U.S. Gulf: Loaded granular barges and those to be loaded soon were quoted in the $350s/st FOB last week. There was more contention on pricing for barges to be loaded within the next two weeks, however, with players putting those in a broader range at $328-$345/st FOB.
While first-half June prices were generally called $328-$345/st FOB, price ideas for all June were lower at $310-$328/st FOB.
Prills were in short supply, and the most recent trades were put in the $290-$295/st FOB range. Price ideas for the next round of business were $300/st FOB or higher.
A cargo with Yara’s Libyan prills is expected into NOLA soon.
Eastern Cornbelt: The granular urea market remained at $365-$375/st FOB in the Eastern Cornbelt, with the low confirmed for spot tons in Cincinnati, Ohio.
Western Cornbelt: Granular urea had reportedly firmed to $370-$395/st FOB in the Western Cornbelt, fueled by tight supply and continued logistics issues on the river system. The low end of the range was reported in the Iowa market last week, with the upper end in Nebraska.
One Missouri source pegged the common dealer market solidly at the $380/st FOB mark out of river terminals last week.
Southern Plains: Fueled by a “rapid increase in the past two weeks,” the granular urea market was quoted at $365-$370/st FOB Catoosa and Inola, Okla., up a full $25/st from early May pricing levels. Most saw the price increase as short-term, however, owing to river logistics issues and temporary inventory issues. “What goes up will eventually go back down,” said one regional contact.
South Central: Sources described fieldwork as very quiet in the South Central region last week, although urea applications on rice are set to begin in many areas. “We should see some heavy rice applications in the next 30 days,” said one source.
Granular urea pricing had reportedly firmed to $365-$375/st FOB in the South Central region, up some $25/st from early May levels, with the low in Memphis and the upper end quoted in the Little Rock, Ark., market.
Southeast: Granular urea pricing in the Southeast was up, with most sources quoting the market firmly at the $370/st FOB level out of port terminals last week. That price reflected a $10/st increase from last report, and some sources said they expected the spot market to move up to the $375/st FOB mark for the next round of business in the region.
India: Things have quieted down as IPL finalized awards from its recent tender, and as people prepare to leave for the IFA World Conference in Istanbul. The increase in prices from China also played havoc with the final take.
Sources now report that IPL will purchase about 775,000 mt. Just as the tender closed, sources expected IPL to take well over 1 million mt. Initial announcements of awards put the tonnage at 820,000 mt, with expectations of more to come.
In the end, however, traders were hard-pressed to secure tons from China at pricing levels that would allow for even a break-even deal. Many backed off from accepting counterbids from IPL.
The final tally of awards follows:
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Company |
Total Quantity (mt) |