It has been a tumultuous week in the global urea market. Sentiment early in the week was rocked by international relations with new public procurement rules in India potentially blocking Chinese urea in the latest MMTC purchasing tender. As a consequence, derivatives markets were volatile with September Brazilian contracts trading up to $270pt cfr on…
The Profercy World Nitrogen Index has increased by 2.59 points to 106.63 this week, buoyed by strong price gains in the urea market. India forced to return to the market for August shipments With India massively short of urea, another tender was announced by state purchasing agency MMTC just five days after closing its previous…
State purchasing agency MMTC closed a purchasing tender today for urea, receiving lowest offers marginally above the earlier RCF inquiry. While over 2m. tonnes were offered, the lowest offers on the east coast are likely to present challenges for the state agency in securing more than the 630-750,000t booked via recent tenders. The lowest offers…
India has once again returned to the international market with MMTC due to close a tender 17 July for urea for shipment by 20 August. This will be the fourth import tender of the current campaign, which began in April, and has been announced only a matter of weeks after the conclusion of the earlier…
Analysts continue to promote the view that fertilizer demand is being hit hard by the Global economic slowdown. This does not appear to be the case for urea, the most widely used nitrogen fertilizer. India, the second largest market worldwide has seen spectacular sales growth this year, a 66% increase in Q2 2020 to 6.5m.…
After two months of uninterrupted and sharp price declines which brought international ammonium nitrate prices down to historic lows, the market rebounded in early June with prices up around $20pt over the last few weeks. The reversal was so stark that almost overnight it was now producers that were looking to delay the pricing of…
Offers in the latest RCF Indian import tender, announced earlier today, fell short of producer price ideas prior to the tender and are set to test Chinese fob values. Formal offers were revealed today with the lowest offers for both coasts in the high $230s pt cfr, in line with earlier market reports. Samsung submitted…
Urea prices across a number of western and eastern markets have staged a recovery in recent weeks, buoyed by the emergence of demand from Latin America for granular, and African markets for prilled urea. Granular and prilled urea prices have been on a downwards momentum since March, with a lack of buying demand globally contributing…
Export values for FSU ammonium nitrate have fallen significantly in recent weeks with Baltic values no better than $160pt fob. The domestic spring season, October through April, is now a distant memory for Russian producers. During this period, strong local markets minimised export volumes, allowing most small and medium producers (with up to one cargo…