PWNI falls further as India heavily influences most fob values

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…

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Chinese urea exports pick up during Q3: Competitive offers into India still shaping international urea values

The latest customs data from China has revealed that urea shipments are now starting to grow. Although the export controls that were introduced by the government in mid-October 2021 had previously reduced export business to negligible levels, the data has shown that urea exports during the third quarter are now at the highest levels seen…

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Global ammonia prices under downward pressure as surplus spot cargoes dent producers’ price targets

The international ammonia market is far longer than in previous weeks as overcapacity in the Americas, Middle East and Southeast Asia emerges fast and generates negative price pressure in key import regions. Many participants remain reluctant to divulge prices or price targets, but bearish sentiment is clearly the dominant position given the amount of spot…

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IPL India set to book 1.5m. tonnes following latest urea purchasing inquiry

India’s IPL has booked significant urea volumes following the conclusion of this week’s tender. The state agency has now started issuing LOIs for around 1.5m. tonnes of urea for shipment to 5 December, removing considerable availability from the market. Notably, the volume secured is higher than the total volumes booked during the previous two tenders…

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Slump in Northeast Asia’s ammonia imports accelerates to nearly 55% y-o-y amid industrial turmoil

While the European energy crisis has dominated news and business headlines in recent months and underlined the importance of the continent’s many ammonia producers to global fertilizer markets, trouble has also been brewing in northeast Asia, albeit without the same amount of press coverage. Through an unfortunate combination of devaluating regional currencies against the US…

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Potential resumption of Russian ammonia exports sends shockwave through global market

In a relatively quiet week for the international ammonia market, the headline news was the United Nations’ (UN) surprise bid to broker a deal for a potential restart of Russian exports from Yuzhnyy. The announcement raised plenty of eyebrows among market players, with some worried the arrival of 170,000t per month of material could create…

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PWNI continues to advance as nitrogen values firm on escalating supply concerns in Europe

The Profercy World Nitrogen Index (PWNI) has rapidly ascended this week, climbing to over 300 points, as nitrogen values continue to firm amid increasing concerns over future fertilizer production in Europe. With Dutch TTF gas prices trading around €200/MWh over the past week, European fertilizer producers continue to weigh up the profitability of running operations.…

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USA: UAN imports from Russia and Trinidad given green light – ITC concludes shipments do not injure US industry

The US International Trade Commission (ITC) has today made a final negative determination in its investigation concerning UAN solutions from Russia and Trinidad and Tobago.  Ultimately, the decision confirms that product from both major offshore suppliers will not be subject to anti-dumping or countervailing duties. The ITC and Department of Commerce (DOC) have been running…

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