Calum Findlay comments on the markets

Volatility remains in the global urea market. Some traders are liquidating positions into the only sizeable market at present, the US.

India and Brazil will return to the market, potentially as early as February for March shipment, which could offer support and take the majority of supply out of the market once again.

UK urea values remain stable to firm, with limited stock in the country and little appetite for new vessel arrivals. The 46N product remains very competitive and continues to trade at a discount to 34.5 AN product on a £/kg of N basis.

UK AN manufacturer CF returned to the market at the beginning of the week, £15/t higher than December.

Product availability/on-time delivery will potentially become more relevant to late buyers than price in the coming months. 

Potash, phosphate and nitrogen sulphur products all remain at elevated levels, and with the level of demand seen in the last week in the UK, prices remain supported.