Urea firmer, Moroccan DAP for Italy

摘要

UREA: In the middle of this week, bagged urea was slightly firmer at ?410-420 pt fot bagged Ravenna, mainly because international fob prices for granular have risen, rather than any real increase in local agricultural demand. Yara Italia is reported to be doing most of its business with local industrial users at ?385-390 pt fot bulk ($535-540 pt cfr in bulk Ravenna). It is understood that Yara Italia withdrew from the market late this week to re-evaluate the market. It is expected Yara Italia will raise the prices for its various nitrogen fertilizers to place them more in line with Yara N. European levels, particularly since the $ has risen to $1.38/?, and Egyptian urea is $550 pt fob vsl bulk. These two parameters would imply a range of ?420-430 pt fot bulk Ravenna. Yuzhny prilled urea is around $505 pt fob vsl bulk, which gives about ?410-420 pt. Given the main market today is for industrial users, ?410-420 pt fot bulk Ravenna may prove a temporary ceiling for Yara granular.