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Ammonia – Europe Transcript
ICIS reports on Ammonia on a global basis, with reports in Europe, Asia and the US.
At the same time, unlike our competitors we are able to draw on global resources in London, Huston, Singapore and Shanghai.
In Europe, we report on the key benchmark using the FOB spot price and also includes CFR prices for Africa and North West Europe.
In the Asia section we have CFR prices for India, Taiwan and Korea.
Throughout the week we speak to a wide range of people including producers, consumers and traders in order to obtain a broad range of accurate information for our subscribers.
All of our reporting is backed up by strong methodology.
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Updated to Q1 2016
Ammonia prices in Asia Pacific have moved down over the first quarter of 2016, starting the period in the $410-440/tonne CFR Taiwan/Korea range to be quoted around $370/tonne CFR at the end of March.
Market fundamentals were weak during most of the quarter on ample supply and limited demand.
A flurry of spot business was seen in Korea during January as buyers took advantage of falling prices for February and March cargoes, while Taiwanese buyers were unable to take advantage of the lower prices to the same extent due to high inventories. Prices hit a low of $347/tonne CFR Korea in the first half of February.
However, prices started to pick up again in the second half of March as CFR prices started to reflect higher FOB numbers from the Arabian Gulf.
Suppliers also reported strong demand from caprolactam and acrylonitrile producers in China, Korea and Japan, with contract customers wanting feedstock as quickly as possible to meet downstream demand and to beat the rising prices in the Arabian Gulf.
Updated to Q1 2016
The ammonia market remained fundamentally long at the start of 2016, and the benchmark Black Sea ammonia prices declined in January but then stabilised after production cutbacks.
Ukrainian producer OPZ shut down one of its two ammonia units, which had still not restarted at the end of the quarter. Meanwhile, Russian producer Togliatti initially shut down three of its seven plants before restarting two, with the remaining unit expected to restart by the end of Q1.
The Yuzhny price started the year at around $280/tonne FOB, but then declined to a low for the quarter of $250/tonne FOB in mid-February before moving back up again slightly to end the quarter around $270/tonne FOB.
Prices have been flat through March, but there is a lack of availability for April shipments from Yuzhny given the continued shutdown at OPZ.
Updated to Q2 2015
The domestic ammonium phosphate market received support from the export market from April to June, as the low demand season continued.
Export demand offset the end of the domestic demand season in April, which tempered the fall in domestic prices. In May, large-volume export orders pushed up granular monoammonium phosphate (MAP) export prices from $355/tonne FOB to above $370/tonne FOB. Selling ideas for large and medium-sized diammonium phosphate (DAP) producers firmed at $465/tonne FOB. In addition, the cancellation of favourable electricity prices for fertilizer producers lifted production costs, which gave the incentive for ammonium phosphate producers to firm their prices. However, from mid-to-late June, limited new orders for DAP slightly pulled down discussion levels. Export prices of some small and medium-sized DAP producers were no higher than $465/tonne FOB. Domestic MAP prices were largely stable on modest demand from the compound fertilizer producers as the autumn purchase season arrived earlier.
Supply tightened slightly as many ammonium phosphate producers conducted maintenance in April-May and this also supported the domestic market. The next turnaround season will arrive in October-November before the peak winter buying period.
At the end of June, most ammonium phosphate producers said that the market would unlikely regain steam in the near term. However, most of them have received enough orders for production until the end of July to prepare for the autumn buying starting from mid-August. Hence, they are mostly expecting prices to remain largely flat, with little downside potential.
ICIS reports on ammonia on a global basis, with reports in Europe, Asia and the US. At the same time, we are able to draw on global resources in London, Houston (Texas), Singapore and Shanghai.
In Europe, we report on the key benchmark using the free on board (FOB) Yuzhny spot price and also include cost & freight (CFR) prices for north Africa and northwest Europe (NWE).
In the Asia section, we have CFR prices for India, Taiwan and Korea. Throughout the week, we speak to a wide range of people – including producers, consumers and traders – in order to obtain a broad range of accurate information for our subscribers. All of our reporting is backed up by a strong methodology.
ICIS collects pricing data on a wide range of chemical, energy and fertilizer products, including Ammonia. Our extensive experience in price reporting means we can offer you access to historical data dating back more than 20 years for certain commodities.
Our time series of pricing data enables you to build and model trends, to get a view of where markets might be heading. The data service includes charting functionality, allowing you to chart and download multiple data series for manipulation in your own internal models. You can also export data to Excel via the ICIS dashboard service.
ICIS launches Global Ammonia Markets General Methodology Consultation more >>
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