A large fall in the Tampa contract for May loadings and spot sale into Morocco from the Middle East at a hefty discount to last business underlined the ammonia market’s increasingly bearish tone as prices finally started to correct. Prices have cooled amid softening demand from industrial users in several countries, delayed orders from the…
DetailsApril has been a challenging month for those holding urea. After a tumultuous March in which the market was reacting to the impact of war in Ukraine and subsequent sanctions on Russia, liquidity has since been light in the east and west. The slowdown in European and US import demand, as well as the absence…
DetailsThe latest purchasing inquiry by India’s IPL for 78,000t of urea for shipment by mid-May saw limited participation, with offers received at significantly lower levels from just four companies. The relatively short shipment window and small volume sought will have limited the number of participants in the tender. Indeed, the offers were lower than many…
DetailsWith India delaying its major purchasing inquiry this week, global urea values have once again eroded as buyers continue to show reluctance in committing to purchases ahead of the Indian tender. The Profercy World Nitrogen Index has made further significant declines this week as a result, falling by around 30 points. While the largest urea…
DetailsThe Profercy World Nitrogen Index (PWNI) has made its first significant decline in nearly two months, dropping by over 20 points this week, with the illiquidity currently seen in the urea market bringing with it lower cfr values. Market participants continue to wait for India’s IPL to announce a fresh purchasing inquiry for shipments into…
DetailsSeveral major European producers have cut nitrate prices or indicated to buyers a willingness to discuss sales well below earlier official list prices. The price reductions are primarily a correction in prices that were set at a time when gas prices were surging. At the time, producers were concerned about committing product at levels that…
DetailsThe Profercy World Nitrogen Index has made its first decline in six weeks, edging down by around four points as nitrates values underwent a correction this week, while urea values remained stable. A number of major European producers cut nitrates prices, or indicated to buyers a willingness to discuss sales well below earlier official list…
DetailsThis week has been noticeably more muted in terms of activity in comparison to the previous few weeks. However, market sentiment remains bullish with supply from Russia still disrupted. Indeed, it has been one month since conflict began in Ukraine and global trade flows are still adjusting. There remains major uncertainty over future supply from…
DetailsThe latest record high settlement of the Tampa contract brought down the curtain on another busy and bullish week for the global ammonia market. Yara and Mosaic settled the US benchmark at $1,625pt cfr for April’s loadings – having failed to agree a number in March – nearly triple the $545pt cfr settlement of April…
DetailsBullish sentiment persists in the global ammonia market as illustrated by a burst of spot sales at a premium to last business, with prices surging up to $400pt in some regions as buyers scramble for scarce surplus volume. The main driver is the loss of 300,000t per month of Russian material, with regular recipients of…
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