Views: 3 Author: Site Editor Publish Time: 2024-12-27 Origin: Site
After two weeks of active trading, market liquidity has slowed down, but as the market awaits the latest bidding results from India on December 21-23, sentiment has once again strengthened and prices have risen slightly. The bidding from Ethiopia and India has boosted producers' confidence in future demand, leading to an increase in global offshore prices.
Egyptian producers have become active again this week, selling over 50000 tons of urea to traders and shipping it to Europe before spring demand arrives, with a selling price of up to $393 per ton offshore. The price changes in Egypt are reflected in the rise of French spot prices, which have increased from 390-395 euros to 395-405 euros.
In the Black Sea, Socar's selling price target was $370 per ton offshore, but no deal was made. Nigerian producer Dangote sold three batches of goods in the market this week at offshore prices of $340-350 per ton, with a price increase of over $20 per ton compared to last week.
Compared to the previous week, although the trading volume in the Brazilian market was small, the selling price of large particle urea increased from a landed price of $340-353 per ton to $355-365 per ton due to the strengthening of sentiment.
market factors
India will purchase 1.5 million tons of urea: The market is still waiting for the bidding news from NFL on December 19th to purchase 1 million tons of urea for the West Coast and 500000 tons for the East Coast.
Ethiopian urea bidding: EABC will end the bidding for the purchase of 821000 tons of large particle urea on December 23, and will ship the goods in 16 batches from January to June.
30-60 day outlook: Stronger first quarter
The strong demand for bidding in India and Ethiopia in late December is expected to support prices as the holiday approaches. At the beginning of next quarter, purchasing interest in Australia and Southeast Asia will synchronize with the increase in spring demand in Europe, as the coverage of spring demand in Europe is relatively low.
