Egypt urea prices climb to two-year high of $412-415/tonne

07 January 2011 13:23  [Source: ICIS news]

LONDON (ICIS)--Urea prices in Egypt have climbed to a two-year high as a result of strong demand, traders said on Friday.

Prices reached $412-415/tonne (€317-320/tonne) FOB (free on board) – the highest level since October 2008.

Egyptian urea
 has been actively traded over the past two weeks and minimal January tonnes were now available.

An optimistic outlook in the US market, healthy demand expected in Europe and strong grain prices were some of the factors supporting the rise in prices, traders said.

“[The Egyptian market] is hot. There are positive signs in the US,” said a trader. “Also, Italy and France need to buy.”

Less than 35,000 tonnes remain unsold in producers’ hands for January shipment.

Among recent business deals, Egyptian supplier Alexfert sold the balance of its January availability, around 20,000 tonnes, to trading companies at $412-415/tonne FOB. The cargoes will be shipped in smaller lots, most likely to Europe.

Helwan Fertilizer Co recently sold 25,000 tonnes to trading company Helm and 25,000 tonnes to Transammonia at $412/tonne FOB for January shipment, most likely to the US.

($1 = €0.77)

For more on urea visit ICIS pricing fertilizers
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By: Carl Roache
+44 20 8652 3214

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