Nitrogen Prilled urea price erosion as West of Suez demand slows; Granular still firm

摘要

MARKET SUMMARY: Prilled urea prices have lost ground in markets West of Suez,as a build up of prompt FSU tonnage is encouraging Atlantic Basin buyers to quit the market and maximise waiting time on replacement purchases.It remains to be seen at what point the continued absence of Indian state purchasers will be regarded as a buying opportunity by those in other markets.West Europe has switched off import interest at prices above the today's off-season sensibility threshold.Most Latin American importers are holding off hoping the June prompt build up will lead to price cuts.The Brazilian market is still thought well behind on urea requirements,although concern there is mounting over sugar price weakness (see below).