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. To do so, please click here.
| Market Status: Stable | Week 12 – Nitrogen Index loses further ground, but US market steps up in wake of Indian urea tender announcement
The Nitrogen Index registered further significant declines this week with urea producers cutting offers to place early-April tonnes. Middle East spot prices slipped into the $350s pt fob briefly with Egyptian granular falling sub-$370pt fob. However, the emergence of fresh demand from India – with a new tender to take place for up to 1.5m. tonnes on 8 April – provided support to the market. Subsequent price gains in the in-season New Orleans barge market aided producers in Nigeria in placing product. A round of short covering in Egypt also saw at least 60,000t of granular urea placed with fob quotes edging higher by midweek. The long shipment window in the forthcoming Indian Potash Limited tender for urea will test the resolve of suppliers. Yet, the inquiry will offer an important outlet for April through early-June cargoes after a very challenging period and as peak western demand wanes. Ammonia values have also moved lower this week, as evidenced by the $25pt drop in the Tampa contract price. For a detailed overview of the latest developments in global nitrogen markets, as well as the latest regional market analysis and price assessments, you can receive a free trial of the Profercy Nitrogen Service. |
The Index is updated each week. An overview of the methodology can be found here.