The Profercy World Nitrogen Index gained by 55.50 points week on week to 422.50 points. This is the single sharpest weekly gain on record surpassing a record only recently set, early October, when high gas prices led to production cutbacks in Europe. This time the stakes appear higher. Gas prices in Europe are around 50%…
DetailsGlobal 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…
DetailsUrea 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…
DetailsFollowing 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…
DetailsThe 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…
DetailsThe Russian government announced a temporary ban on the export of ammonium nitrate last week. The formal ban is understood to have been announced on 31 January with documentation, seen by Profercy, signed by the Russian Prime Minister Mikhail Mishustin and circulated to producers. The ban came into effect on 2 February and will last…
DetailsThe 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…
DetailsThe 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…
DetailsThe 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…
DetailsThe 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…
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