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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 Q4 2015
Ammonia prices in Asia Pacific remained relatively stable during the final quarter of 2015, with prices creeping up to $500/tonne CFR Korea in late November before starting to slip back to reflect lower FOB prices in the Arabian Gulf.
Little spot business was seen in Korea or Taiwan as downstream plant maintenance at caprolactam (capro) and acrylonitrile producers suppressed consumption rates that created higher inventories and reduced storage space for potential purchases.
Taiwan’s CPDC carried out extended maintenance at its plants, as did two customers of Korea’s SFC. Thailand’s Ube purchased 25,000 tonnes of spot product priced at $455/tonne CFR Rayong from Trammo following a deal agreed during the IFA Crossroads conference in Kuala Lumpur, Malaysia.
Yara’s Pilbara plant in Australia experienced a difficult quarter, as a rupture in the sea water system in early October resulted in more than one unscheduled shutdown that saw Yara source a cargo for a Korean customer in Saudi Arabia instead.
Updated to Q4 2015
Against a backdrop of regional and global oversupply, the benchmark Black Sea ammonia price slumped 20% during the fourth quarter. The key Yuzhny price fell to just above $320/tonne FOB as producers struggled to place cargoes after the usual seasonal strong demand from the US failed to materialise.
So challenging was the situation, major supplier Ameropa sold nearly 100,000 tonnes on a spot basis in mid-December to several buyers, including a pair of cargoes to buyers East of Suez who took advantage of the situation to secure product at favourable prices.
Ameropa had been left long after regular Belgian buyers BASF and EuroChem secured spot cargoes in early December from PCS and Trammo, respectively. This compounded oversupply issues caused by lower consumption rates at Moroccan phosphates giant OCP.
In an unusual move, leading Ukrainian manufacturer OPZ agreed a gas tolling deal with Austrian-based trader Antra that saw the Vienna-headquartered firm receive the majority of the producer’s ammonia and urea in return for feedstock.
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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