After a sustained period of illiquidity or interest in end-December or January material, distributors and domestic producers revised UAN offers lower in order to secure sales. Offers along the Ohio River fell to $520-530ps ton for near-term product, while sales in Cincinnati were heard down to $510-515ps ton ex-tank. Prior to this, suppliers had been…
After a tumultuous Q3, European nitrates prices have been under downward pressure since October. A less hostile gas feedstock market spurred the resumption of vast swathes of European nitrogen production. While the loss of production in the summer months will have a bearing on overall inventories, few buyers saw any reason to step into the…
The conclusion of India’s recent purchasing inquiry resulted in 1.47m. tonnes of urea being booked for shipment by 22 December. The volume was higher than most expected to be booked prior to the tender. The greater volumes were likely triggered by the competitive price. Indeed, the tender solicited the second lowest offer levels since July…
The latest customs data from China has revealed that urea shipments are now starting to grow. Although the export controls that were introduced by the government in mid-October 2021 had previously reduced export business to negligible levels, the data has shown that urea exports during the third quarter are now at the highest levels seen…
The international ammonia market is far longer than in previous weeks as overcapacity in the Americas, Middle East and Southeast Asia emerges fast and generates negative price pressure in key import regions. Many participants remain reluctant to divulge prices or price targets, but bearish sentiment is clearly the dominant position given the amount of spot…
India’s IPL has booked significant urea volumes following the conclusion of this week’s tender. The state agency has now started issuing LOIs for around 1.5m. tonnes of urea for shipment to 5 December, removing considerable availability from the market. Notably, the volume secured is higher than the total volumes booked during the previous two tenders…
While the European energy crisis has dominated news and business headlines in recent months and underlined the importance of the continent’s many ammonia producers to global fertilizer markets, trouble has also been brewing in northeast Asia, albeit without the same amount of press coverage. Through an unfortunate combination of devaluating regional currencies against the US…
The conclusion of the latest RCF India urea purchasing inquiry saw 874,000t booked by the state purchasing agency late last week, below its initial target of 1m. tonnes or more. As a result, many expect that India will need to return to the market again next month. Import demand for around 2.5m. tonnes or more…
In a relatively quiet week for the international ammonia market, the headline news was the United Nations’ (UN) surprise bid to broker a deal for a potential restart of Russian exports from Yuzhnyy. The announcement raised plenty of eyebrows among market players, with some worried the arrival of 170,000t per month of material could create…
The Profercy World Nitrogen Index (PWNI) has fallen further this week, as limited activity across the urea market continues to weigh on both cfr and fob values. A urea tender held by Pupuk Holdings in Indonesia this week saw granular urea volumes committed at $555-560pt fob, lower than what producers in the region had been…