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,…
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…
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…
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 Profercy World Nitrogen Index continues to surge ahead, last week increasing by 6.03 points to 117.45, registering gains that were last seen in August 2018. The increase is primarily down to advancing urea values in the east and west. With India securing just short of 700,000t of urea through the 30 July tender, and…
It has been a tumultuous week in the global urea market. Sentiment early in the week was rocked by international relations with new public procurement rules in India potentially blocking Chinese urea in the latest MMTC purchasing tender. As a consequence, derivatives markets were volatile with September Brazilian contracts trading up to $270pt cfr on…
The Profercy World Nitrogen Index has increased by 2.59 points to 106.63 this week, buoyed by strong price gains in the urea market. India forced to return to the market for August shipments With India massively short of urea, another tender was announced by state purchasing agency MMTC just five days after closing its previous…