14 January 2011 11:53 [Source: ICIS news]
LONDON (ICIS)--Urea prices in Egypt have climbed to a new two-year high of $425/tonne (€319/tonne), mainly due to healthy demand in Europe, traders said on Friday.
Egypt-based producer Mopco closed a sales tender on 12 January for 20,000-25,000 tonnes of urea for shipment in the second half of January.
Mopco subsequently sold 20,000 tonnes to trader Transammonia at $425/tonne FOB (free on board). The cargo was expected to be transported to ?xml:namespace>
Urea demand in Europe has strengthened, notably in
Sellers in Egypt, which is a major supply source to the region, have benefited from the stronger demand. As a result, urea prices have climbed to $425/tonne FOB.
Last week, urea prices in Egypt were at $412-415/tonne FOB.
The US Department of Agriculture's latest crop report, which revised down several ending stocks, supported the upward price movement.
($1 = €0.75)
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