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

Granular urea

With prices rising by $50/t in FOB markets through November, offers for the current period are now significantly above month-ago forecasts.

Despite India withdrawing its most recent tender due to the high prices, fundamental factors remain unchanged.

The US and Europe remain short for the spring and exports from significant producer nations remain limited.

In the UK product looks set to remain tight for Jan/Feb/Mar, as replacement values for fresh shipments look very expensive compared with where the market is trading.

Ammonium nitrate

Prices out of the Baltic and Black Sea remain supported as supply concerns deepen for all of Western Europe.

All CF fertiliser terms will be withdrawn at midday today (2 December) as the nitrogen market continues to tighten.

The forecast is that CF and imported product has sold out for January, and only February/March terms will be available from next week.