Despite bidding in India, prices still fell
Publish Time: 2023-06-06 Origin: Site
The prices of nitrogen fertilizers in most markets have fallen again, and due to the still sluggish demand, lower freight prices have partially offset this impact.
India has released a highly anticipated urea procurement tender, which will ship 800000 tons before July 17th, which will end within two weeks.
Recently, trade has mainly focused on large particle urea in North Africa and small particle urea in China.
Although some immediate demand has driven a single transaction to FOB320 USD/ton, traders have already filled their short positions in the Mediterranean market. Therefore, in another round of transactions in Egypt, the price of large granular urea was reduced to approximately FOB300 USD/ton.
The price of small particle urea in the Southeast and Northeast Asian markets has dropped to CFE300-310 US dollars/ton, mainly due to traders' expectations of continued market weakness and seeing cheaper shipping costs from China.
market factors
India: Uncertainties regarding the tonnage, sources, and prices awarded before the end of the India mark may prompt people to remain cautious.
European natural gas price: market sentiment is still closely related to the spot natural gas price in Europe. The continuous decline of these prices prompted the nitrate market to cut prices again this week.