Urea
Egyptian urea has traded at $330/t FOB, which is an increase of around £10/t against values quoted last week. European buyers are starting to surface and traders are positioning themselves ahead of a busy Q4. The firm £:$ exchange rate is limiting the upside in the UK, but any currency change would see an immediate reaction.
Ammonium nitrate
Sales and deliveries of ammonium nitrate to date are showing that both the UK and Europe are well behind a normal season. Pressure is building on prices from granular urea and manufacturers in Europe are starting to show signs of cracking. Yara has corrected CAN prices downwards and a similar correction in AN is expected as manufacturers look to protect their business in Europe.
Potash
MOP values are very stable, with the international market holding firm. We expect to see prices remain static or increase slightly.
Phosphate
Difficulties with India’s currency exchange rate against the US Dollar are making for a tricky market. Reduced buying is again pressuring worldwide prices, making them attractive to UK buyers, at below £280/t.
