15 October 2013 11:44 [Source: ICIS news]LONDON (ICIS)--Investors are over-estimating the improvement in the profitability of largest Polish chemical group Grupa Azoty that can be expected in 2014, an investment bank said on Tuesday.
The analysts also noted that they expected fertilizer prices to remain under pressure with little scope for recovery next year, given the deteriorating fertilizer market fundamentals in the second half of 2013. Urea prices are down 27% in the year to date on record Chinese shipments and capacity launches in low-cost regions.
“The recovery in chemicals is likely to be muted, with the fertilizer fundamentals remaining weak [and] the chemicals upswing is likely to be gradual and largely offset by the soft fertilizer market,” they concluded.
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