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 Profercy Nitrogen Index has made its single biggest weekly gain since the first week of September. The start of 2024 appears reminiscent of early 2021 when the year started with a rally ahead of the Spring application period in many western markets. This is in stark contrast to the last two years (2022-2023) when…
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,…
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…
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…
The conclusion of India’s recent purchasing inquiry resulted in 1.47m. tonnes of urea being booked for shipment by 22 December. The volume was higher than most expected to be booked prior to the tender. The greater volumes were likely triggered by the competitive price. Indeed, the tender solicited the second lowest offer levels since July…
The conclusion of the latest RCF India urea purchasing inquiry saw 874,000t booked by the state purchasing agency late last week, below its initial target of 1m. tonnes or more. As a result, many expect that India will need to return to the market again next month. Import demand for around 2.5m. tonnes or more…
The Profercy World Nitrogen Index (PWNI) has fallen further this week, as limited activity across the urea market continues to weigh on both cfr and fob values. A urea tender held by Pupuk Holdings in Indonesia this week saw granular urea volumes committed at $555-560pt fob, lower than what producers in the region had been…