After a few weeks of inactivity, urea fertiliser prices have fallen more than US$60/t globally from the previous highs.
According to Calum Findlay, fertiliser manager Gleadell, more demand from January would reverse the trend, especially in Europe. “And, in the UK, with potentially 30%+ of the urea market remaining, the spring market is predicted to be a busier buying period than normal,” he stated in the commodity trader’s latest Fertiliser Market Report.
However, with most of the urea stocks in Egypt unsold for January, the market direction is not as clear as it typically would be, warned Findlay.
Meanwhile, Ammonium nitrate prices are unchanged in the UK and are likely to hold throughout the festive period, according to Gleadell.
“Importers are still interested in moving tonnes from portside stores at £20/t less than UK produced nitrogen,” said Findlay. “However, yesterday CF Fertilisers UK announced a withdrawal of all terms Friday afternoon, with new levels to be issued in January.
“It’s not known where prices will go from Q1, but CF is keen to move spring tonnes onto farm in time for top dressing.”