Prilled urea prices are stable for this week with rising few dollars with February tonnage sold at 275$-278$ per MT ..FOB Yuzhnyy. Baltic prilled urea prices are also quoted over 270$ per MT FOB, and producers now seeking over 280$ per MT. Latin American and Turkish demand is buoyant, supplies tight and expectations that India will announce a new urea tender growing by the day.
The change in traders’ attitude has been prompted by a number of factors:
Sales have been possible in Latin America at $270pt fob and above.
Prills Urea are cheap compared with granular urea.
Hopes that India will tender are growing as the stock position in the country is becoming critical after the failure of the December tender.
Egyptian granular urea prices eased back slightly this week to 328$ per MT FOB compared with 330$ per MT in previous week. However, the latest increase in CAN prices in Europe reflects a netback of 350$ per MT FOB for Egyptian urea product and further price increases seem assured in February. Middle East urea product is solid at 315& per MT FOB for spot and Chinese quotes have moved above 320$ per MT FOB.
- Sources: Argaam, Profercy Report, Fertilizer-index.
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