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The Profercy World Nitrogen Index rose 2.59 points to 106.63 this week on strong urea price gains. India's state agency MMTC returned to the market for August shipments just five days after closing its previous tender, which secured only 115,000t.
Producers have raised asking prices in North Africa, China, the Middle East and Indonesia.
India's urea sales are running well ahead of last year and its tenders are undersupplied, so buyers face a tightening nitrogen market and higher fertilizer costs for feed grain production.
profercy.comChris YearsleyJul 24, 2020Not 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.
MMTC returning to the market quickly after a tender that secured only 115kt, with producers raising asking prices across regions, signaled strong demand pull and rising urea prices.
India's MMTC returning quickly with a new tender after a poor 115,000t result, plus producers raising asking prices in several regions, signals tight supply and strong buying demand that supports a sharp urea rally.
MMTC quickly returning to the market and producers raising asking prices across regions show building upward momentum and tight supply into the move.
