The global urea market remains in limbo in the aftermath of the latest Indian tender. Despite India buying a total of 1.8m. tonnes in its most recent purchasing inquiry, the largest volumes secured since November 2019, the market has not firmed and urea prices are stable to soft across most regions. A major factor has…
DetailsChinese caprolactam grade ammonium sulphate prices have now been on an uninterrupted price rally since mid-June, gaining from the mid to high-$80s pt fob to $110pt fob (paid) this week. Over that time, prices have gained nearly every week. The rally is unprecedented for amsul which tends to flatline for significant periods of time, making…
DetailsThe latest tender by state purchasing agency MMTC has resulted in over 1.7m. tonnes of urea being booked, the largest volumes secured by India in a tender since November 2019, when just over 1.75m tonnes was purchased. This is the first time during this campaign that over 1m. tonnes has been booked. With urea prices…
DetailsEuropean nitrate producers look to emerge from the summer harvest period with a buoyant global nitrogen complex led by the recent rallies in urea prices. Indeed, despite August being the slowest month of the year in terms of activity for European nitrates, producers have moved to increase prices. This week Yara announced a new price…
DetailsThe catastrophic explosion of just under 3,000t of ammonium nitrate that had been abandoned in a Beirut port warehouse 6-7 years ago has caused worry among AN producers that tighter regulations, or even bans on the product, could follow. Indeed, at a time when urea values are surging, AN prices have been static over the…
DetailsThe Profercy World Nitrogen Index continues to surge ahead, last week increasing by 6.03 points to 117.45, registering gains that were last seen in August 2018. The increase is primarily down to advancing urea values in the east and west. With India securing just short of 700,000t of urea through the 30 July tender, and…
DetailsIt has been a tumultuous week in the global urea market. Sentiment early in the week was rocked by international relations with new public procurement rules in India potentially blocking Chinese urea in the latest MMTC purchasing tender. As a consequence, derivatives markets were volatile with September Brazilian contracts trading up to $270pt cfr on…
DetailsThe Profercy World Nitrogen Index has increased by 2.59 points to 106.63 this week, buoyed by strong price gains in the urea market. India forced to return to the market for August shipments With India massively short of urea, another tender was announced by state purchasing agency MMTC just five days after closing its previous…
DetailsState purchasing agency MMTC closed a purchasing tender today for urea, receiving lowest offers marginally above the earlier RCF inquiry. While over 2m. tonnes were offered, the lowest offers on the east coast are likely to present challenges for the state agency in securing more than the 630-750,000t booked via recent tenders. The lowest offers…
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