After a sustained bull-run, the urea market cooled this week with softer international and Chinese derivatives values, alongside a drop in grain prices, leading to some unease. However, with urea producers worldwide sold well into July, India returning to the market and rumours circulating regarding an export tax being introduced in China, there were no…
Despite some nervousness in the urea market, the PWNI made more strong gains and increased by nearly 10 points week on week. The increases in urea values were not uniform as in recent weeks. However, regions that had increased at a slower rate to others (e.g. Baltic) saw the sharpest gains this week. Baltic prilled…
The Profercy World Nitrogen Index has hit a high last seen in March 2014 as global urea values no signs of slowing their upward trajectory. Urea values continue to rapidly escalate. With traders now willing to book long positions further into July and August, producers in the east and west have managed to achieve higher…
The Profercy World Nitrogen Index has continued its rapid ascent, this week climbing by over 8 points, the largest weekly increase seen since early February, and nearing highs last seen in March this year. All products across the nitrogen-complex remain firm. Urea values in particular are racing ahead of other nitrogen products and showing no…
Major European producers have begun issuing new season prices for ammonium nitrate and CAN in Europe, with first offers well above those in 2020. Both CF Industries in the UK, and Yara, who supply across western Europe, are price-leaders in their respective markets. Producers are confident given the strength of the global urea market, which…
Last week the Iranian President Hassan Rouhani stated that a broad outline to end oil, petrochemical and banking restrictions had been agreed with the USA and other nations. While the extent of progress in the negotiations is not completely clear, oil markets are already pricing in the prospect of sanctions against Iran easing. Sanctions on…
Global urea markets remain on a strong footing with both traders and distributors accepting higher fob and cfr offer levels. Prices in key regions spiked this week, mainly driven by end user demand and also following the announcement of a fresh Indian tender. Meanwhile, Chinese suppliers have maintained a firm price stance ahead of next…
The Profercy World Nitrogen Index increased this week as the urea market sidestepped the Indian tender results in favour of bullish upstream and downstream factors, as well as logistical considerations. The latest purchasing tender by India’s MMTC resulted in just 550,000t booked. This would have ordinarily been considered a very bearish outcome. Indeed, the last…
Since the start of this year, US Gulf granular amsul values have rallied around $100ps ton and currently stand at a high $270ps ton fob Nola ($292pt cfr metric). Over that period the price has not once reversed any of the previous gains with current prices some $90ps ton above those in Q2 2020. While…
Following last week’s gains, the Profercy World Nitrogen Index has declined by over 3 points this week. The international market was understandably focused on the outcome of the latest Indian purchasing tender. India’s state purchasing agency MMTC closed the tender on 4 May for shipment by 21 June. The lowest offers for both the west…