Views: 9 Author: Site Editor Publish Time: 2020-10-27 Origin: Site
NFL received 30,000 tons of 20-20-0+13S at a price of US$270/ton, tax-free. This amount is lower than the NFL's recent bid of 50,000 tons, and the bid only attracted one offer. In addition, the NFL also bid for 50,000 tons of 10-26-26, but it is understood that no agreement has been reached yet. Market participants said that due to some bank credit tightening affecting the market, and in the context of the Covid-19 pandemic, transactions have become more difficult, so only limited offers have appeared.
At the same time, strong domestic demand in Russia has inhibited Russian producers’ interest in exports, and no one has bid for the NFL’s recent bid. Buy 10-26-26, if the Indian price is 310 US dollars/ton CFR, it means that the Baltic FOB price is 280 US dollars/ton. It is understood that the current 10-26-26 Baltic FOB price is 290-305 US dollars/ton.
In addition, funds from Latin America are attracting the interest of Russian manufacturers. Freight inquiries indicate that combined cargo including NPK will be shipped to Mexico, Ecuador and Guatemala in the next few weeks.
Market factors
Trading in the European market was flat, and severe weather conditions delayed discussions on storage in winter and use in spring. Flooding in Vietnam limits short-term demand, but can improve irrigation in the area.
30-60 day outlook
Stable and strong. On the one hand, raw material prices have stabilized and there is no sign of decline; on the other hand, winter storage purchases in China and Europe will support demand, and many suppliers will have tight supply before the end of the year.
