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…
State purchasing agency RCF opened price bids this morning following the 9 October tender for urea for shipment by 16 November. As reported previously, offers were received for a record 3.6m. tonnes of urea with one trader alone offering over 1m. tonnes. Lowest offers in the latest tender were received at $279.25pt cfr east coast…
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…