US Jan urea imports rise by 400,000 short tons

12 March 2008 10:43  [Source: ICIS news]

LONDON (ICIS news)--US urea imports in January increased by over 400,000 short tons year on year, latest US government data revealed on Wednesday.

 

A report by the Department of Agriculture showed that imports increased to 1.02m short tons, up from 604,222 short tons in January 2007.

 

Imports from China and Kuwait saw a substantial rise, up over 320,000 short tons and 85,000 short tons respectively.

 

This large increase in imports has seen an ample supply of urea barges occupy the US Gulf area since January. Current estimates suggest around 300 barges are still there.

 

This, combined with lacklustre demand and poor weather conditions, has weakened US urea prices.

 

Numbers have fallen from above $420/short ton FOB (free on board) Nola (New Orleans) at the start of the year, to around $360-365/short ton FOB Nola currently.

By: Carl Roache
+44 20 8652 3214

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