April has been a challenging month for those holding urea. After a tumultuous March in which the market was reacting to the impact of war in Ukraine and subsequent sanctions on Russia, liquidity has since been light in the east and west. The slowdown in European and US import demand, as well as the absence…
The latest purchasing inquiry by India’s IPL for 78,000t of urea for shipment by mid-May saw limited participation, with offers received at significantly lower levels from just four companies. The relatively short shipment window and small volume sought will have limited the number of participants in the tender. Indeed, the offers were lower than many…
With India delaying its major purchasing inquiry this week, global urea values have once again eroded as buyers continue to show reluctance in committing to purchases ahead of the Indian tender. The Profercy World Nitrogen Index has made further significant declines this week as a result, falling by around 30 points. While the largest urea…
The Profercy World Nitrogen Index (PWNI) has made its first significant decline in nearly two months, dropping by over 20 points this week, with the illiquidity currently seen in the urea market bringing with it lower cfr values. Market participants continue to wait for India’s IPL to announce a fresh purchasing inquiry for shipments into…
Several major European producers have cut nitrate prices or indicated to buyers a willingness to discuss sales well below earlier official list prices. The price reductions are primarily a correction in prices that were set at a time when gas prices were surging. At the time, producers were concerned about committing product at levels that…
The Profercy World Nitrogen Index has made its first decline in six weeks, edging down by around four points as nitrates values underwent a correction this week, while urea values remained stable. A number of major European producers cut nitrates prices, or indicated to buyers a willingness to discuss sales well below earlier official list…
This week has been noticeably more muted in terms of activity in comparison to the previous few weeks. However, market sentiment remains bullish with supply from Russia still disrupted. Indeed, it has been one month since conflict began in Ukraine and global trade flows are still adjusting. There remains major uncertainty over future supply from…
The latest record high settlement of the Tampa contract brought down the curtain on another busy and bullish week for the global ammonia market. Yara and Mosaic settled the US benchmark at $1,625pt cfr for April’s loadings – having failed to agree a number in March – nearly triple the $545pt cfr settlement of April…
Bullish sentiment persists in the global ammonia market as illustrated by a burst of spot sales at a premium to last business, with prices surging up to $400pt in some regions as buyers scramble for scarce surplus volume. The main driver is the loss of 300,000t per month of Russian material, with regular recipients of…
The Profercy World Nitrogen Index (PWNI) has hit a fresh all time high this week, climbing above 455 points as the lack of Russian supply continues to be felt across the global urea market. The impact of self-sanctioning by many traders and importers in the west has resulted in very minimal business from the Baltic…