The Profercy World Nitrogen Index (PWNI) has hit a fresh all time high this week, climbing above 455 points as the lack of Russian supply continues to be felt across the global urea market. The impact of self-sanctioning by many traders and importers in the west has resulted in very minimal business from the Baltic…
Global urea values have soared this week as market participants react to the war in Ukraine. While recent sanctions on Russia have not directly impacted the fertilizer sector, this unprecedented situation has sparked a renewed demand amongst buyers due to significant concern around supply disruptions from Russia. Many are now willing to accept the higher…
Urea fob values rapidly advanced in some regions this week, with concerns growing amongst market participants over supply disruptions from Russia in the event of further sanctions being placed on the country. Russian urea exports last year were at 7m. tonnes, representing just under 14% of global trade, significant enough to spark a reaction in…
Following its purchasing inquiry last week, India’s IPL issued LOIs and went on to secure just under 1.4m. tonnes of urea for February and March shipment. Despite China still being out of the export market, India nonetheless managed to secure major volumes in line with its pre-tender target as suppliers. However, even with India absorbing…
The global urea market was focused on the outcome of India’s latest purchasing inquiry, which closed on 7 February, for much of the week. Having endured a number of weeks of limited demand from other markets, many urea producers in both the east and west had chosen to hold on to volumes in the hope…
The global urea market commenced this week in the very much the same fashion as has been seen since the beginning of the new year. With sentiment weak, there was minimal interest shown from buyers to purchase new volumes, and many have opted to wait on the side lines. Meanwhile, producers in North Africa and…
The Profercy World Nitrogen Index has continued its sharp descent this week, shedding 16.25 points to 387.16. The Index has now lost around 56 points since the beginning of the year. With urea values declining rapidly, buyers have stayed out of the market, cautious not to book product until absolutely required or until there is…
The Profercy World Nitrogen Index (PWNI) has declined by a significant amount for the second consecutive week. With both fob and cfr urea values sinking lower again, the Index has dropped 18.20 points to 403.41 this week. The Index has fallen by nearly 40 points over the past two weeks. Demand has yet to emerge…
The global urea market has entered 2022 on a significantly softer footing, with sentiment switching in the aftermath of India’s latest purchasing inquiry. The IPL tender saw purchases capped, with close to 1.2m. tonnes booked by India for January shipment. This was far lower than many in the market had expected. Indeed, with the world’s…
The Profercy World Nitrogen Index has this week fallen by 1.23 points to 448.34, the first decline made by the Index in nearly four months. The global urea market has been faced with dwindling supplies since early September. Cutbacks to domestic production earlier this year in the US were further amplified following the aftermath of…