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12 July, Fertiliser Comment

Urea

  • Prices are largely unchanged over the week but with a bullish tone. Seems pretty clear now that China is not going to be a major exporter. Hard to see fertiliser prices decline without China coming back to the market.

  • Urea traders are watching what is happening in India. They have tendered for 1.5 m tons- but timing of the demand is important.

  • US urea values remain under pressure because discounted Russian urea continues to be shipped to the country that is trying to lead the world in sanctions. Strange times indeed.


Phosphates

  • Not a lot to report. As with Urea- China holds the key to short term price direction. Over the past few weeks there have been reports of Chinese phosphate producers making some small direct sales to certain countries to gain some geo political favours. Some people are indicating that Government has issued quota to allow up to 60% of ‘normal export volume’. If true- this will allow some change to the very bullish sentiment.







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