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…
CF Industries has signed a definitive purchase agreement with Incitec Pivot Limited (IPL) for the Australian group’s Waggaman ammonia plant in Louisiana, which has a nameplate capacity of 800,000t per year (880,000 st/year). The US giant will purchase the complex and related assets for $1.675 billion, with the pair allocating approximately $425 million of the…
The international ammonia market is falling deeper into bear territory as Q1 draws to a close, with the first confirmed business into Turkey for early April arrival underlining the strong downward pressure that has sparked talk of fresh price corrections. Trafigura and Trammo both sold into the country in the low-$500s pt cfr, while a…
Despite a round of short covering of earlier urea sales in Egypt and amsul in China, the overall nitrogen dynamics continue to be weak. Indeed, the Profercy World Nitrogen Index declined by 9.15 points to 195.47 this week, the lowest levels seen since June 2021. A big part of the decline is due to the…
Global urea prices have been on a downward trajectory since September last year and are now closer to Q2 2021 levels. In contrast to much of 2022, producers have struggled to build order books so far this year. Nearly every major exporting region has ample availability of urea for February shipment. Producers in the Arab…
With demand for nitrogen products yet to show signs of picking up this year, values have once again tumbled and resulted in the Profercy World Nitrogen Index (PWNI) declining 9.44 points to 217.85 this week. In the urea market, many producers/suppliers continue to pin their hopes on liquidity improving following the anticipated Indian purchasing inquiry.…
Urea values in nearly every region declined in the absence of demand. In several regions, especially Europe, demand is expected to emerge soon as the season draws nearer. However, buyers are reluctant to step in having received lower offers with each day. Beyond Europe, the USA and India are markets closely being followed for any…
Market participants across most of the world returned this week following the festive break and were greeted by a combination of inactivity, lower European gas prices and no Indian urea purchasing tender in sight. Overall markets were largely inactive as is typically the case this time of year as some take an extended break following…