Corrected: US granular urea bottoms out and turns upward

28 August 2008 16:04  [Source: ICIS news]

Correction: In the ICIS news story headlined "US granular urea bottoms out and turns upward" dated 28 August 2008, please read in the second paragraph ...$750-760/short ton... instead of ...$755-760/short ton... and in the third paragraph ...$745/short ton... instead of ...around $745/short ton.... A corrected story follows.   

LONDON (ICIS news)--US granular urea prices bottomed out before moving up $5/short ton (€3.40/short ton) on the back of renewed buying interest, traders said on Thursday.

Granular urea barge price ideas have moved up to $750-760/short ton FOB (free on board) Nola (New Orleans) from $745-755/short ton FOB Nola on Tuesday.

Prices bottomed out at $745/short ton FOB Nola at the start of the week.

Rising international prices and the onset of winter wheat application has prompted buyers to step in and purchase barges. As a result, prices moved upwards for the first time in over a month.

Demand was expected to be healthy from now till the October closing of the Mississippi river.

Moreover, with US urea inventory levels fairly low and Chinese urea exports set to be further restricted through to the end of the year, US urea prices could continue to firm, traders said.

“There will be a big push running up until the river close,” said a trader.

($1 = €0.68)

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By: Carl Roache
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