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Ammonia prices in Tampa fell more than 12% in one day, the largest drop since 2019, as high prices curbed industrial demand and Southeast Asian customers cut contracted volumes. Some halted European ammonia production has resumed.
Prices had risen earlier in the quarter after Russia's invasion of Ukraine.
A sharp ammonia correction eases nitrogen feedstock costs and points to lower urea prices, which reduces fertilizer costs for grain and feed producers.
chemanalyst.comJacob KutchnerApr 25, 2022Not 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.
The record one-day drop in Tampa ammonia and resumed European production eased nitrogen supply tightness and weakened sentiment.
A sharp one-day drop in Tampa ammonia amid demand destruction and resumed European output pointed to an easing nitrogen complex, weighing on urea sentiment.
