Black Sea: Buoyant mood supports higher netbacks

摘要

The surge in values for prilled and granular urea continues in the Black Sea as traders short on prior sales scramble to secure cover, and some appear to also be adding long positions. Netbacks have moved well into the $270s/mt FOB as marketers of Ukranian prills inch offers into the $280s/mt FOB. EuroChem claims netbacks close to $280/mt FOB Tuapse for prills, and a sale to an enduser in Africa of a cargo to load from Yuzhnyy is suggested to provide a similar return.