Granular urea has traded at US$390/t FOB Egypt this week, while cold weather in the US has increased energy costs and forced some ammonia and urea producers to turn off capacity.
Commenting on the markets, Calum Findlay, head of fertiliser at ADM Agriculture, said: “This will tighten supply to the relatively firm US market and reduce global tonnage, potentially adding further support to the world market.
“UK ammonium nitrate prices have moved up, following urea prices in what is a well-supported domestic nitrogen market.
“Phosphate values have risen significantly. TSP and DAP are much firmer than last month.”
Findlay concluded: “Warmer weather has led to increased demand for fertilisers following the cold snap in the UK, creating high pressure on deliveries.”