Letters of Intent were sent out by MMTC for 549,000 mt to be delivered by June 21. The difference between what was expected to be awarded and the final number was only 1,000 mt, which was reflected in the Swiss Singapore award. The trader was awarded 45,000 mt instead of the estimated 46,000 mt. Sources said a new tender for urea could be called as early as next week. The buyer will face higher prices.
K+S Group, Kassel, today posted a 27 percent increase in first-quarter EBITDA, to €126 million on revenues of €733.3 million, up from the year-ago €99.3 million and €647 million, respectively.
Agriculture customer segment revenues were up 3 percent at €469 million, while the division’s sales volumes rose 6 percent to 2.01 million mt from the year-ago 1.9 million mt.
“The rapid recovery in overseas potassium chloride prices seen in the first quarter and the assumption of an improved early fills business with de-icing salt” has led K+S to raise its full-year 2021 EBITDA guidance to between €500 million and €600 million, up from the previous forecast of €440 million to €540 million (FY2019: €267 million).
The new guidance has beat the average analyst estimate of €466.9 million, according to a Bloomberg report (range €306 million to €584 million, Bloomberg Consensus). The guidance continues to include the one-off gain of around €200 million generated by the closing of the REKS joint waste management venture.
Yara International ASA, Oslo, and Japan’s largest power generation company, JERA Co., Inc, have signed a Memorandum of Understanding (MOU) to collaborate on the production, delivery and supply chain development for blue and green ammonia, to enable zero-emission thermal power generation in Japan.
The collaboration aims to decarbonize JERA’s power production and provide Yara with a footprint in the strategically important Japanese market, the Norwegian major said in a statement announcing the MOU.
