CF Industries net earnings climbed to $397m during 1H 2021, up from $258m during the same period last year. The producer generated $1bn in adjusted EBITDA, a 25% increase compared to the first half of 2020 when its adjusted EDITDA stood at $808m. Net sales were at $2.64bn during 1H 2021, up from $2.18bn year-on-year.…
The Profercy World Nitrogen Index has declined for the third consecutive week. Buyers have noticeably taken a step back from the market and reduced bids speculatively, particularly in Brazil. In fob regions that rely on western business, traders have been unwilling to accept producer offer levels or take on positions. In some regions such as…
China’s return to the international urea market this week ended the bull run that began end-April. The sale of around 650,000t of urea from China aided India in securing 1.2m. tonnes of product in the latest purchasing tender, the largest single purchase since December 2020. Netbacks in the tender for suppliers were healthy, around $485pt…
With economies around the globe starting to stage a recovery and high grain prices seen during the first half of this year, there has been buoyant demand for urea and other products in the nitrogen complex. This has led to a rapid ascent in the Profercy World Nitrogen Index (PWNI), the index which utilises key…
CF Industries has filed petitions with the US Department of Commerce and the US International Trade Commission (ITC) requesting the initiation of antidumping and countervailing duty investigations on imports of UAN from Russian and Trinidad and Tobago. The ITC has now officially listed an active import injury investigation on its website (Inv. No. 701-TA-668-669 and…
The Profercy World Nitrogen Index has increased by 2.81 points this week to 213.46. Gains have not been as steep as in recent weeks, however, with the urea market waiting for the outcome of the latest Indian purchasing inquiry for much of the week. Importers, particularly those in the west, have been on the side-lines,…
After a sustained bull-run, the urea market cooled this week with softer international and Chinese derivatives values, alongside a drop in grain prices, leading to some unease. However, with urea producers worldwide sold well into July, India returning to the market and rumours circulating regarding an export tax being introduced in China, there were no…
Despite some nervousness in the urea market, the PWNI made more strong gains and increased by nearly 10 points week on week. The increases in urea values were not uniform as in recent weeks. However, regions that had increased at a slower rate to others (e.g. Baltic) saw the sharpest gains this week. Baltic prilled…
The Profercy World Nitrogen Index has hit a high last seen in March 2014 as global urea values no signs of slowing their upward trajectory. Urea values continue to rapidly escalate. With traders now willing to book long positions further into July and August, producers in the east and west have managed to achieve higher…
The Profercy World Nitrogen Index has continued its rapid ascent, this week climbing by over 8 points, the largest weekly increase seen since early February, and nearing highs last seen in March this year. All products across the nitrogen-complex remain firm. Urea values in particular are racing ahead of other nitrogen products and showing no…