25 July, Fertiliser Comment

Urea prices tumbled last week – largely on the back of the news that Russia/Ukraine and Turkey have reached a deal that will allow the exports of urea (and grains) from Ukrainian ports. This coupled with lowered than expected prices into the Indian tender saw prices move $50 a ton lower. Aust Port prices are yet to show the decline- but we are confident they will follow in a few weeks.

Phosphate markets were very quiet this week – still digesting the fact that China will resume exporting. Traders remain confused about supply out of Russia given sanctions/ logistical problems. Demand remains very good- even a high prices.