Nitrogen Outlook(PPT)

摘要

1. Strong fundamentals underpin both medium and long-term nitrogen demand... 2. ...but the market looking oversupplied following a massive expansion of global urea capacity and Chinese export policy 3. This will weigh on global nitrogen operating rates; especially so for prilled urea 4. China is now the global swing producer and events in the country's N market will determine the medium-term future of all N values 5. However, near-term market remains prone to supply disruptions, especially on the ammonia side.