Urea International: continued rise
Source: Zhongyu information time: January 22, 2021
Urea prices continued to rise this week, highlighting the continued strength of the market. As traders purchased in March, the price of Egyptian granules rose $15 to $350 a ton FOB, a six-year high. Affected by the demand in Latin America, China’s particle price was US $326 per ton FOB, while Brazil’s particle price jumped to US $350 per ton FOB due to continuous buying.
Urea pellet prices are also strong, although large stores are limited in the absence of India. The price of granulated urea in China was US $310 / ton FOB, up US $5 / ton this week, and the price of granulated urea in Egypt rose US $28 to US $335 / ton FOB, continuing to rise sharply.
The US barge market was the main driver of the recent surge in oil prices, but it fell early this week. Although it temporarily attracted some heat from the market, it hardly slowed down the pace of rise, and house prices soared again later.
Indonesian exports resume
The highly anticipated sales bidding of pupuk Indonesia provides granular urea and granular urea for regional markets with tight supply.
Latin America supports granular urea
Traders snapped up granular urea from China, Egypt and Malaysia to meet demand in Latin America, pushing up prices.
By March, sales in Egypt were very high
Egyptian producers benefit from European and Latin markets
American demand has sold well until March.
There is enough demand to maintain the price in the near future, and it is expected that India’s bidding will provide further support.