Brazilian MAP prices holding despite surge in P2O5 stocks
- Urea prices fluctuate in narrow ranges; Black Sea prilled urea eases while US supports Middle East granular urea netbacks
- Unexpected constraints to urea supply continue to support current urea price levels
- India announces next urea purchasing tender – China seeks improved prices following previous sales in the high $240s to low $250 pt fob China
Profercy’s Nitrogen Index saw little change this week. Prices of urea, the most widely traded nitrogen product, have moved within narrow ranges in recent weeks, providing some stability to the Nitrogen Index following the run-up that began in June. Black Sea prilled urea prices have eased slightly, while our Middle East granular urea price range edged up on the back of improved returns in the US. Indeed, prompt barges in the US Gulf continue to achieve healthy price levels on the back of limited availability.
India has announced a further purchasing tender, hoping to secure higher volumes of product ahead for the Kharif season. Chinese producers were displeased with some producers and traders supplying urea at prices reflecting the high $240s to low $250s pt fob China. India is the biggest single market for Chinese prilled product, and as a consequence the industry has been quick to dismiss any suggestion that urea will be available at the same price levels for next week’s tender.
Profercy’s Nitrogen Index eased back by 0.57 this week, finishing on 159.42. For more information on any of the above observations or issues, please contact us and request a free trial of the Profercy Nitrogen Service by clicking here.
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PWNI eases back to 159.42
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PWNI eases back to 159.42
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Methodology
The Profercy World Nitrogen Index is published every week and is based on price ranges provided by the Profercy Nitrogen Service. This includes prilled and granular urea, UAN, AN, ammonium sulphate and ammonia. A full methodology can be found here.
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