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.
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| Market Status: Stable to firm | Week 28 – Nitrogen market sees values increase as Indian demand results in global urea price rally
The PWNIndex has seen an increase of 12.02 points this week to 211.1. This was largely inspired by Indian demand, which spurred a global fob price rally. RCF’s eagerly anticipated tender took place with awards totalling 1.3m. tonnes ahead of an updated confirmation deadline set for 15 July. The worldwide knock-on effect meant prices rose across many markets. Values in North Africa increased as the week progressed, following Egypt’s return to the market, with sales up to $507pt fob. Nigerian values also increased by at least $25pt with several cargoes committed to India, while significant sales were also concluded at improved levels from the Baltic, Middle East and SE Asia. Cfr business has been quieter elsewhere, particularly in Brazil, where importers are cautious given affordability concerns. The index is the highest it has been since the start of 2023. It stands 54.4 points higher than this time last year. The year-to-date average is 30.62 points higher than the same period in 2024, with this year currently standing at 182.86 versus 152.24. |
The Index is updated each week. An overview of the methodology can be found here.