First published 08.01 GMT, 24 June 2016, by Tom Jago. Today’s Brexit referendum victory has had big knock-on forex impacts overnight for key players in the global phosphates market. It should also free the UK of the EU’s selective import duty structure on imports according to origin (more below). – India: Brexit has hit Indian…
DetailsAfter a difficult January for nitrogen producers, global urea markets are currently on a firmer footing. Significantly, urea values in the US Gulf ran-up quickly in the last 10 days, moving up $20-30ps ton to over $245ps ton for March barges. A number of factors have supported the run-up, including the fact that the US…
DetailsNegative start to 2016; nitrogen prices under pressure Plentiful global supply and low energy environment undermines potential for a sustained run-up in prices It has been clear for some time that 2016 would be a difficult year for urea markets. Q1 has traditionally provided the best opportunities for producers to manage a run-up in global prices. However,…
Details2015 has played out as expected for urea prices. The market has been characterised by over-supply and depressed demand. Of the major urea markets, only India and Mexico have seen a sizeable increase in volumes of imported urea (basis latest data). Imports have lagged 2014 volumes in other major markets, and in the case of…
DetailsThe below entry draws heavily on Profercy’s latest Nitrogen Market Forecast. To obtain a copy, you can register for a free trial of Profercy’s Nitrogen Service here. It has been another challenging year for urea. As evidenced by the graph below, average nitrogen values prices have fallen for three years. Indeed, the Nitrogen Index, heavily…
DetailsIn recent weeks, global nitrogen values have broadly trended sideways and urea markets in particular have lacked clear direction. This trend followed a tough July in which global urea values dipped sharply – prilled urea hit a low of $263pt fob Yuzhnyy, before staging a modest recovery. Indeed, Yuzhnyy prills are currently valued some $15pt…
DetailsCF Industries Holdings Inc. and CHS Inc. announced on 12 August that they have agreed to enter into a strategic venture worth $2.8 billion. The deal will see North American Cooperative CHS make an equity investment in a wholly owned CF subsidiary and also enter into a supply agreement for up to 1.1m. tons of…
DetailsStatements today from US President Barack Obama and Iranian President Hassan Rouhani confirm that a deal has been reached between Iran and the P5 + 1 nations that paves the way for the removal of major trade sanctions restricting Iranian exports. With regard to nitrogen fertilizers, Iranian ammonia and urea exports have been increasingly restricted in…
DetailsFrom the 9th July 2015 Profercy Nitrogen Weekly Report: “As expected, there have been no real positives for urea suppliers over the past week. Prices continue to chart a downward path in the absence of major buying interest from any of the key markets worldwide.” It has been a tough few weeks for global urea…
DetailsIt has been an important week for global urea markets. Last Friday’s STC tender for urea for shipment to India led to 850,000t being booked at $315-319pt cfr. As noted in this week’s Profercy Nitrogen Report, published 25 June, “the absence of a Chinese supply glut afforded real benefits for other suppliers in the latest…
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