Brazilian MAP prices holding despite surge in P2O5 stocks
The Nitrogen Index and the brief comments below draw on the prices and analysis published through the Profercy Nitrogen Service. For detailed assessment and full price information on global nitrogen markets, please register your interest in a free trial of the service.
Profercy’s Nitrogen Index gained a further 2.57 points this week, evidencing a bullish trend that began at the end of July. Urea prices have supported the massive increase in the Index since July, aided by tight ammonia markets. Further gains this week have also been a consequence of this firmness spilling over to other nitrogen products, primarily ammonium nitrate, UAN and ammonium sulphate.
With supply issues still prevalent in the global urea market, fob prices have held or increased in key export origins. The most notable gains this week were in the Middle East. Both the low and high-end of Profercy’s price quote for Middle East granular urea increased by $8-10pt fob. The high-end has risen due to traders moving to lock in prices and secure September product from the Arab Gulf.
The relationship between urea and other nitrogen products is well documented and it is of note that nitrate markets have lagged urea over the last month. With ammonia markets also firm, Black Sea ammonium nitrate and ammonium sulphate prices have now seen notable gains. The low end of our range for Black Sea AN increased by $15pt this week. For readers in Europe, the strength of global urea markets has also provided major nitrate producers with support for increases in both CAN and AN list prices in the EU.
Profercy’s World Nitrogen Index
The final week of August sees the Nitrogen Index finish on 175.64 having gained a massive 9.5 points over the month. This is the biggest increase in the PWNI over a single month since January 2014, when the Nitrogen Index gained nearly 20 points.
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PWNI increases 2.57 to 175.64
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PWNI increases 2.57 to 175.64
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Profercy World Nitrogen Index: Methodology
The Profercy World Nitrogen Index is published every week and is based on price ranges provided by the Profercy Nitrogen Service. This includes prilled and granular urea, UAN, AN, ammonium sulphate and ammonia. A full methodology can be found here.
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