Views: 23 Author: Site Editor Publish Time: 2022-05-25 Origin: Site
Urea prices goes down overall this week,but the market continued to adjust to levels that setted by India in its procurement tenders last week,prices in some regions increased over the week.
India's RCF confirmed to suppliers in late on May 19 that it aimed to purchase 1.65 million tonnes of urea,it is based on the tender on May 11, when it sent them expressions of interest.
Traders have been busy securing cargo from producers to support their commitments to India, with more to come in the coming days.
Another demand from European for urea emerged this week - around 40,000 tonnes of granular urea was traded in the northern and western European markets, stabilizing FOB North Africa and then pushing prices higher.
But despite all this, prices in Brazil and the United States fell again as demand at the import level remained subdued and supply was ample.
India's latest buying tenders have fueled a buying spree this week from Vietnam to the Middle East to the Black and Baltic Seas.
Sanctions on Russia
A key effect of sanctions imposed on Russia by Western governments is the concentration the products that origined from Russian in certain markets. Prices in the Americas have proven particularly vulnerable to this effect.
While there is significant supply pressure in the Americas market where Russian supplies are still easily tradable and demand sluggish, in most other markets buyers are active and price levels are viable for all parties.