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Urea prices started 2023 bearishly as Egyptian sales took place below $500/t fob, the lowest since September 2021. European TTF gas fell to about €70/MWh from €135-140 in December, and India's urea tender was absent from the market.
Lower European gas cuts nitrogen production costs and pulls the ammonia cost floor down, while the lack of Indian buying leaves supply ample, pressuring urea and related nitrogen prices lower.
profercy.comChris YearsleyJan 6, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Egyptian urea sales below $500/t fob, a sharp drop in European TTF gas (an input cost) and no Indian tender signaled weak demand and lower cost support, directly pushing prices down.
