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

Ammonium nitrate

CF has released new terms this week, raising prices by £10/t. This reflects the increase seen across Europe last week.

Currently the February offer for CF products remains open. However, this is likely to fill quickly as buyers continue to cover further requirements ahead of the first application window.

Imported AN terms are available for February/March, but tonnes are extremely limited across the whole of Europe. Producers have committed the majority of stock through February and March.

As seasonal demand continues to pick up, availability is going to tighten further.

Granular urea

Urea prices have hit 16-month highs as demand improves across a number of markets, at a time when supply issues remain a concern.

The US, which is expected to remain significantly short of tonnes, has picked up activity. Prices for February barges have increased by $32/t over the past month.

Stocks in the UK continue to dwindle and there is no news of any fresh vessels arriving.

Suppliers who would usually look to step into the market to buy vessels are instead trying to cover requirements in the trade. They are having to pay up for the limited tonnes that are available.

UAN

The UAN market in France has continued to move higher, following increases in the AN and urea market.

As forecasts are for further price increases for both AN and urea, this would suggest UAN will also follow a similar trend.

Gleadell’s current UAN offer represents significantly better value than other N sources on a cost per unit basis.