Yara swung to a net income of $3 million in the second quarter of this year from a net loss of $298 million in April-June 2023, with the Scandinavian group unveiling plans for a cost and capex reduction program worth $300 million to strengthen financial performance. Over the next 18 months, Yara will aim to…
Supply uncertainty remains front of mind in the urea market with production once again constrained in Egypt by feedstock issues while China has shown little interest in engaging with the international market. Yet, with values having already advanced considerably since mid-May, business has been slow in the past week. Importantly though, most producers are now…
Over the last week, amsul prices have increased by as much as $15-20pt in some regions. While such increases have on occasion taken place in recent years, they are nonetheless quite rare with amsul tending to move no more than $2-5pt at a time on average. The increases bring values to levels not seen since…
The international ammonia market remains bearish in the West and relatively bullish in the East in a week in which the headline news was the slide in the Tampa contract to $400pt cfr for June loadings. The $50pt drop in the settlement took some players by surprise as the imminent natgas cuts and subsequent plant…
Dutch fertilizer major OCI Global has confirmed the first low-carbon material from its showcase Texas Blue Clean Ammonia project will emerge in early 2025 and that the facility it well-positioned for the arrival of Europe’s Carbon Border Adjustment Mechanism (CBAM). Due onstream in the first six months of next year, the Beaumont-based facility is at…
Global urea prices have been moving lower since they peaked in the second half of February. Middle East granular urea spot values were assessed by Profercy around $385pt fob just two months ago. Basis offer levels last week for May shipments, latest values are below $285pt fob. Recent sales tenders in the east include those…
Confusion over the pricing situation East of Suez has been the overwhelming topic of conversation in the merchant ammonia market over the past week, with a series of high-priced sales into China and Taiwan taking many by surprise, as did a discounted deal into India. The three sales by traders into Taiwan and China at…
Profercy’s World Nitrogen Index (PWNI) declined for the seventh consecutive week in a row, down 8.88 points week on week to 136.05 points. This is the single biggest week on week decline so far this year. Since early March, the Index has declined by a combined 31.56 points. With April through May shipments available in…
In stark contrast to Q4 2023, global urea markets have been buoyant over the past month. Key global benchmarks in both the east and west have rallied by more than 20%, matching levels last seen in early-November 2023. A supply squeeze in the east, compounded by early demand in Oceania, as well as a round…
The global merchant ammonia market is longer than it has been for many months and while this week’s sharp fall in the Tampa contract was widely expected, the size of the discount slightly underwhelmed some leading players. Many had expected a three-digit drop from January’s $525pt cfr rather than the $80pt slide to $445pt cfr…