Views: 7 Author: Site Editor Publish Time: 2024-05-20 Origin: Site
There has been a wave of urea purchasing frenzy in Egypt, with offshore prices rising by about $30/ton to $310/ton, and total sales may exceed 250000 tons.
Most of Egypt's procurement is mainly aimed at the European and Türkiye markets. Due to the intervention of traders to make up for the short selling in June, Egypt sold two batches of 50000 tons of goods in order to fulfill the bid winning of Ethiopia EABC, which further tightened the supply.
In other major markets, the outbreak of short covering has not yet translated into a large amount of new demand, but suppliers have raised their corresponding quotation levels. The quotation for Middle East and African United States remains stable at FOB275-285 USD/ton, with a possible transaction of 40000 tons at FOB280 USD/ton. The current target of the manufacturer is to have a shipping price of FOB285-2290 USD/ton for the June shipment.
To the west of Suez, domestic buying in the United States continues, with the offshore price of Nora loaded with barges rising to a high of $290 per ton, further supporting the market. The price in Brazil has risen to CFR305-315 USD/ton, with sales mainly in the high-end range.
market factors
The FOB price of urea in Egypt reached $310 per ton: Mopco sold 10000 tons of large granular urea to two different traders at a FOB price of $310 per ton, one with 6000 tons and the other with 4000 tons, with a shipping date of June.
China's urea exports have not yet been realized: urea transportation from China has not yet put pressure on the market, which has added support to prices east of Suez. The manufacturer's target price for small particles in June is FOB 325-330 US dollars/ton, and some small batch goods in containers have been inspected and approved.
30-60 day outlook: firm
The timing of the rebound before the IFA meeting is good, but demand from major markets must emerge to maintain the upward momentum. Brazil and Argentina may be candidates, and demand from Thailand, Australia, and South Africa will also support it. The bidding released by India in June will further boost market sentiment.
