20 November 2009 13:28 [Source: ICIS news]
LONDON (ICIS news)--Global granular urea prices have firmed on the back of stronger demand and higher prices in the ?xml:namespace>
US prices for prompt granular urea barges climbed this week, boosted by healthy demand and low inventories at the dealer and wholesaler level.
Sales started the week at $276-278/short ton (€185-186/short ton) FOB (free on board) New
Stronger demand and pricing in the
For example, this week 30,000 tonnes of Egyptian urea was reported to have been sold to a trader at $280/tonne FOB for December shipment to the
Then on Friday, a further 25-30,000 tonnes was reported sold at $285/tonne FOB for the
Prior to these trades, Egyptian urea prices for November shipment had reached $270/tonne FOB, illustrating the sharp price increase over the past week led by the US market.
Barring very heavy spot imports in December, US import supply will be 600-700,000 short tons lower than last year in the July-December period, market sources said, which has encouraged some to step in and buy now.
European prices will also likely see a rise as they typically rely on
On top of this, a trader purchased 42,000 tonnes of granular urea from
Last week, Chinese granular urea indications were assessed around $267-269/tonne FOB, again illustrating the upward direction of global granular urea prices.
($1 = €0.67)
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