Views: 13 Author: Site Editor Publish Time: 2023-06-20 Origin: Site
Stable prices after bidding in India
Urea prices have fallen in most markets this week, but some markets are experiencing tight supply, coupled with a recovery in demand from traders, leading to some markets strengthening towards the weekend.
India's procurement bidding seems to have secured approximately 560000 tons of urea, which is only 70% of its target, as lower net income limits China's participation.
The new Import is mainly concentrated in the American market, and the price is slightly lower than the previous business: the price is about CFR295-300 dollars/ton in Mexico and the west coast of Central America, and about CFR270 dollars/ton in Brazil.
The export trade is mainly in North Africa, with Algerian and Egyptian producers' FOB prices reaching as high as $303 per ton, with prices rising by $10 per ton this week.
market factors
European natural gas prices: Due to the surge in spot natural gas prices, nitrogen fertilizer production costs have increased by nearly 30% this week, squeezing the profits of nitrate producers and driving interest in urea.
Southeast Asian supply shortage: Amidst Southeast Asian demand, urea factories in Malaysia and Brunei continue to shut down, keeping urea prices in the region higher than in other markets and leading to an increase in supply from the Middle East, resulting in overall market supply shortage.
