Despite a round of short covering of earlier urea sales in Egypt and amsul in China, the overall nitrogen dynamics continue to be weak. Indeed, the Profercy World Nitrogen Index declined by 9.15 points to 195.47 this week, the lowest levels seen since June 2021. A big part of the decline is due to the…
Global urea prices have been on a downward trajectory since September last year and are now closer to Q2 2021 levels. In contrast to much of 2022, producers have struggled to build order books so far this year. Nearly every major exporting region has ample availability of urea for February shipment. Producers in the Arab…
With demand for nitrogen products yet to show signs of picking up this year, values have once again tumbled and resulted in the Profercy World Nitrogen Index (PWNI) declining 9.44 points to 217.85 this week. In the urea market, many producers/suppliers continue to pin their hopes on liquidity improving following the anticipated Indian purchasing inquiry.…
Urea values in nearly every region declined in the absence of demand. In several regions, especially Europe, demand is expected to emerge soon as the season draws nearer. However, buyers are reluctant to step in having received lower offers with each day. Beyond Europe, the USA and India are markets closely being followed for any…
Market participants across most of the world returned this week following the festive break and were greeted by a combination of inactivity, lower European gas prices and no Indian urea purchasing tender in sight. Overall markets were largely inactive as is typically the case this time of year as some take an extended break following…
The international ammonia market has begun 2023 in an overwhelmingly bearish mood given the amount of material available and significant slump in European natgas costs. Participants have suggested European import prices could slide sharply in the coming weeks, as major producers reduce their reliance on imports and focus on ramping up output. The bearish tone…
Having restarted production at one ammonia line in early November, Achema will temporarily stop ammonia production on 19 December owing to rising gas prices. The producer will continue to produce ammonium nitrate and resin on both lines from stocks of ammonia. However, it is unclear how long this will continue. The 600,000t/year ammonia line had…
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…