Urea prices closer to peak, but still some steam left

摘要

Prices for urea were sustained over the reporting week, and increases were again recorded from key supply points and markets, but the rate of ascent did slow in comparison to prior weeks. Market bulls remain convinced that the global marketplace has room for substantially higher prices, but resistance to high offers did emerge from certain quarters, particularly for urea originating from North Africa basis recent sales up to $290-295/t FOB from Egypt and Algeria. The July 3 Abu Qir tender for the sale of a combined 50,000 t granular and prilled urea was scrapped July 5 amid suggestions of bids some $10-14/t below prior deals.