Brazilian MAP prices holding despite surge in P2O5 stocks
- Index up 1.82 on modest gains for urea, UAN, AN and ammonium sulphate
- Brief market run up supported a 5.38 increase in the PWNI in June
- India purchases 300,000t of urea, further tenders expected shortly
The PWNI reflects the flatness in the market, with firm prices in some markets offset by weaker prices elsewhere. The quoted range for both Yuzhnyy prilled urea and Middle East granular increased slightly, with the latter reflecting improved netbacks for prompt loaded barges in the US.
The latest Indian purchasing tender has now concluded with around 300,000t of product purchased at low, yet unsurprising, price levels. Ahead of Kharif season, greater volumes will be required and a further tender is expected to be announced. Again, Chinese product is expected to dominate.
Since the beginning of June, the World Nitrogen Index has gained 5.38 points. During the month, our quoted price range for Yuzhnyy prilled urea has increased by $15pt, supported by the limited supply available in the Black Sea. Similarly, with buyers entering the market in the middle of the month, the top end of our Middle East granular urea price range has seen an increase of $27pt. Spot non-US prices have now eased in the Middle East with a temporary halt to Brazilian buying coinciding with offers of competitively priced North African product in that market.
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Index up 1.82 on last week, up 5.38 since beginning of June.
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Index up 1.82 on last week, up 5.38 since beginning of June.
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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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