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Urea prices rose sharply in the Arab Gulf and Egypt, with Egypt up to $30/t and reaching $400/t fob for the first time since mid-March. Suppliers in Brazil were targeting $415/t cfr and above, while Chinese suppliers held firm ahead of an RCF tender and an Indian tender for about 1 million tonnes was anticipated.
Tightening urea supply from producer stock depletion and expected Indian import demand supports higher nitrogen input costs for feed grain producers, with upward pressure on fertilizer-linked production costs.
profercy.comChris YearsleyMay 21, 2021Not 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.
Sharp gains in Egypt and the Arab Gulf, with Egypt at $400/t fob, firm Chinese offers and an anticipated large Indian tender, set up the demand-driven rally leading into the move.
