Traders and producers convinced of further price-strength in urea were rewarded handsomely this week as global price-gains substantially exceeded expectations by most importers and some traders. The absence of Iranian urea and limited exports from China continued to play a major role. Higher netbacks were secured by North African, Middle East and Asian producers, and, perhaps notably, also by Chinese exporters of urea 'Made in China'. A seemingly insatiable appetite for granular urea prevails in key markets, and the trade has returned to a state where substantial premiums are achievable for granular urea over prills from a number of sources that were able to demand higher prices for prills in prior trades.
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