Over 3.6m. tonnes of urea were offered in India’s latest purchasing tender which closed today, volumes that are understood to have set a new record. Although significant double counting is likely, the volume offered remains considerably higher than what was offered in most recent inquiries. Since April, the average volume offered has been just below…
After more than a month’s wait, India’s return to the urea market was confirmed this week with state-purchasing agency RCF issuing a tender on 30 September. The inquiry will close on 9 October for shipments to load by 16 November, and is the first since the 26 August MMTC tender through which nearly 1.8m. tonnes…
Nutrien this week issued a press statement regarding its operations in Trinidad. ‘Nutrien has announced it is indefinitely curtailing one of its four ammonia plants in Trinidad in response to weak market conditions. This change will result in a 15% workforce reduction effective October 30, 2020. Two of the ammonia plants and the associated urea…
Turkish synthetic amsul producer, Eti Bakir, is reported to have sold a cargo to a trader for export to east coast Mexico in September. Indeed, a trader is in the freight market for a 24-30,000 DWT cargo from Samsun to 1-2 ports east Mexico for 20-30 September shipment. Sources in the region indicate that the…
The Profercy World Nitrogen Index remains stable this week, edging 0.19 points lower to 117.66. The index continues to find support from stable Black Sea prilled urea prices, owing to earlier sales to India. However, a lack of buying interest has resulted in producers in a number of other regions lowering their offers. In Egypt…
The global urea market remains in limbo in the aftermath of the latest Indian tender. Despite India buying a total of 1.8m. tonnes in its most recent purchasing inquiry, the largest volumes secured since November 2019, the market has not firmed and urea prices are stable to soft across most regions. A major factor has…
Chinese caprolactam grade ammonium sulphate prices have now been on an uninterrupted price rally since mid-June, gaining from the mid to high-$80s pt fob to $110pt fob (paid) this week. Over that time, prices have gained nearly every week. The rally is unprecedented for amsul which tends to flatline for significant periods of time, making…
The latest tender by state purchasing agency MMTC has resulted in over 1.7m. tonnes of urea being booked, the largest volumes secured by India in a tender since November 2019, when just over 1.75m tonnes was purchased. This is the first time during this campaign that over 1m. tonnes has been booked. With urea prices…
European nitrate producers look to emerge from the summer harvest period with a buoyant global nitrogen complex led by the recent rallies in urea prices. Indeed, despite August being the slowest month of the year in terms of activity for European nitrates, producers have moved to increase prices. This week Yara announced a new price…