The recovery of Profercy’s Nitrogen Index from the mid-June lows extended for a further week on the back of price gains in urea, ammonium sulphate and nitrate markets. The ongoing challenges in the global ammonia market, as reflected in the sharp drop in the Tampa contract price, were insufficient to hold back gains. The Index,…
Yara plans to invest up to $2 billion in a second state-of-the-art blue ammonia plant as the Scandinavian group continues its push into low-carbon production capacity in the US and mulls permanent shutdowns of some European ammonia plants. Having recently set aside up to $1.45 billion for the full offtake of a 1.2-1.4m.t per…
Pre-Indian tender negativity has given way to newfound producer optimism in the urea market. Business was finalised earlier this week in Rashtriya Chemicals and Fertilizers’ (RCF) import tender, with the Middle East and Russia covering almost all business. The tender saw just 560,000t lined up against a target of 800,000t for shipment by 17 July.…
European fertilizer market history will be made in around 10 days’ time when the first commercial shipment of blue ammonia ever marketed into the EU arrives at the Bulgarian port of Varna for Agropolychim. Produced and sold by Saudi major Ma’aden, the 25,000t cargo of low-carbon spot material will be discharged at the Black Sea…
Fertiglobe posted single-digit increases in first quarter own-produced ammonia and urea sales volumes to 236,000t and 1.13m. tonnes, respectively, although lower prices meant adjusted net profit fell sharply to $135 million from $361 million in the year-ago period. The world’s largest seaborne exporter of urea and ammonia combined attributed the weaker performance to softer European gas…
OCI Global and NuStar Energy have signed a deal that will allow the Dutch fertilizer group to transport ammonia on a new segment of NuStar Pipeline Operating Partnership’s ammonia pipeline system. Under the arrangement, NuStar will install a new 14-mile section of pipeline that will connect OCI’s Iowa Fertilizer Company (IFCo) facility with NuStar’s existing…
Ammonia demand remains sluggish both sides of the Suez heading into May, with the bearish tone illustrated by the latest slide in the Tampa contract. The $55pt month-on-month fall was not as severe as expected in some quarters and a subsequent spot sale for prompt delivery into Northwest Europe at a premium price was welcomed…
Yara has revealed the extent of its European production curtailments, with more than half (58%) of its ammonia capacity curtailed and almost a quarter (23%) of the Norwegian major’s finished fertilizer capacity offline at present. As of late April, the group had curtailed an annual capacity of 2.8m. tonnes of ammonia and 3.9m. tonnes of…
The first quarter of 2023 proved challenging for urea producers worldwide. Few have been able to build order books for more than 15-20 days at a time. Supply is no longer a global concern, despite China’s absence. Trade flows have adjusted to the sanctions environment affecting certain Russian material. In markets approaching peak season demand,…
In a hectic week and against the backdrop of a fresh fall in the Tampa contract, plenty of spot deals were concluded as lower prices tempted buyers back into the market after months of demand destruction. While the $155pt plunge in the US benchmark to $435pt cfr for April loading was broadly in line with…