The Profercy Nitrogen Index has made its single biggest weekly gain since the first week of September. The start of 2024 appears reminiscent of early 2021 when the year started with a rally ahead of the Spring application period in many western markets. This is in stark contrast to the last two years (2022-2023) when…
DetailsAfter a challenging Q4, Egyptian producers have capitalised on a wave of short covering and demand for shipments to nearby markets. Over 100,000t of granular urea has been placed in 48 hours with prices rallying more than $30pt. At the start of the week, the market was on standby, awaiting news from India regarding the…
DetailsNational Fertilizers Limited (NFL) closed a tender 4 January for shipments to 29 February. Business elsewhere has largely been on hold ahead of the conclusion of the tender. Indeed, both price levels and the eventual volume booked will shape market discussions around January into February shipments. This comes as peak-season import demand is due to…
DetailsIndia has offered a silver lining to producers in what has otherwise been a cloudy week. National Fertilizers Limited today announced the widely trailed tender for shipments to 29 February. The inquiry will close on 4 January. Indeed, with Latin American demand disappointing and offseason import inquiry light in both the USA and Europe, as…
DetailsPT Petrokimia Gresik (Pupuk) held a tender for a combined 75,000t of capro amsul in three equal lots for early January onwards shipment earlier today against a backdrop of falling values in the region. The tender was inevitably going to be a major test for Chinese and SE Asian capro amsul markets with substantial implications…
DetailsUrea export availability from China has played a major role in shaping global market movements in the second half of this year. Indeed, inspection controls have waxed and waned in tandem with domestic market movements. Most notably, in August and September domestic and international traders faced more onerous CIQ inspections in the wake of 1.1m.…
DetailsSoftening demand and stronger supply have combined to create downward price pressure in the international ammonia market for late 2023/early 2024 business, with a November spot sale in Algeria agreed at a $20-25pt discount to last business. The market is far better balanced than previous months on plant restarts and with no sign of major…
DetailsProfercy’s Tom McIvor dives into the shifting supply dynamics of the global phosphate market in 2023. Entering September, it’s now possible to make a stronger assessment of expected DAP/MAP demand/supply for the full year 2023 based on reported sales, latest trade data and likely activity in Q4. Here I focus on how market share amongst…
DetailsIPL made light work of securing a multi-year record volume through the latest import tender, almost exclusively owing to China’s return to the international stage. As much as 1.1m. tonnes of urea has been committed to India from China for shipment by 26 September, signaling the most significant export business since September 2021, when over…
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