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

Nitrogen

CF is withdrawing terms today after Yara increased the price of 33.5% nitrogen in Europe by €2/t to €230/t bulk delivered.

The expectation is that CF will firm levels, following the trend set elsewhere.  Imported ammonium nitrate can potentially be picked up at a small discount to CF close to port, although availability remains extremely limited.

Urea markets were notably quiet this week.  Whilst prices remained stable for most, the US and South American markets started to see prices rise on the lack of supply. 

Egyptian producers are reducing production rates, looking at shutting down lines in order to run scheduled maintenance. This, along with the recent Indian tender, will prevent a buildup of global stocks over the next month.

With harvest well underway, the UK market is understandably quiet, although prices remain supported at current levels.

UAN

Liquid continues to be booked for autumn tank fill and as urea and AN markets begin to firm, UAN is expected to follow suit. Last year the market firmed by £70/t from the early season lows and the feeling is that a similar trend could occur.

PK

Phosphate values have settled after the price squeeze over the past week. Demand has started to increase, particularly for DAP as a starter fertiliser for establishing OSR crops.

Potash levels remain firm and prices unchanged.  Fibrophos and P-Grow remain popular cost saving alternatives to bagged PKs/TSP.