Zhongyu information report:
Urea prices have stabilized this week because most of the spot goods have been booked and will arrive in India in mid December. Short covering to India pushed up iron ore prices in China and Indonesia, while Egyptian producers sold a small amount of iron ore between $231 and $235 per ton.
The level of CFR has slowed their rapid decline in Brazil, with sales of about $230 per ton this week. The price in the United States is 5-10 dollars / ton lower than this, but it remains 200 dollars / St FOB Nola.
Whether the market will rise further is uncertain. December 19 is the deadline for Indian shipping. The market has little confidence in the prospects after that deadline, but the current price is at the lowest level in the year and should attract some buyers.
As a sign of the price decline, Iran’s urea is no longer significantly lower than other sources in Brazil and Turkey.
Sales are expected to be strong in December and January, which means that 1 million tons of urea may need to be imported.
Supported by the recovery of domestic demand, producers pushed up prices and punished traders short India
Brazil / USA
The lowest price market on earth: the timing of U.S. purchase will be the key to price changes in the first quarter
Indian shipping is supporting nearby areas, but may weaken further from the second half of December.