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Fertiliser Comment, 17 April

Not a lot of change in the local urea price over the past few weeks. Latest import statistics show Australia imported around 170,000 ton in February, this was higher than forecast with a few cargos sneaking in from the US.

Rumblings that China might allow exports again have kept a lid on global values, except for the US, that has rallied 15%. We need to keep a close watch on EU gas prices and Russian exports.

Australia only imported one cargo of DAP in February, clearly indicating how over stocked importers were at the end of last year.

Demand has picked up on the mainland but not as much as expected. Will be interesting to see what the next few weeks bring.


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