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

Urea

Urea markets firmed this week as a number of spot trades were concluded, pushing Egyptian FOB prices up by $20/t.

UK importers have reacted to this and increased prices, although the new levels remain below true replacement values.

Traders have taken advantage of the dip in global markets during June, most covering sales that are already on the books and the first vessels of the year are already booked to arrive in to the UK in July.

Ammonium Nitrate

AN markets have quietened this week, which is expected as harvest begins.  Markets across Europe, however, remain firm and CF’s prices continue to be extremely competitive, limiting the volumes of imported product arriving in the UK.

UAN Liquid

Prices remain attractive against AN levels and many growers continue to book a percentage of their tonnage. Last year the market firmed by £70/t from the early season lows and with other nitrogen markets firming, the feeling is that a similar trend could occur.

PK

A correction in the global phosphate market has started to trickle through to the UK and prices have eased.

Potash on the other hand continues to look firm and further increases may be seen as demand picks up.

The autumn PK market is yet to kick off and currently prices are unchanged.