The Profercy World Nitrogen Index has continued its rapid ascent, this week climbing by over 8 points, the largest weekly increase seen since early February, and nearing highs last seen in March this year. All products across the nitrogen-complex remain firm. Urea values in particular are racing ahead of other nitrogen products and showing no…
DetailsMajor European producers have begun issuing new season prices for ammonium nitrate and CAN in Europe, with first offers well above those in 2020. Both CF Industries in the UK, and Yara, who supply across western Europe, are price-leaders in their respective markets. Producers are confident given the strength of the global urea market, which…
DetailsLast week the Iranian President Hassan Rouhani stated that a broad outline to end oil, petrochemical and banking restrictions had been agreed with the USA and other nations. While the extent of progress in the negotiations is not completely clear, oil markets are already pricing in the prospect of sanctions against Iran easing. Sanctions on…
DetailsGlobal urea markets remain on a strong footing with both traders and distributors accepting higher fob and cfr offer levels. Prices in key regions spiked this week, mainly driven by end user demand and also following the announcement of a fresh Indian tender. Meanwhile, Chinese suppliers have maintained a firm price stance ahead of next…
DetailsThe Profercy World Nitrogen Index increased this week as the urea market sidestepped the Indian tender results in favour of bullish upstream and downstream factors, as well as logistical considerations. The latest purchasing tender by India’s MMTC resulted in just 550,000t booked. This would have ordinarily been considered a very bearish outcome. Indeed, the last…
DetailsSince the start of this year, US Gulf granular amsul values have rallied around $100ps ton and currently stand at a high $270ps ton fob Nola ($292pt cfr metric). Over that period the price has not once reversed any of the previous gains with current prices some $90ps ton above those in Q2 2020. While…
DetailsFollowing last week’s gains, the Profercy World Nitrogen Index has declined by over 3 points this week. The international market was understandably focused on the outcome of the latest Indian purchasing tender. India’s state purchasing agency MMTC closed the tender on 4 May for shipment by 21 June. The lowest offers for both the west…
DetailsFirst quarter 2021 financial results released by both Nutrien and CF Industries this week have shown significant increases in their net earnings and EBITDA compared to the same period of last year. While sales volumes have declined at both producers compared to previously owing to lower production levels, the higher sales pricing for fertilizer products…
DetailsAfter five weeks of declines, global urea values have shown signs of stability of this week. However, fob levels are set to be tested next week with MMTC India holding a major purchasing tender for shipments into second half June. Profercy’s earlier coverage can be found here. Globally, business has been relatively slow. Chinese product…
DetailsMMTC announced the second Indian urea purchasing tender of the current campaign this week. The tender will close on 4 May and the shipment window will be almost seven weeks long, a comparatively lengthy amount of time. The previous RCF tender shipment window was only around five weeks. The long shipment window has been widely…
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