The 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…
Bullish 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…
The Profercy World Nitrogen Index (PWNI) has hit a fresh all time high this week, climbing above 455 points as the lack of Russian supply continues to be felt across the global urea market. The impact of self-sanctioning by many traders and importers in the west has resulted in very minimal business from the Baltic…
Global urea values have soared this week as market participants react to the war in Ukraine. While recent sanctions on Russia have not directly impacted the fertilizer sector, this unprecedented situation has sparked a renewed demand amongst buyers due to significant concern around supply disruptions from Russia. Many are now willing to accept the higher…
Urea fob values rapidly advanced in some regions this week, with concerns growing amongst market participants over supply disruptions from Russia in the event of further sanctions being placed on the country. Russian urea exports last year were at 7m. tonnes, representing just under 14% of global trade, significant enough to spark a reaction in…
Following its purchasing inquiry last week, India’s IPL issued LOIs and went on to secure just under 1.4m. tonnes of urea for February and March shipment. Despite China still being out of the export market, India nonetheless managed to secure major volumes in line with its pre-tender target as suppliers. However, even with India absorbing…
The global urea market was focused on the outcome of India’s latest purchasing inquiry, which closed on 7 February, for much of the week. Having endured a number of weeks of limited demand from other markets, many urea producers in both the east and west had chosen to hold on to volumes in the hope…
The Russian government announced a temporary ban on the export of ammonium nitrate last week. The formal ban is understood to have been announced on 31 January with documentation, seen by Profercy, signed by the Russian Prime Minister Mikhail Mishustin and circulated to producers. The ban came into effect on 2 February and will last…
The global urea market commenced this week in the very much the same fashion as has been seen since the beginning of the new year. With sentiment weak, there was minimal interest shown from buyers to purchase new volumes, and many have opted to wait on the side lines. Meanwhile, producers in North Africa and…
The Profercy World Nitrogen Index has continued its sharp descent this week, shedding 16.25 points to 387.16. The Index has now lost around 56 points since the beginning of the year. With urea values declining rapidly, buyers have stayed out of the market, cautious not to book product until absolutely required or until there is…