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Urea prices fell on world markets in late March 2024, with April-delivery cargoes from the Middle East at $322/t, about $40 below March offers. Phosphate fertilizer prices also came under pressure, and German spot urea remained near EUR 460/t at the end of March.
An ongoing Indian urea tender closing March 27 was also weighing on prices.
Seasonal demand in the Northern Hemisphere has largely passed and India's tender is adding downward pressure, so lower fertilizer costs for the spring season are likely to reach European and other importing markets in April.
agrarheute.comDr. Olaf ZinkeMar 26, 2024After 81 past bearish trade events, Urea moved a median -1.0% over 5 sessions (28% higher; middle half -7.2% to +0.4%), and -5.5% over 20.
After 40 past bearish trade events, DAP moved a median -0.1% over 5 sessions (38% higher; middle half -3.7% to +0.5%), and -2.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Middle East April-delivery urea fell to $322/t, about $40 below March offers, with the Indian tender weighing on prices, which directly matches the sharp decline.
Late-March reports show Middle East April urea about $40 below March offers, with the Indian tender weighing on the market, which is consistent with a steep decline.
Late-March 2024 reports of falling world fertilizer prices, including explicit pressure on phosphate, fit a sharp DAP drop on sentiment and price-discovery grounds.
Fertilizer prices fell broadly in late March, with phosphate under pressure, pointing to a bearish sentiment spillover across the complex.
