Urea market bearish ahead of IFA Conference in Sydney; Nitrogen Index 3 points away from 2013 low
May 22nd, 2014 by Chris Yearsley / CEO, Head of Nitrogen
Ahead of this year's annual International Fertilizer Association conference in Sydney, the urea market remains bearish. With the Chinese low export tax window fast approaching, forward sales by traders have been concluded at ever lower numbers for July. A large volume of granular product has been sold into Turkey, while smaller volumes have been done in South East Asia.
As expected the Nitrogen Index, which is heavily influenced by urea, has fallen for the fourth consecutive week. The drop of over 4 points would have been greater were it not for prices in the US Gulf resisting further pressure this week.
Our latest Nitrogen Forecast, published earlier this week, painted a negative picture for urea prices in Q3. As delegates gather at this year's conference much of the conversation is likely to be dominated by possible floor prices for urea ex-China and the implications for other origins.
The bearish sentiment is not limited to urea, with FSU ammonia prices falling again this week. UAN prices have also fallen. The Index finished the week at 153.09, down 4.32 and only 3.33 points above the September 5 2013 low of 149.76. For a free trial of the Profercy Nitrogen Service, including a copy of our latest forecast, click here.
[tabs][tab title="Profercy Nitrogen Index - 2012 Onwards"]
The Profercy World Nitrogen Index is published every week and is based on price ranges provided by the Profercy Nitrogen Service. This includes prilled and granular urea, UAN, AN, ammonium sulphate and ammonia.
Profercy's Nitrogen Service includes daily news, weekly analysis and monthly forecast reports. For more detailed information on specific products and individual markets, please sign up for a free trial or for more information on the Profercy Nitrogen Service, please click here.
[/tab][tab title="Profercy Nitrogen Index - 2009 Onwards"]
The Profercy World Nitrogen Index is published every week and is based on price ranges provided by the Profercy Nitrogen Service. This includes prilled and granular urea, UAN, AN, ammonium sulphate and ammonia.
Profercy's Nitrogen Service includes daily news, weekly analysis and monthly forecast reports. For more detailed information on specific products and individual markets, please sign up for a free trial or for more information on the Profercy Nitrogen Service, please click here.
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Chris Yearsley
CEO, Head of Nitrogen
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