NewsFlashBlack Sea urea hits $700/tonne record

04 July 2008 09:41  [Source: ICIS news]

LONDON (ICIS news)--The benchmark Black Sea urea price has reached a record high $700/tonne (€448/tonne) ahead of expected buying in India and Latin America, traders said late on Thursday.

Prilled urea prices have risen sharply from $661-662/tonne FOB (free on board) Yuzhny last Friday. Ukrainian producer Cherkassy sold 10-20,000 tonnes at $690-695/tonne FOB for July loading.

Ukrainian traders and distributor Agrofertrans sold prilled urea to traders at $680/tonne FOB for second-half July shipment. It has 15,000 tonne left to sell for July and will target around $700/tonne FOB.

The $700/tonne FOB mark has been exceeded for forward business. Ukrainian producer Gorlovka sold 10,000 tonnes to a trader at $700-710/tonne FOB for August shipment.

Black Sea prices have risen on the back of trader buying. These traders have jumped into the market to take long positions ahead of expected further buying in Latin America and India.

($1 = €0.64)

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By: Carl Roache
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