By Paul Willows
Global urea prices were under pressure this week as it appears demand from the US and Brazil has been less than expected. Russian still threats to cut off gas supply which makes the supply of urea less certain. Interestingly the US has been a significant importer of Russian urea and UAN ! China continues to send mixed messages- allowing exporting of phosphates but nothing on urea. China will define the direction of the market come spring.
Phosphate markets were lower this week on confirmation that the Chinese Government has allowed an export quota of 3.8 m tons. Not a total game charges so as actual tonnage v demand- but impacting sentiment. The negative global macro environment also having a negative impact on prices.