PT Petrokimia Gresik (Pupuk) held a tender for a combined 75,000t of capro amsul in three equal lots for early January onwards shipment earlier today against a backdrop of falling values in the region. The tender was inevitably going to be a major test for Chinese and SE Asian capro amsul markets with substantial implications…
DetailsUrea export availability from China has played a major role in shaping global market movements in the second half of this year. Indeed, inspection controls have waxed and waned in tandem with domestic market movements. Most notably, in August and September domestic and international traders faced more onerous CIQ inspections in the wake of 1.1m.…
DetailsSoftening demand and stronger supply have combined to create downward price pressure in the international ammonia market for late 2023/early 2024 business, with a November spot sale in Algeria agreed at a $20-25pt discount to last business. The market is far better balanced than previous months on plant restarts and with no sign of major…
DetailsProfercy’s Tom McIvor dives into the shifting supply dynamics of the global phosphate market in 2023. Entering September, it’s now possible to make a stronger assessment of expected DAP/MAP demand/supply for the full year 2023 based on reported sales, latest trade data and likely activity in Q4. Here I focus on how market share amongst…
DetailsIPL made light work of securing a multi-year record volume through the latest import tender, almost exclusively owing to China’s return to the international stage. As much as 1.1m. tonnes of urea has been committed to India from China for shipment by 26 September, signaling the most significant export business since September 2021, when over…
DetailsUrea values stepped up another level in trading early this week, prolonging a rally that began mid-June and shows no signs of easing in the near-term. In latest business, Egyptian granular urea has traded at $450pt fob, up more than $165pt in a little over six weeks. Producer price ideas have now moved on with…
DetailsThe recovery of Profercy’s Nitrogen Index from the mid-June lows extended for a further week on the back of price gains in urea, ammonium sulphate and nitrate markets. The ongoing challenges in the global ammonia market, as reflected in the sharp drop in the Tampa contract price, were insufficient to hold back gains. The Index,…
DetailsYara plans to invest up to $2 billion in a second state-of-the-art blue ammonia plant as the Scandinavian group continues its push into low-carbon production capacity in the US and mulls permanent shutdowns of some European ammonia plants. Having recently set aside up to $1.45 billion for the full offtake of a 1.2-1.4m.t per…
DetailsPre-Indian tender negativity has given way to newfound producer optimism in the urea market. Business was finalised earlier this week in Rashtriya Chemicals and Fertilizers’ (RCF) import tender, with the Middle East and Russia covering almost all business. The tender saw just 560,000t lined up against a target of 800,000t for shipment by 17 July.…
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