Calum Findlay, Gleadell’s fertiliser manager, comments on the markets

Ammonium nitrate

In Europe, Yara has announced new AN 33.5% prices, up €2/t on previous levels.

Whilst UK demand has eased, ammonium nitrate remains the main focus for growers, with attractive terms still on offer.

CF continues to take orders and, with a large tonnage already booked, has moved onto September delivery.

Imported stocks for spot delivery are now running low. September terms are available with prices up by £3/t.

Granular urea

At the end of last week India issued a tender to close on the 15th July for shipment through until the end of August.

As markets remain quiet, the tender will give a good indication of prices for August shipment.

In the UK, prices have stabilised at current levels. Offers remain below replacement cost as expectations are of a potential price reduction globally.

Urea continues to be the most competitive buy on a cost per kg N basis. Given the continuing uncertainties over currency, we would advise continuing to buy tonnage.

P and K

Activity has picked up as growers have begun looking at autumn PK requirements.

Both phosphate and potash markets have been affected by the recent weakness in the pound, which has pushed up replacement values.

Blenders have firmed PK values in line with the increasing cost of raw materials.