Black Sea: No new ammonia deals, netbacks drop

摘要

There are no reports of new sales of ammonia to load from Yuzhnyy so far this week, but producers and marketers are faced with calls for lower prices as international values continue to deteriorate. The August Tampa settlement at $270/mt CFR, sales in South Korea at $325/mt CFR, and bids from OCP for additional cargoes for Morocco below $245/mt CFR all point to values no higher than $210-220/mt FOB to producers when allowing for freight, costs and margins to intermediaries. This is down on prior assessments at $230-240/mt FOB. Given the absence of confirmed sales at the low end, the range for the week is assessed at an indicative $220-230/mt FOB.