Urea
There is little domestic demand for urea because growers are focused on planting and demand destruction remains in the market. There continues to be uncertainty in the market surrounding urea supply and prices as the US-Iran war continues.
Argus last assessed granular urea at A$1,430-1,440/t fca Geelong.
There are 348,000t of urea in transit to Australia, vessel tracking data from Kpler show. There are two vessels, each from Nigeria and Algeria, the first ever imports from these origins to Australia, trade data from the Australian Bureau of Statistics show.
Urea shipments from the Middle East largely remain cut off from the international markets, but one vessel did manage to traverse the Strait of Hormuz in late April.
Phosphates
Australian growers are showing increasing interest in MAP/DAP purchases as is seasonally expected, but low prompt supply has dampened buying. Australia’s MAP/DAP imports for the foreseeable future will be limited as trade via the Strait of Hormuz remains restricted and Chinese cargoes are absent from the export market.
There are 198,000t of MAP/DAP and other phosphorous fertiliser in transit to Australia across four vessels, with another carrying 50,000t still stuck in the Mideast Gulf, vessel tracking data from Kpler show.
Potash
Granular MOP prices moved up notionally in line with the firm global price trend and domestic demand for potash has been higher than the previous year.
Commentary and pricing supplied by Argus Media
Disclaimer: The information provided in this report is general in nature and is intended for informational purposes only.