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ICIS June Urea Report

Fertiliser analysts ICIS have reported that over the past month, urea prices have remained stable. There has been sufficient demand, but there has not enough  to prompt suppliers to raise prices. Prices from Ukrainian suppliers will struggle to fall below $230/t FOB, as Ukrainian producers see this as a break-even point for the current gas prices, and will shut plants instead of selling at lower levels and operating at a loss.

China has started to offer urea for export, with a 10% tax rate. However, prices from China remain uncompetitive and traders are waiting for prices to fall before making any large purchases.

There is still slow trade in Latin America, as a lack of credit and tight margins keep traders at bay. In Europe, urea suppliers have been forced to lower prices as nitrate prices have been set at lower levels for the 2009/10 season. Falling prices for grains and oilseeds over the past month has had a bearish influence upon fertiliser markets.

02/07/09