The Profercy World Nitrogen Index has continued its sharp descent this week, shedding 16.25 points to 387.16. The Index has now lost around 56 points since the beginning of the year. With urea values declining rapidly, buyers have stayed out of the market, cautious not to book product until absolutely required or until there is…
The Profercy World Nitrogen Index (PWNI) has declined by a significant amount for the second consecutive week. With both fob and cfr urea values sinking lower again, the Index has dropped 18.20 points to 403.41 this week. The Index has fallen by nearly 40 points over the past two weeks. Demand has yet to emerge…
The global urea market has entered 2022 on a significantly softer footing, with sentiment switching in the aftermath of India’s latest purchasing inquiry. The IPL tender saw purchases capped, with close to 1.2m. tonnes booked by India for January shipment. This was far lower than many in the market had expected. Indeed, with the world’s…
The Profercy World Nitrogen Index has this week fallen by 1.23 points to 448.34, the first decline made by the Index in nearly four months. The global urea market has been faced with dwindling supplies since early September. Cutbacks to domestic production earlier this year in the US were further amplified following the aftermath of…
The Russian export quotas, confirmed at the end of November for nitrogen fertilizers, have in effect only targeted ammonium nitrate. On 3 November, the Russian Prime Minister, Mikhail Mishustin, announced on state-owned television that temporary export quotas on nitrogen fertilizers will be introduced for a period of six months. At the time, Mishustin said that…
The Profercy World Nitrogen Index has climbed by 8.22 points to hit 445.30 this week as urea values largely held on to their post India price increases. Indeed, the gains have been the result of a surge in international AN values on the back of the Russian export quotas and even higher ammonia price increases…
Beyond some relatively small scale buying in Brazil and the US Gulf, all eyes (producers, traders and buyers) were on the Indian IPL tender of 11 November. The tender did not underwhelm with the lowest offer for the west coast above $980pt cfr and the east coast just under $1,000pt cfr. China’s absence from the…
Petronas has become the first producer to commit granular urea at $1,000pt fob. The sale for a 6,000t cargo for second half December loading in Malaysia will be shipped to a nearby market, most likely South Korea. With the supply of urea globally increasingly tight, buyers in need of product are now scrambling for whatever…
India has this week announced two new purchasing inquiries, within days of the conclusion of the latest producer-only tender that resulted in only 465,000t of urea being secured by the country. With the world’s largest urea importer desperately behind on purchases for this season, it has had no choice but to pay high prices for…
With great pomp, the Prime Minister of Russia, Mikhail Mishustin, on 3 November announced on state-owned television that temporary export quotas on nitrogen fertilizers will be introduced for a period of six months. The export quota for nitrogen fertilizers was set at 5.9m. tonnes and will come into force from 1 December, meaning November shipments…