Views: 12 Author: Site Editor Publish Time: 2021-09-16 Origin: Site
Despite India’s bid delay, the market is still strong
Although the trading prices of the US stock market exceeded the rational level, other markets made more stable progress this week. On Thursday, the transaction price of a barge was more than $600/ton CFR Nora.
Back to the real world, with the increasing demand in European, the FOB price of urea in Egypt and Algeria rose to US$470/ton, Brazil had one week holiday, but the CFR quotation rose to more than US$500/ton, and the price of granular urea rose slightly .
India has postponed its bidding for another week. Prices in China continue to be strong. Due to continued rumors about export restrictions, the FOB price of prilled urea has risen to around US$420/ton.
People are increasingly worried about the high price of natural gas, which has forced some producers in Eastern and Western Europe to reassess the production levels of urea and nitrate fertilizers. There have been rumors of reduced exports in Ukraine and Lithuania, and other factories maybe will follow it.
Market drivers
America
Severe supply tightening in September pushed up prices and prompted traders to provide spot cargo to the United States.
China
Prices are rising, but China urea is still the most competitive prices in the eastern region. Availability is the key, but it is not yet clear.
Natural gas price
In October, the natural gas price at the TTF center in the Netherlands was close to US$19 per million British heat, which is not much different from the level in the fourth quarter of 2021 and the first quarter of 20222.
30-60 day outlook
firm
The market disapproves of the further delay of the Indian tender. Buying in the United States, Brazil, and Europe set a solid tone for Western markets.
