Trading activity in the US Nola urea barge market kicked into action during the first week back following the New Year break. The surge in demand has resulted in prompt month January values gaining around 14% since the start of the week. January barges traded between $252-284ps ton fob Nola, while, further out February and…
Following four weeks of advances where the Profercy World Nitrogen Index increased by nearly 10 points, the index has this week fallen by 2.42 points to 119.98, with urea values declining in the west and Middle East. With India’s state purchasing agency MMTC issuing LOIs for close to 1.3m. tonnes of urea late last week,…
Brazil’s urea imports during the year-to-November have hit an all-time record of 6.36m. tonnes owing to good ag economics, as well as a complete loss of domestic production. According to the latest customs statistics, Brazil’s year-to-date imports are 30% higher than the 4.88m. tonnes imported during the same period of 2019. The year-to-date total is…
The lowest offers received in today’s urea purchasing inquiry by MMTC are some $5-7pt higher than lowest offers in the first half October RCF tender. Through the latest tender, MMTC intends to book cargoes for shipment through to 6 January 2021. 13 participants submitted offers totalling 2.434m. tonnes in the inquiry, well below the volume…
India’s state purchasing agency MMTC has today announced the widely anticipated urea tender for shipment by 6 January 2021. The tender closes on 1 December. Demand for urea has been especially high this year in India, with a reverse migration of labour owing to the Covid-19 pandemic, together with a good monsoon, resulting in a…
The urea market was active again this week, with granular and prilled values making strong gains in the east and west as participants await a new tender announcement from India. While it remains unclear when the announcement from state purchasing agency MMTC will be made, traders continued to take positions in advance of this. Notably,…
Liquidity returned to the global urea market this week with producers in North Africa and SE Asia, and to a lesser extent the Middle East, committing significant volumes. Many producers in Egypt are now heavily committed for December. Demand has been driven by India’s anticipated return to the market. The world’s largest importer of urea…
Urea imports to Brazil this year are set to surpass volumes imported in 2019, with better demand this year to grow owing to good farm economics in the country and shutdowns of local production. Latest customs statistics show that the Latin American country has imported 2.66m. tonnes between July and October this year, up from…
In February, Profercy reported: “Acron is understood to have begun switching production from UAN to AN and urea primarily due to the poor returns from shipments to the US, as well as other markets. January UAN production is believed to have been below 100,000t, down from an average of 140,000t/month, with February production of UAN…
Having been offered over 3.6m. tonnes of urea in RCF’s purchasing inquiry two weeks ago, India’s Department of Fertilizers has given clearance today for a record purchase of 2.184m tonnes. State purchasing agency RCF has since issued LOIs to suppliers for the business. To date, the world’s largest importer of urea has never purchased over…