Global Nitrogen Supply Demand TFI Outlook,Jacksonville(PPT)

摘要

The urea market looks to be tipping towards deficit for the next two or three years.At least until India and Nigeria complete their capacity build-outs;China will remain supportive of higher urea prices in the near-term as it continues to withdraw liquidity;The S/D balance should tighten market until 2021/22,although we are assuming Iran has a much reduced role,Should they find work-arounds to avoid sanctions,expect price sentiment to soften.Governments are directly and indirectly subsidizing the urea market and could tip market back to significant surplus.