The Profercy World Nitrogen Index (PWNI) gained 7.90 points this week to 221.88 as urea values surged in the US Gulf following the September supply crunch. The PWNI is now at the highest point seen so far this year and at levels last reached in January 2013. In the US Gulf, with production outages and…
DetailsNola urea barge values have rallied this week and hit a 9 year high, with buyers scrambling for nearby barges in the aftermath of Hurricane Ida. With some producers scheduling maintenance turnarounds in May, and cutbacks seen to domestic production earlier in the year, supply of nearby barges was already considered limited in the region.…
DetailsThe widespread anticipation of an Indian urea purchasing tender announcement and a series of related and unrelated events has led to a sharp about turn in urea values. This week, the Profercy World Nitrogen Index reversed around half of the decline of the previous six weeks. The first sign of bullishness came in the paper…
DetailsThe derivatives market based on the Profercy/ICIS fertilizer index is now at a notable premium to the physical with Arab Gulf, Nola and Egypt contract values rallying late yesterday. The past 1-2 days of trading of fertilizer futures through the CME Group futures exchange has seen optimism return to the urea market. September Arab Gulf…
DetailsDespite relative inactivity, global nitrogen values have declined by the sharpest amount since the latest downturn began in mid/late July. The ongoing downturn is being exacerbated by the delayed Indian urea tender announcement. This has been widely attributed to the tendering agency in India needing to free up credit lines and resources before holding the…
DetailsChinese fob offer levels for both prilled and granular urea have declined significantly over the last few weeks. As the world’s largest producer of urea, China’s role as a swing supplier and primary determiner of global market direction remains intact. Indeed, the recent downturn in the urea market began as China’s domestic market slowed and…
DetailsThe Profercy World Nitrogen Index (PWNI) has been pressured lower, with escalating freight rates once again a matter of concern and impacting fob urea values in a number of regions this week. With uncertainty surrounding when India will announce its next tender and the Chinese domestic market in the offseason, export offers from the world’s…
DetailsThe Profercy World Nitrogen Index has declined again this week with urea buyers in most regions remaining absent from the market. However, granular urea prices in the US and Brazil did improve with demand emerging early in the week. Fob values in the FSU and North Africa continue to be pressured with western markets slow.…
DetailsDespite the downturn in the urea market which has seen Brazilian granular urea values decline by around $35pt over the last three weeks, standard amsul values remain robust. Over the same period, Chinese capro amsul values have gained by almost $20pt. Indeed, projections are for further price increases due to upcoming demand from SE Asia…
DetailsCF Industries net earnings climbed to $397m during 1H 2021, up from $258m during the same period last year. The producer generated $1bn in adjusted EBITDA, a 25% increase compared to the first half of 2020 when its adjusted EDITDA stood at $808m. Net sales were at $2.64bn during 1H 2021, up from $2.18bn year-on-year.…
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