Views:8 Author:Site Editor Publish Time: 2021-09-07 Origin:Site
The hurricane makes the urea market to strengthen
The Hurricane Ida makes a small storm in the urea market this week. The problem of supply pushed the price of New Orleans to US$495/ton FOB and helped Brazil’s CIF price rise by US$20-25/ton.
In fact, the entire market has stable. Buying orders in North Africa rebounded. the FOB price of Egyptian urea was US$440/ton to US$457/ton in September and October, and the FOB price of Algerian cargo was US$440/ton in September.
China urea prices have rebounded in the domestic market and have fallen to the point of attracting buyers. People are speculating about what price India will offer when the bids again. At present, the FOB price has risen to US$410-420/ton, but at the end of the bidding (maybe September 10-15), this price may be increased.
According to reports, the mid/high FOB price of Middle East urea in October was US$440/ton.
The latest barge sales have pushed prices in the US above $25/ton, making it a viable spot market again.
The next tender is postponed, but the India market still needs 5 million tons in January and will purchase the largest quantity from September to October.
Domestic prices have risen again, and export prices are at a premium. India’s bid will set the price in September.
The outlook for 30-60 day
The market has bottomed out, and increased demand in September is expected to support prices entering the fourth quarter.