US Gulf:
NOLA UAN barge prices slipped to $190-$200/st ($5.94-$6.25/unit) FOB in a very thinly traded market, down from last week’s $210-$220/st FOB range.
Eastern Cornbelt:
Urea remained at $440-$480/st FOB in the Eastern Cornbelt, with the high reported at Cincinnati, Ohio, for limited tons. Sources said Cincinnati inventories were nearly sold out during the week. Based on NOLA barge prices, however, some contacts speculated that forward urea prices might slip to the $365-$375/st FOB range at Cincinnati when stocks are replenished.
Western Cornbelt:
Urea prices slipped slightly to $425-$460/st FOB in the Western Cornbelt, with the low confirmed at St. Louis, Mo., for what was described as “thin” supply. Based on current NOLA barge values, however, some sources suggested that forward urea business may drop to $360-$370/st FOB St. Louis, and $380-$390/st FOB St. Paul, Minn., and Catoosa/Inola, Okla.
California:
Granular urea slipped to $550/st FOB Stockton, Calif., down $10/st from mid-June, with reports of prilled urea available at the $620/st level FOB San Diego. No current rail-DEL urea prices were confirmed in early July.
Pacific Northwest:
Urea pricing dropped to $450-$455/st FOB in the Pacific Northwest, down from $475-$480/st at last report, with the low confirmed at Rivergate, Ore. Rail-DEL pricing was quoted as low as $467/st in Washington for July tons.
Western Canada:
The latest delivered urea prices in Western Canada were reported in the C$535-$568/mt range for July-August shipment, down from the prior C$540-$700/mt DEL. Terminal pricing remained at C$530-$535/mt FOB for July tons in the region.
India:
Industry watchers continue to expect the next urea tender call to come around July 15. Sources noted that because vessels have now been nominated for the last of the tonnage awarded in the Rashtriya Chemicals and Fertilizers Ltd. (RCF) tender, an earlier tender call might happen without fear of sellers withdrawing tons from the RCF lots.
Southeast Asia:
Indonesia remains out of the export market. Sources described Pupuk Holdings as unresponsive to inquiries from traders looking for July and August cargoes.
The Petronas Gurun urea and ammonia plant in Malaysia is back online. The 700,000 mt/y facility is expected to be back at full production next week, although no spot sales from the plant are expected anytime soon. The plant, which shut down unexpectedly last month, will focus on fulfilling its existing contractual obligations, as well as repaying tons covered by swap deals agreed with other producers during the closure.
Middle East:
With sales books reportedly full through July and into August, Arab Gulf producers are showing no interest in inquiries for spot tons, sources said. The recent Fertiglobe deals, priced at $295-$312/mt FOB, remained the basis for public pricing in the region.
As the week closed, Egypt’s MOPCO closed two 5,000 mt granular urea sales, priced at $365/m FOB and $370/mt FOB. The business came on the heels of aggressive buying last week that ran the price up by more than $40/mt. The week started quietly, with office staff returning to work from the Hajj holiday.
Iranian urea exports softened 11% in January-May, Trade Data Monitor reported, to 1.5 million mt from the year-ago 1.7 million mt. May exports slipped to 460,000 mt, from 463,000 mt recorded in May 2022. Turkey purchased 252,000 mt, Thailand took 66,000 mt, and South Africa received 63,000 mt.
China:
Sources noted July export prices bumping up slightly. Granular urea was reportedly available at $310-$315/mt FOB, while prilled material was pegged at $300-$310/mt FOB. August prices for both grades of urea are expected to settle below $300/mt FOB, however, with traders pointing to limited offshore selling opportunities and growing reserves within the country.
Black Sea:
The price for prilled urea remained steady at $244-$249/mt FOB.
Brazil:
The imported price moved up to $335-$345/mt CFR. Sellers were reported pushing for $360/mt CFR at the end of the week, a level that sources believe could be achieved in the week ahead.
The Rondonopolis price widened to $465-$490/mt FOB ex-warehouse. The short-lived price bump reported in late June was replaced with a drop on the lower end, reportedly due to low urea demand. Fresh lows are expected in the coming months.