LONDON (ICIS)—In Egypt, MOPCO sold 6,000-8,000 tonnes of granular urea at $432/tonne FOB for February loading. This is in line with last business on 16 January.
Dear Mr. Sunderland;
Please find our below offer for you and let us have your prompt and positive feedback within the validity.
Product Grade : %46 Granular UREA in bulk
Quantity : 50.000 MT 10% More/Less on Seller's option
Destination Market : Any port of Africa
Origin : Turkmenistan or Oman
Shipment : Second half of February 2025
Payment : %20 Prepayment %80 Before vessel loading
Loading rate : 5.000 MT/day SSHEX EIU
Price : 420 USD/MT FOB Iskenderun (duty unpaid)
Validity : 27/01/2020 06.00 pm Turkish Time
We are waiting for your kind response.
Thank you
LONDON (ICIS)—In India, Indagro has offered the lowest in RCF’s urea import tender at
422 CFR for the WCI & 427 CFR for ECI. Prices are above most expectations.
Fertilizer markets are in for an eventful week ahead with Fertilizer Latino Americano (FLA), and the looming possibility of US tariffs on Canada, China, and Mexico.
A key talking point at FLA will most certainly be Brazil’s record fertilizer imports in 2024, as well as its demand outlook for 2025. Brazil’s 2024/25 corn and soybean crops are both expected to see increased production, per Conab’s latest forecast, boosting the need for fertilizer. Should another US-China trade war materialize, Brazil is expected and positioned to handle a further influx of Chinese demand.
Brazil's dominance of Chinese soy imports is nothing new, but its emergence in the corn market has been remarkable. After being a virtually untapped market in 2022, Brazil has supplied China with nearly half of its corn over the past two years. During the same timeframe the US's share of Chinese corn imports has fell from 70% to 15%. It will be interesting to see how this dynamic plays out over the next year, will it get even more lopsided or can the US close the gap?
Forecast indicates above normal temperatures and seasonably dry next two weeks. A rise in temperature in Jan is not a yield risk, but heat becomes more important during Feb when crop begins flowering
https://www.trammo.com/post/exxon-mobil-and-trammo-sign-hoa-for-low-carbon-ammonia-offtake-advancing-the-world-s-largest-low-ca
Morning. Stand-off on Int'l paper as trade await further detail from India. In Nola, Feb Phys barges traded $365 (in-line with Jan from day before), March paper traded $10+ premium to April. Mkts framed:
AG
Jan $377//$385
Feb $390//$405
Mar $380//$387
Apr $360//$380
Q2 $377 Offer
Cfr Brazil
Jan $384//$388
Feb $385//$400
Mar $380//$395
Egypt
Jan $418//$424
Feb $414//$420
Mar $395//$410
Apr/May $400 Offer
Nola
Phys: Feb traded $365
Jan $353//$360 – traded $355
Feb $366//$373
Mar $365/$374 – traded $368
Apr $353//$360 – traded $355
May $340//$354
Jun $320//$330
Option: May $345 Call traded $10
UAN Nola
Jan $243//$250
Feb $253//$265
Mar $260//$275
May $247//$255
Q2 $245//$255
DAP Nola
Jan $585//$595
Feb $577//$585 – traded $582
Mar $580//$590
Q2 $545//$580
[Urea] On January 23, the daily output of the urea industry was 189,900 tons, an increase of 0.03 million tons from the previous working day and an increase of 17,400 tons from the same period last year; today's start-up rate was 84.81%, an increase of 5.14% from 79.67% last year.
The Nitrogen Association will meet from March 5th to 7th.
LONDON (ICIS)—In India, RCF has received offers for a total of nearly 2.6 million tonnes of urea in its import tender, for shipment b. Prices likely to open tomorrow.
The volume of offers is in line with the previous tender from NFL when it was able to buy 187,000 in its 19 December 2024 tender, for shipment by 10 February. This was because prices were below expectations at $369.75/tonne CFR for the west coast while the L1 for east coast did not materialise.
China's sulphur consumption continues to rise. I believe this is driven by new demand from lithium iron phosphate (LFP) production.
Let me explain why I believe China's sulphur consumption is rising, despite the ongoing discussions about fertilizer export bans and similar narratives.
There are three key factors underpinning the growth.
Firstly, domestic sulphur production increased to 11m t in 2024, up 1.23% from the previous year.
Secondly, Chinese sulphur imports reached 9.19m t in the first 11 months of 2024, meaning an estimated total of 10m t for the year, compared to 8.83m t in 2023.
Finally, sulphur stocks in China averaged 2.9m t in 1H24, declined to 2.4m t in 2H24, and are now around 2m t.
The rise in production and imports, combined with declining stock levels, strongly indicates increased domestic consumption in 2024.
Acuity understands that over 60 companies, including subsidiaries of fertilizer producers, have installed LFP production capacities in China. We are always monitoring their operating rates and the subsequent impact on sulphur demand.
Designed LFP production capacity in 2024 has already grown over 25% compared to 2023. I am awaiting official data on the actual output figures for 2024, which I expect to receive in March when I attend and speak at the Chinese Sulphuric Acid Association spring meeting
Acuity
Morning. Prior to RCF tender close today, Mar AG found value again inside the $380-85 trading range seen last week. In Nola, Jan phys traded up $2 to $365.
AG
Jan $376//$385
Feb $387//$405
Mar $380//$385 – traded $383
Apr $365//$380
Q2 $377 Offer
Cfr Brazil
Jan $380//$388
Feb $385//$400
Mar $380//$395
Egypt
Jan $415//$424
Feb $412//$420
Mar $395//$410
Apr/May $400 Offer
Nola
Phys: Jan traded $365
Jan $352//$360
Feb $366//$373
Mar $365/$374
Apr $353//$360
May $340//$352
Jun $320//$330
UAN Nola
Jan $232//$250
Feb $253//$265
Mar $260//$275
May $247//$255
Q2 $245//$255
DAP Nola
Jan $587//$595
Feb $587//$595
Mar $585//$590
Q2 $545//$580
S. No Bidder
1 Agri Commodities
2 Indian Coke and Power Pvt Ltd
3 Quest Group
4 Dreymoor
5 Sun Intl
6 Midgulf
7 Fertiglobe Distribution Ltd
8 Fertiglobe Fertiliser Trading
9 FertiStream
10 Samsung
11 Aditya Birla
12 Liven
13 Indorama
14 Ameropa
15 Continental
16 OQ Trading
17 Keytrade
18 Indagro
19 Koch
20 MacroSource
21 Hexagon
may contracts getting shorted
Morning. Nearby Urea outlook remains (cautiously) optimistic, but paper activity thin once again y'day – many in watch/wait mode prior to RCF tender close, and levels sideways.
AG
Jan $376//$385
Feb $385//$400
Mar $380//$385
Apr $365//$380
Q2 $377 Offer
Cfr Brazil
Jan $380//$388
Feb $385//$400
Mar $380//$395
Egypt
Jan $415//$424
Feb $410//$420
Mar $395//$410
Apr/May $400 Offer
Nola
Phys: Jan traded $363
Jan $352//$360
Feb $365//$372
Mar $365/$373
Apr $355//$367
May $340//$352
Jun $320//$330
UAN Nola
Jan $232//$250
Feb $253//$265
Mar $260//$275
May $247//$255
Q2 $245//$255
DAP Nola
Jan $587//$595
Feb $587//$595
Mar $585//$590
Q2 $545//$580