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India's NFL issued a urea import tender on January 4 with shipment by February 29, and CFR offers were expected below $320/t West Coast and $330/t East Coast. Brazil's CFR granular urea rose to $340/t, and Turkish urea prices gained about $10/t.
Ammonium sulfate prices in Europe and China were mostly stable and weak.
Rising Brazilian and Turkish urea prices alongside a large Indian tender point to firmer global nitrogen prices. Buyers should expect urea costs to hold or rise into February.
kelewell.deAntonia ZJan 8, 2024After 176 past bullish trade events, Urea moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +2.4%), and +1.6% 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.
