Local market for urea seemed to tighten by the end of this week. There were initial reports that urea was available to be picked up this week, but buyers soon discovered this was not possible. This has been an ongoing saga on the mainland, with demand far outstripping supply and vessels being delayed. Tasmanian demand for urea is likely to surge over the next few weeks. Let’s see if there is enough in the State to satisfy everyone’s needs.
Globally, prices remain firm. Traders are still trying to work out whether or not China will export. The most recent news suggests that exporters can send urea to every other country, except India.
Gas prices have rallied in Europe, squeezing production margins, so perhaps less supply from that part of the world. Difficult to have strong views on price right now.