Profercy World Nitrogen Index
Profercy's Nitrogen Index utilizes key global nitrogen fertilizer prices to derive a value for nitrogen as a crop nutrient. The Index provides a useful and straightforward tool to gauge the overall health of the World market for nitrogen fertilizers.
For the latest detailed market analysis on global urea, ammonia, nitrates and ammonium sulphate, you can sign up for a no-obligation trial of the Profercy Nitrogen Service.
Week 28 – Nitrogen values firm on European demand and supply concerns
Profercy's World Nitrogen Index found support this week with urea values advancing sharply in North Africa. A combination of geopolitical concerns, advancing gas and grain values, as well as state subsidies in Europe, spurred a round of purchasing that saw producers extend order books well into August. Spot prices in North Africa stepped by more than $50pt in less than seven days with over 140,000t of urea sold.
The move was not mirrored elsewhere, but quotes in Brazil moved into the mid-$400s pt cfr while the Nola market established itself over $400ps ton. Where possible, Brazilian buyers have opted to book greater volumes of amsul while also entertaining offers of Chinese urea.
Elsewhere in Latin America, firm inquiry has been noted in west coast Mexico with moderate business taking place in Argentina.
In the east, a further round of supply disruption in the Middle East has yet to translate to higher prices in Oman, SE Asia and China. The latest revision to China's urea export policy saw a flurry of granular urea offers while many are mindful that large volumes of prilled urea will be available for India in any future purchasing tender.
The Nitrogen Index stands at 209.53, an increase of 11.92pt week-on-week.
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