-669 and…
The Profercy World Nitrogen Index has increased by 2.81 points this week to 213.46. Gains have not been as steep as in recent weeks, however, with the urea market waiting for the outcome of the latest Indian purchasing inquiry for much of the week. Importers, particularly those in the west, have been on the side-lines,…