U.S. Gulf: Early reports were that prices ran up to the prior week’s high, which was in the low $340s/st FOB. As the week progressed, however, sources said prices drifted back into the $330-$335/st FOB range.
By the end of the week, word that India was deferring another round of urea buying put more pressure on the markets, and sources said prices had edged down to $329/st FOB.
In the meantime, sources said prills – perhaps in short supply now that Libyan material is offline – were firm, with the market called $330-$335/st FOB for recent trades.
Eastern Cornbelt: Granular urea pricing was pegged in the $365-$375/st FOB range in the Eastern Cornbelt for prompt pull, up $5/st from last report, with the low reported FOB Cincinnati. Spring prepay was reportedly being offered at the $380/st level FOB Cincinnati.
Western Cornbelt: Granular urea pricing in the Western Cornbelt had reportedly moved up considerably on the strength of a firming NOLA market, with sources quoting dealer pricing in the $370-$375/st FOB range out of most regional terminals last week.
The Catoosa, Okla., urea price was up as well, with the market reported firmly at the $370/st FOB level at the port, up $15/st from the prior week.
Northern Plains: Spot prices for urea were on the rise in the Northern Plains as terminals started to play catch-up to a firming NOLA barge market.
Sources quoted the Twin Cities urea market last week at a firm $375/st FOB, up some $25-$30/st from last report. Rail-delivered urea was reported at the $410/st level at the low end in North Dakota, also reflecting a $30/st jump, while FOB pricing had reportedly moved to $415/st FOB Jamestown and Carrington, N.D.
Northeast: Granular urea pricing was up from last report in the Northeast. Although some quoted even higher dealer reference prices, most sources put the dealer market last week at $375/st FOB East Liverpool, Ohio, and $370-$380/st FOB Fairless, Penn. The Savannah, Ga., urea market was pegged at the $360/st FOB level in mid-December.
The Northeast and Mid-Atlantic regions saw snow and cold temperatures last week, with 2-8 inches of accumulation reported in a wide band from northern Virginia up to southern New England. Sources said highs were only expected to reach the low 30s in Pennsylvania as the week progressed.
Eastern Canada: Granular urea pricing in Eastern Canada was up slightly, with sources quoting the dealer market at $440-$460/mt FOB in Ontario, depending on location.
Some spring prepay programs were also being offered, though sources said they were unsure how much business was actually being done.
Middle East: Arab producers are still riding high on purchases earlier this month from Europe. Granular product was still pegged at $370-$375/mt FOB, with offers at $380/mt FOB.
Sources say, however, that this rise in prices is not expected to continue. While the producers are quick to point to the $380/mt FOB price, traders report that buyers are pushing back hard against these efforts. No one could point to a direct sale yet at the $380/mt FOB level.
For now, the Arab producers are showing plenty of movement under long-term contracts and current sales. In addition, Saudi Arabia loaded 50,000 mt for Pakistan in the first week of the month. The tons were part of an ongoing aid program under the Saudi Fund for Development.
Egyptian producer MOPCO stepped up Thursday with an auction of 26,000 mt. Heading into the auction, sources expected to see the price hit $400/mt FOB. In the end, the final price came in at $390/mt FOB. Keytrade took 6,000 mt and Agrium took the remaining 20,000 mt.
The move to export material came after several weeks of cutb