Low demand depresses market
Nitrogen trade was slow and prices mostly fell.
Demand from Americas markets remained steady but un-exceptional, and sellers again outnumbered buyers in most markets. Urea prices fell slightly in Brazil to around $390/t cfr but ticked higher in the US. Incofe bought urea for west coast Central America at $415-425/t cfr, while Tepeyac bought granular at $410/t cfr west coast Mexico.
European activity was minimal, except trades in Turkey around the low-$400s/t cfr duty unpaid, with traders and importers still frustrated by low retail activity and widespread risk-aversion throughout the supply chain.
East of Suez, buying activity was minimal except two
Bangladesh import tenders for a total of 100,000t, won by Aditya Birla at $498-506/t cfr bagged. But Pakistan is in the market for 200,000t, Ethiopia issued a tender for 563,000t and India will likely tender again by early December.
Fob deals were sporadic – limited mainly to Egypt and Algeria at $400-410/t fob for small cargoes to ship to Europe.
Source: Argus
