Views: 14 Author: Site Editor Publish Time: 2022-10-12 Origin: Site
Urea prices declined in most of markets this week, sellers reduced prices to levels where buyers were willing to re-participate.
Egypt has the strongest liquidity, but the producer was forced to reduce the price to 700 USD/t FOB - about 100 USD/t lower than the quotation last week, but a series of subsequent transactions raised the price to 760 USD/t FOB.
Similar initiatives have taken place in the United States, Brazil and Southeast Asia, although not so extreme.
India has returned to the market, and the government is considering another major procurement bidding announced next week.
market factors
European gas prices
High European gas prices continued to drive expectations of strong demand in the fourth quarter as participants in the region sought to replace local production with imports.
The buyer is cautious
The conservative purchasing activities of most traders and importers continued to depress the front end of most nitrogen product curves.
The outlook for 30-60 days
Before the much anticipated European buying frenzy really started, the market seemed to have little support. Some producers are still expecting goods in October, which may lead to some weakness as these positions are cleared.
