Profercy World Nitrogen Index
Profercy's Nitrogen Index utilizes key global nitrogen fertilizer prices to derive a value for nitrogen as a crop nutrient. The Index provides a useful and straightforward tool to gauge the overall health of the World market for nitrogen fertilizers.
For the latest detailed market analysis on global urea, ammonia, nitrates and ammonium sulphate, you can sign up for a no-obligation trial of the Profercy Nitrogen Service.
Week 31 – China signals desire to export large volumes of urea ahead of 11 August Indian inquiry
With China signalling a desire to place large volumes of urea offshore via the 11 August Indian purchasing tender, urea values have lost ground. Further, ongoing talks between Oman and Iran regarding the Strait of Hormuz have discouraged buyers in most markets from securing additional length.
Import values in almost all major markets have declined in the past week with quotes in Brazil down by $35pt by more, while the offseason US Gulf market declined by $24ps ton. Producers with August shipments in hand have struggled to find liquidity. Sales tenders in SE Asia have seen little interest from regular buyers while interest North African granular urea has evaporated.
Many are looking to India for price direction next week. However, attention will quickly turn to Brazil. Latin America's largest import market is well behind on imports relative to previous years and typically secures around 35% of second half urea imports from the Middle East.
The Nitrogen Index stands at 214.24 and has lost a sizeable 10.31 points.
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