Brazilian MAP prices holding despite surge in P2O5 stocks
- Prilled urea prices in the West succumb to pressure this week
- Urea markets elsewhere continue to see prices moving in narrow range
- Nitrogen Index falls three points in two weeks
Market activity has been slow. While Egyptian granular urea prices have come under pressure since late last week, downward pressure has now spread to prilled urea prices in the West. As a consequence, Profercy has lowered our price quote for Yuzhnyy prilled urea, knocking over two points off the World Nitrogen Index.
Urea export availability from Black Sea ports has been heavily reduced since Q2 by the ongoing political situation in Ukraine, as well as gas supply issues and prices. Consequently, Yuzhnyy prilled urea prices have maintained a healthy premium on Chinese prills with FSU producers under little pressure to sell at low numbers. However, latest sales into key Western markets have seen this premium cut significantly, and the latest price cut brings our price quote for Yuzhnyy urea to a level not witnessed since July this year. At the time, global prilled prices were under pressure owing to the beginning of the low export tax window in China and deferred demand in the Indian subcontinent.
The overall picture for nitrogen markets is less negative and our price quotes for granular urea saw less change this week. However, revised price quotes for ammonia also had a negative impact on the Nitrogen Index.
The Nitrogen Index and the brief analysis above draws on the prices and insight provided in the Weekly Profercy Nitrogen Report, published through the Profercy Nitrogen Service. For more information and a free trial, please click here and provide your details. The Service includes, daily news and updates, comprehensive weekly analysis and prices, as well as monthly price forecast reports.
[tabs] [tab title=”Profercy Nitrogen Index – Year to date”]
A drop in prilled urea prices in the West led to a 2 point drop in the Nitrogen Index this week.
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A drop in prilled urea prices in the West led to a 2 point drop in the Nitrogen Index.
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A drop in prilled urea prices in the West led to a 2 point drop in the Nitrogen Index.
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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.
Free Trials of the Profercy Nitrogen Service
Profercy’s Nitrogen Service includes daily news, weekly analysis and monthly forecast reports. For more detailed information on specific products and individual markets, please sign up for a free trial or for more information on the Profercy Nitrogen Service, please click here.
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