The Profercy World Nitrogen Index increased this week as the urea market sidestepped the Indian tender results in favour of bullish upstream and downstream factors, as well as logistical considerations. The latest purchasing tender by India’s MMTC resulted in just 550,000t booked. This would have ordinarily been considered a very bearish outcome. Indeed, the last…
DetailsSince the start of this year, US Gulf granular amsul values have rallied around $100ps ton and currently stand at a high $270ps ton fob Nola ($292pt cfr metric). Over that period the price has not once reversed any of the previous gains with current prices some $90ps ton above those in Q2 2020. While…
DetailsFollowing last week’s gains, the Profercy World Nitrogen Index has declined by over 3 points this week. The international market was understandably focused on the outcome of the latest Indian purchasing tender. India’s state purchasing agency MMTC closed the tender on 4 May for shipment by 21 June. The lowest offers for both the west…
DetailsFirst quarter 2021 financial results released by both Nutrien and CF Industries this week have shown significant increases in their net earnings and EBITDA compared to the same period of last year. While sales volumes have declined at both producers compared to previously owing to lower production levels, the higher sales pricing for fertilizer products…
DetailsAfter five weeks of declines, global urea values have shown signs of stability of this week. However, fob levels are set to be tested next week with MMTC India holding a major purchasing tender for shipments into second half June. Profercy’s earlier coverage can be found here. Globally, business has been relatively slow. Chinese product…
DetailsMMTC announced the second Indian urea purchasing tender of the current campaign this week. The tender will close on 4 May and the shipment window will be almost seven weeks long, a comparatively lengthy amount of time. The previous RCF tender shipment window was only around five weeks. The long shipment window has been widely…
DetailsThe Profercy World Nitrogen Index has fallen lower this week, although the losses have not been as vast as in recent weeks, with urea values mixed across the different regions. Values in the east have held, while latest North African business saw lower fob prices in the west. Market participants continue to await an announcement…
DetailsYara’s revenue and other income during the first quarter of this year saw significant increases, climbing to $3.14bn versus $2.85bn in Q1 2020, the company announced in its Q1 2021 results today. The producer’s net income was at $14m. during the first quarter of this year, versus a net loss of $119m. during the same…
DetailsThe Profercy World Nitrogen Index has made the biggest loss of the year this week, tumbling by over 7 points as urea values continue to deteriorate across the global market. With no confirmation regarding when the next Indian tender will take place and for what volume, and with peak seasonal demand from the west over,…
DetailsThe Profercy World Nitrogen Index has declined for the third week in a row as urea prices continue to soften in most major regions this week. Having made rapid gains since the beginning of the year and in the run up to spring application in western markets, the Index has now fallen by over 10…
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