Yuzhny and Baltic urea finds $320/tonne floor

15 February 2008 10:34  [Source: ICIS news]

LONDON (ICIS news)--Key international benchmark urea fertilizer prices in Yuzhny and the Baltic have stopped sliding and hit a floor thanks to renewed buying in Turkey, Mediterranean Europe and Africa, traders said late on Thursday.

 

Prices were thus thought to have bottomed out at at $320/tonne (€218/tonne) FOB (free on board), traders said.

 

The bulk of sales this week took place $5/tonne higher than last week at $325-330/tonne FOB Yuzhny, or possibly slightly higher. Some producers were now looking for $340/tonne FOB Yuzhny.

 

Meanwhile in the Baltic, spot business was predominantly around $325-340/tonne FOB, up $5-15/tonne from last week.

 

In Yuzhny, producer Gorlovka sold small volumes for March loading at around $330/tonne FOB.

 

Similarly in the Baltic, trader Acron sold around 10,000 tonnes to traders at close to $340/tonne FOB, while another supplier reportedly sold around 10,000 tonnes at $325/tonne FOB Kaliningrad.

 

Some sales below $320/tonne FOB Yuzhny/Baltic were reported, but these were mostly purchases to cover short positions.

 

($1 = €0.68)

By: Carl Roache
+44 20 8652 3214

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