Ammonia spot deals accelerate on improved supply, but Algerian issues persist
With the urea market still tight in the East, the Profercy World Nitrogen Index has maintained an upward trend. Prices rises for Middle East and Egyptian granular urea and Yuzhnyy prilled urea have been witnessed through recent sales and purchasing tenders. Today’s Egyptian granular urea tender saw prices up $15pt on last week. Going against the grain, the US market has seen some resistance to price rises this week, although the lower deals are generally seen as a correction.
Consequently, the Profercy World Nitrogen Index saw an increase of over 2 points to 160.51. Urea represents over 60% of world nitrogen trade, hence the impact on the PWNI. A full explanation of the World Nitrogen Index methodology can be found here.
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