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

Urea

Globally prices remain under pressure as quotes for fresh shipments move lower again. Some now see urea prices almost at their floor. Chinese producers, who produce 45% of the total global market, are now seeing negative margins.

There is still a large amount of business to be concluded into the US and Europe and buyers are just starting to return to the market.

In the UK, there are stocks in store but some have already moved onto April terms. There could be a shortfall in product as immediate demand picks up.

Ammonium nitrate

New vessels of imported AN continue to arrive in the UK and the pressure on suppliers to move old stock in a competitive market continues.

CF has moved onto February delivery at January terms and remains dominant in the market.

NPK

Blenders continue to try to push levels higher to reflect raw material replacement costs. With demand remaining low, they are struggling to reach target numbers.

UAN

The weaker pound (compared with the dollar) means prices for replacement UAN arriving in the UK have firmed.