Nitrogen Weekly +7 499 346 03 42 №18 (30) 30 April 2014 Market Brief Urea ■ Demand for urea continues its slow growth in LAM and the US. But the product is still mainly purchased by end-users. Meanwhile, low international prices are hampering trading activity in the global market. For instance, the price downtrend was registered in the CIS, Middle East and Indonesia. Currently, moderate demand for spot mid-sized cargoes of urea is seen in SEA, Turkey, LAM and South Asia. In May, another purchase tender for huge urea tonnages is likely to be announced in India. This may prevent the oversupply in Q3 in the urea market and buoy up urea prices. …-> SUPPLY DEMAND Ammonium Sulphate ■ Ammonium sulphate demand has been low this week. In CIS, prices for steel and capro grade ammonium sulphate have remained unchanged. In another supplying region — China the market situation has been static as well — low demand and stable prices. Chinese suppliers offered capro grade product at about $115/t FOB China. In Brazil, ammonium sulphate market has been sluggish. Prices for capro grade AS have stayed at the previous level of $150—160/t CFR Brazil. In the SE Asian countries, AS buying activity has been weak. …-> SUPPLY DEMAND UAN ■ The UAN market is flat again this week. Main consumers do not show much buying activity. Farmers in the USA are moving UAN to the fields as application season has started. Buyers in Europe are more interested in forward purchasing rather than prompt delivery. Prices for UAN are under pressure in the main supplying countries. …-> SUPPLY DEMAND Ammonium nitrate/CAN ■ This week deals in the Black sea region have reflected a decrease in AN values to $255/t FOB. NF Trading succeed in selling AN to Turkey, while traders in LAM and North Africa keep driving AN values down. Spring season in Russia is almost over but producers have unsold AN volumes for May. Demand for CAN in Northwestern Europe is stable and prices are unchanged. …-> SUPPLY DEMAND №18 (30) 30 April 2014 120 150 180 210 240 270 300 330 Jan Feb Mar Apr May Jun 2014 AN FOB Black Sea AS (capro) FOB Black Sea UAN FOB Black Sea Nitrates Key Prices ($/t) 280 300 320 340 360 380 400 Jan Feb Mar Apr May Jun 2014 FOB Black Sea FOB China CFR Brazil Urea Key Prices ($/t) See next page for nitrates prices
Urea ■ Demand for urea continues its slow growth in LAM
and the US. But the product is still mainly purchased by end-users. Meanwhile, low international prices are hampering trading activity in the global market. For instance, the price downtrend was registered in the CIS, Middle East and Indonesia. Currently, moderate demand for spot mid-sized cargoes of urea is seen in SEA, Turkey, LAM and South Asia. In May, another purchase tender for huge urea tonnages is likely to be announced in India. This may prevent the oversupply in Q3 in the urea market and buoy up urea prices. …-> SUPPLY DEMAND
Ammonium Sulphate ■ Ammonium sulphate demand has been low this week.
In CIS, prices for steel and capro grade ammonium sulphate have remained unchanged. In another supplying region — China the market situation has been static as well — low demand and stable prices. Chinese suppliers offered capro grade product at about $115/t FOB China. In Brazil, ammonium sulphate market has been sluggish. Prices for capro grade AS have stayed at the previous level of $150—160/t CFR Brazil. In the SE Asian countries, AS buying activity has been weak. …->
SUPPLY DEMAND
UAN ■ The UAN market is flat again this week. Main
consumers do not show much buying activity. Farmers in the USA are moving UAN to the fields as application season has started. Buyers in Europe are more interested in forward purchasing rather than prompt delivery. Prices for UAN are under pressure in the main supplying countries. …->
SUPPLY DEMAND
Ammonium nitrate/CAN ■ This week deals in the Black sea region have
reflected a decrease in AN values to $255/t FOB. NF Trading succeed in selling AN to Turkey, while traders in LAM and North Africa keep driving AN values down. Spring season in Russia is almost over but producers have unsold AN volumes for May. Demand for CAN in Northwestern Europe is stable and prices are unchanged. …->
FOB Baltic sea 285–295 285–300 -3 Urea prices in CIS ports slip further Demand for urea produced in CIS is not high this week. CIS-origin urea continues losing its competitiveness in LAM and South Asia amid lower international prices. However, demand for the fertilizer in the neighbouring countries is still stable and producers have long-term contract commitments. A Turkish importer in particular reported having purchased the product from the Black Sea ports at about $300—305/t FOB. At the same time, NF Trading reports to reject bids to sell urea at $295—300/t FOB Black Sea. At the Baltic and Black Sea ports, prilled urea quotes have been settled at $285—295/t FOB and $295—305/t FOB, respectively.
270
290
310
330
350
370
390
Jan Feb Mar Apr May Jun
2014
FOB Black Sea FOB Baltic Sea
Urea Prices ($/t)
Russia urea exports (01.04—27.04)
Producer Country Delivery point Quantity Price
'000 tonnes, $/t
Total 331,8
Acron 10,5
Acron Brazil DAP Russia/Latvia 0,5 271
Acron Brazil DAP Saint Petersburg 5,0 256–281
Acron Ecuador DAP Saint Petersburg 1,6 259
Acron Finland DAP Russia/Finland 2,7 261–283
Acron Great Britain DAP Saint Petersburg 0,1 268
Acron Israel DAP Saint Petersburg 0,5 268
Acron Netherlands DAP Saint Petersburg 0,1 268
Togliattiazot 17,8
Togliattiazot Brazil FCA Togliatti 5,2 236
Togliattiazot Poland DAP Russia/Poland 1,5 269
Togliattiazot Slovakia FCA Togliatti 1,3 236
Togliattiazot Turkey DAP Tuapse Port 9,8 333
Phosagro 69,7
Phosagro-Cherepovets Brazil CPT Saint Petersburg 2,9 319
Phosagro-Cherepovets Canada FOB Saint Petersburg 7,2 325
Phosagro-Cherepovets Ireland FOB Saint Petersburg 4,1 336
Phosagro-Cherepovets Nigeria FOB Kotka port 27,5 320–339
Phosagro-Cherepovets Paraguay CPT Saint Petersburg 0,8 284
Phosagro-Cherepovets Peru FOB Saint Petersburg 27,2 317
Urea quotes in MENA decrease ■ Middle East Demand for the ME-origin urea has been moderate this week. Consumers in LAM have a good selection of offers of low-priced urea from all over the world now. Prilled and granular urea quotes are settled at $290—300/t FOB and $295—305/t FOB Middle East. Importantly, QAFCO resumed urea production at one of its plants and is going to start two lines at another unit on May 3 and 6. FERTIL is also expected to restart urea production at its FERTIL-2 unit after maintenance is completed. This will subsequently increase the supply of ME-origin urea.
At the same time, Iranian suppliers are already loading urea for Indian consumers. Pardis Petrochemical (having no export license) confirmed loading at least one panamax-vessel for Khorasan Petrochemical Company. The later is understood to have sold the product to a European trader for delivery to India at $270/t FOB Assaluyeh. Another panamax is expected to be loaded by Pardis Petrochemical for India. The current Iranian-origin urea quotes are in the range of $270—280/t FOB Iran.
■ North Africa This week Egypt’s MOPCO offered 10,000—15,000 t of granular urea via tender. The results are expected to be announced in the near term. According to market participants, the price will be settled at mid or high $400s/t FOB Egypt. Helwan Fertilizers is understood to be looking at announcing a sales tender, but the final decision has not been confirmed by press time. Meanwhile, market players report that demand from European consumers, particularly in France and Spain, is high enough to support prices for Egyptian urea at current level. OCI reports having sold urea to these countries at $440/t CIF.
China’s urea market stable China’s urea market is stable at the end of the month. Prices for May shipments are unchanged at $286—290/t and $298—300/t FOB China for prilled and granular urea respectively. However, prilled product for June shipment is heard to be quoted at $260s/t FOB, though traders do not confirm the information. This week trading companies have been offering urea to SEA and for tender in Nepal. Samsung and other trading companies supply granular urea to America where consumer activity has increased.
China’s domestic market stabilizes. However, most urea producers have fertilizer stocks on hand now and use urea as a raw material for production of compound fertilizers with high nitrogen content, such as NPK 30:5:5 or NPK 28:6:6. In Shandong and Hebei, urea is priced at CNY 1460/t and CNY 1430/t EXW this week, respectively. Henan’s producers are reducing urea output this week. Prices for the product from Henan’s plants are also down this week at about CNY 1470/t EXW.
270
290
310
330
350
370
390
410
430
Jan Feb Mar Apr May Jun
2014
FOB China (prill) FOB Indonesia (gran)
Urea Prices ($/t)
Urea stocks in Indonesia
Producer Stocks Updated on
'000 t
Total 184,3
Pupuk Iskandar Muda 60,5 28.04.2014
Pursi Palembang 33,7 28.04.2014
Pupuk Kujang 0,2 29.04.2014
Petrokimia Gresik 0,3 30.04.2014
Pupuk Kaltim 89,6 30.04.2014
Persero sells granular urea to Quantum ■ Indonesia Indonesia’s Persero closed its urea sales tender on April 29. The company offered 30,000 t of granular urea. Persero received 19 bids from participants. The highest price was offered by Quantum at $304.75/t FOB Bontang.
Producer Trader Offer Bid Basis Results
'000 tonnes $/t $/t
Quantum 300 304.75 FOB Bontang awarded
Louis
Dreyfus300 300 FOB Bontang scrapped
ND 300 281 FOB Bontang scrapped
Keytrade 300 281 FOB Bontang scrapped
Pupuk Kaltim
(1 x 30 granular)
China urea exports Country Mar 14 Feb 14 Jan-Mar14
Samur project's completion to be delayed ■ Malaysia Construction of Ammonia Urea Sabah (Samur) project initially scheduled for completion in October 2015 will take half a year longer, officials of Petronas Chemicals Group (PCG) announced. The reason is the fire damage to an essential part of the key equipment while transporting it on a vessel. The project involves construction of three ammonia and urea plants using Danish, Italian and German technologies. The plants will be capable to produce 1.2 million t of granular urea and 740,000 t of anhydrous ammonia per year. The new facilities will bring PCG’s granular urea capacity up to 2.6 million t annually. The project investment is estimated at $1.36 billion; however, additional expenses have yet to be assessed. Samur will ensure PCG's key position in the regional fertilizer market.
US demand for urea stable, but prices soften Demand for urea in the USA has slowed down this week. Due to rainy weather farmers in most states had to suspend urea application. This impacted NOLA prices. This week granular product was offered at $402—408/t FOB New Orleans for May shipments, market participants report. At the same time, quotes for urea from warehouses continue to increase on growing demand from end-users.
360
380
400
420
440
460
480
Jan Feb Mar Apr May Jun
2014
FOB NOLA
Urea Prices ($/t)
USA urea FOB NOLA equivalent indicators derived from key FOB prices
Origin Availability DealsCurrent
FOBFreight
Trans-
shipment
Estimated
FOB NOLA
Current
FOB NOLA
$/t
Black Sea available not concluded 295–305 33-34 8—15 336—354
Baltic Sea available not concluded 285–295 33-34 8—15 326—344
Indonesia available not concluded 305 40-45 8—15 353—365
Middle East available not concluded 295–305 29-31 8—15 332—351
Egypt available not concluded 400–410 24-26 8—15 432—451
China available not concluded 298–300 40-45 8—15 346—360
Urea prices edge down in Brazil Urea trading in Brazil has slightly increased this week. However, urea quotes demonstrated a downward trend on lower international prices. Prilled and granular urea are offered at $315—320/t CFR and $325—330/t CFR Brazil respectively, market participants inform. One of the traders reported to get offers for ME-origin urea in mid-$320s/t CFR Brazil. And another participant told about getting offers for granular urea cargoes in high $320s/t CFR Brazil. It is understood most offers are for ME-origin and Indonesian-origin granular product. At the same time, Chinese-origin urea quotes continue to put a downward pressure on both prilled and granular prices.
300
320
340
360
380
400
Jan Feb Mar Apr May Jun
2014
CFR Brazil CFR Gulf of Mexico
Urea Prices ($/t)
Brazil urea CFR equivalent indicators derived from key FOB prices
Origin Availability DealsCurrent
FOBFreight
Estimated
CFR Brazil
Current CFR
Brazil
$/t
Black Sea available not concluded 295–305 29-30 324—335
Baltic Sea available not concluded 285–295 29-30 314—325
Indonesia available not concluded 304–320 23-25 327—345
Middle East available concluded 290–300 28-29 318—329
China available concluded 286–290 40-45 326—335
315–320
Brazil urea imports
Country Mar14 Feb14 Jan-Mar14
'000 tonnes
Total 252,5 172,5 874,2
China 22,6 28,1 91,6
Russia 55,3 61,0 188,9
Qatar 77,1 — 130,7
Argentina 23,1 31,2 100,8
Venezuela 19,6 84,9
UAE 18,0 88,0
Kuwait 24,7 — 71,8
Others 49,6 14,6 117,5
Urea line-ups in ports of Brazil Supplier Origin Importer Product Quantity Date
Urea prices in Turkey slightly down this week Demand for urea is stable in Turkey this week. A week earlier, urea offers reached $340/t CFR with shipment to Turkey, but this week the country’s importers have contracted the fertilizer at lower prices. Market participants report to purchase Ukrainian-origin urea at low $300s/t FOB Ukraine, which is equal to $330—335/t CFR Turkey (with 180 days credit). However, bids and offers for CIS-origin product reflect $325—335/t CFR Turkey (with 180 days credit).
310
330
350
370
390
410
Jan Feb Mar Apr May Jun
2014
CFR Turkey
Urea Prices ($/t)
Turkey urea CFR equivalent indicators derived from key FOB prices
Origin Availability DealsCurrent
FOBFreight
Estimated
CFR Turkey
Current CFR
Turkey$/t
Black Sea available concluded 295–305 29-30 324—335
Baltic Sea available not concluded 285–295 24-28 309—323
Egypt available not concluded 400–410 15 415—425
Algeria available not concluded 331–331 15-17 346—348
China and Middle East supply urea to India Traders in India did not announce urea purchase tenders in April. However, trading companies continue to supply urea from Oman and China to India’s ports. They have delivered 519,300 t of the product in total. Besides, market players report that Iran’s PPC has sold 120,000 t of granular urea for delivery to India at the end of April or in the first half of May. This month quotations are unchanged and range at $325—328.75/t CFR India. The kharif season will start next month (May-September). Market players report that India’s buyers are unlikely to issue tenders before the second half of May. It’s expected that traders will purchase about 1 million t of urea.
310
320
330
340
350
Jan Feb Mar Apr May Jun
2014
CFR India
Urea Prices ($/t)
India urea CFR equivalent indicators derived from key FOB prices
Origin Availability DealsCurrent
FOBFreight
Estimated
CFR India
Current CFR
India
$/t
Black Sea available not concluded 295–305 34-35 329—340
Baltic Sea available not concluded 285–295 39-41 324—336
China available not concluded 286–290 15-23 301—313 325–329
Middle East available not concluded 290–300 12-15 302—315
Indonesia available not concluded 304–320 10-12 314—332
Nepal's AICL closes urea purchase tender ■ Nepal Agricultural Inputs Company (AICL) has closed a urea purchase tender (35,000 t) on April 29. The best price was offered by Valency at $358/t CPT Nepal. According to the tender conditions, the product should be delivered to AICL’s warehouses in Biratnagar, Birgunj and Bhairhawa (Nepal). The fertilizer will be shipped from China. Japan’s urea imports go up in March ■ Japan Japan imported 19,522 t of urea in March 2014, 25% up compared with March 2014. The main volumes were delivered from Malaysia and China. Japan’s traders imported in total 57,666 t of urea during three months of 2014.
Pakistan reduces urea imports ■ Pakistan In Q1 2014, urea sales in Pakistan’s market totalled about 1.7 million t with domestic product accounting for 1.4 million t. This year the government has reduced the fertilizer imports to support domestic production. In April, SABIC delivered to the country 60,000 t of the fertilizer under the contracts and is expected to supply about 90,000 t in May. Urea stocks in Pakistan’s warehouses amount to about 300,000 t in April. Market players report that Pakistan does not intend to import fertilizer in the near term.
AN prices at Black Sea ports weaken Offers for CIS-origin AN at $260—270/t FOB Black/Baltic Sea do not attract traders. NF Trading has already decreased offers and sold an AN cargo to Turkey at $255/t FOB Nikolayev. Importers in LAM and North Africa are also targeting the prices not higher than $255/t FOB.
Russian and Ukrainian producers have unsold volumes for May shipment due to extremely slow AN market. Bulgarian, Romanian and Georgian producers will increase AN supply to the foreign markets as the spring season in those countries is coming to an end. To avoid oversupply and strengthen AN prices in the region, they are likely to cut AN output in the near term. Some Russian producers have already announced maintenance at their plants in May—July. Three of four Ostchem’s plants located in Ukraine will be running at low capacities in May.
250
260
270
280
290
300
310
320
330
Jan Feb Mar Apr May Jun
2014
FOB Black Sea FOB Baltic Sea
Ammonium Nitrate Prices ($/t)
Russia AN exports (01.04—27.04)
Producer Grade Country Delivery point Quantity Price '000 tonnes, $/t
AN 257,5
Acron 83,2
Acron fert Latvia DAF Russia/Latvia 5,4 332–352
Acron fert Brazil DAP Russia/Latvia 35,2 231–309
Acron fert Ecuador DAP Saint Petersburg 1,0 240
Acron tech Kyrgyzstan FCA Novgorod-on-Volkhov st. 1,7 382
Acron fert Peru DAP Saint Petersburg 9,7 249–278
Dorogobuzh fert Brazil DAP Russia/Estonia 28,6 270–290
Dorogobuzh fert Moldova DAF Russia/Ukraine 1,6 305
NF Trading sells AN to Turkey ■ Ukraine, Turkey This week NF Trading has sold a 20,000 t cargo of Ukrainian-origin ammonium nitrate at $255/t FOB Nikolayev. The product will be delivered to Turkey next month.
Lithuania produces more AN ■ Lithuania In March 2014, Lithuania increased its output of ammonium nitrate by 9.6% to 57,375 t from 52,328 t in February. At the same time, it is 9% more than in March 2013. Over three month of 2014 Lithuania produced 168,174 t of AN (a 9.5% gain y-o-y).
Turkey resumes AN import This week NF Trading has decreased AN offers from $260/t to $255/t FOB Black Sea. A Turkish importer has bought 20,000 t of AN from the trader for May delivery. In general, demand for imported AN in the country is moderate as local producers still have unsold volumes available at low prices equal to $265—270/t CFR Turkey.
Brazil imports AN alternatives Ammonium nitrate market in LAM region is slow. Over the last few months Brazil decreased AN imports sharply. One of the reasons is government restrictions on port storage of AN. At the same time, Brazilian consumers increased purchases of other nitrogen fertilizers. This month Uralchem continues supplying NP (33:3) to Brazil: over 82,000 t of the product have already been shipped from the Baltic Sea, the tonnage will be delivered to the country in late May. Besides, Phosagro will supply significant volume of SAN to Brazil under a long-term contract. The company has already switched the AN line in Cherepovets to SAN production in April and can make around 35,000—40,000 t of the product per month. In addition, traders have booked a few cargoes of CAN from Eurochem and Yara for May.
Yara increases AN and CAN sales in Q1 ■ Norway Yara has announced its Q1 production and sales results. In January—March 2014, the company produced 1,520,000 t of ammonium nitrate, which is equal to Q1 of 2013, and sold 1,569,000 t of AN as a fertilizer (1,458,000 t of which were made by Yara), a 7.9% increase y-o-y. Besides, in Q1 Yara manufactured 330,000 t of CAN, up 1.2% y-o-y, and sold 279,000 t as a fertilizer (277,000 t of which were Yara-produced), a 6.9% gain y-o-y.
UAN prices out of CIS to decrease There have been no new deals reported at the Black and Baltic Sea ports this week. Russian producers keep shipping UAN under earlier concluded contracts. Sources report producers offer UAN at $250—260/t FOB Black/Baltic Sea. This price is unlikely to spark buyers’ interest due to the current UAN market situation. Prices are expected to drop to $230—240/t FOB Black/Baltic Sea in the coming weeks as demand in the main consuming markets is low.
220
240
260
280
300
Jan Feb Mar Apr May Jun
2014
FOB Black Sea FOB Baltic Sea
UAN Prices ($/t)
Russia UAN exports (01.04—27.04)
Producer Grade Country Delivery point Quantity Price '000 tonnes, $/t
Total 158,4Acron 76,4Acron 32 United States DAP Russia/Estonia 76,4 213–242
Eurochem 82,0Nevinnomyssk 32 United States FOB Novorossiysk Port 58,7 262–310
FOB Damietta 238–240 240 -1 Slow demand in Europe impacts Egyptian producer Abu Qir seems not to appear with a tender in the near term due to the current weak UAN market. The producer sells fertilizer in small lots to traders. Late last week, Abu Qir sold about 5,000—6,000 t to Keytrade at $238—240/t FOB Damietta. The price is not expected to change considerably in the near future.
UAN prices unchanged in USA UAN application in the USA is ongoing. Consumers are busy moving the fertilizer from tanks to fields. The tanks are quite full, though importers hold off purchases of new tonnes. Prices for UAN remain unchanged. The US Gulf quote is in the range of $300—310/t CFR.
260
280
300
320
340
Jan Feb Mar Apr May Jun
2014
CFR US Gulf
UAN Prices ($/t)
USA UAN import
Country Feb 14 Jan 14 Jan-Feb 14
'000 tonnes
Total 303,7 261,1 564,8
Russia 145,9 134,6 280,6
Trin & Tobago 107,0 54,2 161,3
Egypt — 34,2 34,2
Canada 24,4 28,9 53,4
Netherlands — 9,2 9,2
Others 26,3 — 26,3
€/t 30.04.2014 24.04.2014 Change
FCA Rouen 212–218 212–218 unch
European market calm European UAN market sees little change this week. Demand for prompt tonnages remains low. The product is being delivered to Spain and Germany under last sales out of Egypt. UAN for prompt delivery in France is offered at €212—218/t FCA Rouen and even at €220/t FCA Rouen. The product for September delivery sells at €180—185/t FCA Rouen.
Demand for AS produced in CIS low This week demand for ammonium sulphate produced in the CIS has been low. Market players expect CIS suppliers to decrease their capro grade prices to about $115/t FOB Black Sea and even lower. Nevertheless, no price changes have been heard from the last week. Metinvest has held a tender to sell steel grade product. The buyer is still unknown, but prices are rumoured to be below $100/t FOB Black Sea.
Importantly, some CIS producers are running at reduced rates. For instance, Kuibyshevazot has decreased operation rates by 10% because of problems with feedstock supplies, Shchekinoazot has stopped production because of fire and Kemerovo has halved its capacity utilization.
90
100
110
120
130
140
150
160
Jan Feb Mar Apr May Jun
2014FOB Black Sea (capro)FOB Black Sea (steel)
Ammonium Sulphate Prices ($/t)
Russia AS exports (01.04—27.04)
Producer Grade Country Delivery point Quantity Price '000 tonnes, $/t
FOB South Korea (capro) 130–135 130–135 unch Demand for Chinese AS low Demand for Chinese capro and steel grade ammonium sulphate has remained low this week. Capro grade product is quoted at about $115/t FOB China. But no new purchases have been heard yet. Demand for steel grade has been weak as well. Nevertheless, a Vietnamese buyer has been seeking for 3,000 t of Chinese steel grade AS. The buyer’s indications are about $110/t CFR Vietnam (the netback is about $95/t FOB China). Chem-Courier learns that Northern China has cut container shipments to the South and South East Asia. This measure constrains container availability and may drive up prices. Market players are seeking out logistic substitutes.
USA increases AS exports ■ USA, Brazil In February 2014, the USA exported about 105,150 t of ammonium sulphate, 89.5% up y-o-y and 19.9% down m-o-m. Brazil was the main destination in February, accounting for about 53% of the US total export volumes.
AS market slow in Brazil This week demand for ammonium sulphate has stayed low. No new spot deals have been heard. Therefore, prices for capro grade AS remain unchanged and range at about $150—155/t CFR Brazil. Market players say that Comexport tried to sell Polish granular ammonium sulphate. The cargo volume is about 25,000 t, but the negotiations are still underway.
140
150
160
170
180
190
Jan Feb Mar Apr May Jun
2014
CFR Brazil
Ammonium Sulphate Prices ($/t)
Brazil AS imports
Country Mar14 Feb14 Jan-Mar14
'000 tonnes
Total 152,0 156,4 450,7
Belgium 82,4 50,5 172,6
United States 26,3 26,8 87,7
Netherlands 9,5 22,7 32,4
China 3,6 0,6 30,5
Poland 25,7 37,5 63,2
Belarus — 0,1 0,1
Russia 0,1 9,2 18,3
S. Korea — 6,0 6,0
Germany 4,5 3,0 13,5
Others — — 26,3
$/t 30.04.2014 24.04.2014 Change
CFR Turkey (capro) 138–143 138–143 unch
CFR Turkey (steel) 126–130 126–130 unch
Turkish buyers wait for lower AS prices Buying activity has been slow in Turkey this week. As ammonium sulphate demand is not very strong in Turkey, traders have decided to wait till prices go down slightly. For instance, late last week Ege has been offered Ukrainian steel grade product at about $110—115/t CFR Turkey (the netback is about $93/t FOB Black Sea), but the buyer refused the offer. Prices for capro grade AS have remained unchanged since last week’s purchase of 25,000 t of OCI-produced AS by Gubretas at about $138/t CFR Iskenderun.
AS market sluggish in SE Asia Ammonium sulphate demand remains low in the SE Asia. Thus, AS market has been calm this week. Only small cargoes of Chinese AS have been heard to be shipped to this region. Same as last week, a Vietnamese buyer has been seeking for AS. The buyer wanted to purchase 3,000 t of steel grade AS at about $110/t CFR (the netback is about $95/t FOB China), but the negotiations are still underway. Besides, Chinese market players are waiting for Malaysian FPM’s purchase tender in June—July.
Methods of price assessment of mineral fertilizers and raw materials for the global market
Frequency Prices are assessed of the data obtained from Friday (last week) through Thursday (current week) (before deals are closed at 04:00 PM Kiev time) Information sources Prices are based on survey of suppliers (traders, producers) and importers. Offers from suppliers and actual deals on certain payment basis are taken into account. Prices are in US dollars per metric ton, except cases specified in the table. Delivery time Within 3-6 weeks from the date of price publication.
Products specifications, contract basis and standard quantity of parcels
Product Quality
specifications
Contract basis Quantity,
‘000 tonnes
Terms of payment
Urea granular FOB Black sea
granular FOB China ≥ 5 100% prepayment, LC
granular FOB Egypt ≥ 5 100% prepayment
granular FOB Indonesia ≥ 5 100% prepayment, LC
granular FOB Malaysia ≥ 5 100% prepayment, LC
granular FOB Middle East ≥ 5 100% prepayment, LC, CAD
granular FOB NOLA ≥ 5 100% prepayment
prilled FOB Baltic sea ≥ 5 100% prepayment
prilled FOB Black sea ≥ 5 100% prepayment
prilled FOB China ≥ 5 LC, T/T, 100% prepayment
prilled FOB Indonesia ≥ 5 100% prepayment, LC
prilled FOB Middle East ≥ 5 CAD, LC
prilled CFR Brazil ≥ 5 100% prepayment
prilled CFR Gulf of Mexico ≥ 5 LC, 100% prepayment
prilled CFR India ≥ 5 LC
prilled CFR Turkey ≥ 5 LC
Ammonium Nitrate 34% FOB Black Sea ≥ 5 100% prepayment
34% FOB Baltic Sea ≥ 5 100% prepayment
34% CFR Turkey ≥ 5 LC
34% CFR Brazil ≥ 5 100% prepayment
CAN 27% CIF Germany ≥ 3 100% prepayment
UAN 32% FOB Baltic Sea ≥ 5 100% prepayment
32% FOB Black Sea ≥ 5 100% prepayment
32% FOB Damietta ≥ 5 100% prepayment
28% FOT Ruen (€) ≥ 5 100% prepayment
32% CFR US Gulf ≥ 5 100% prepayment
Ammonium Sulphate steel FOB Black Sea ≥ 5 100% prepayment
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