04 March 2011 14:06 [Source: ICIS news]
LONDON (ICIS)--Global urea prices have fallen as a result of sluggish demand amid weak market sentiment, trader sources said on Friday.
With sellers continuing to outnumber potential buyers, urea prices remain under pressure and have suffered further losses this week.
Egyptian urea traded in the mid-$370s/tonne (€266/tonne) FOB (free on board), down from previous prices of around $400/tonne FOB.
In Thailand, the first substantial spot business in several weeks has taken place at below $400/tonne CFR (cost and freight). Prior to this, price indications had been around $405-410/tonne CFR.
“It is weak. I can’t see there is much demand to push price up,” said a trader. “The question is, how low will it go?”
($1 = €0.72)
For more on urea visit ICIS pricing fertilizers
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