Volume 23 Number 11

31 May 2013
BELGIUM

Prompt CAN prices pull back 10/t

FRANCE

New prices set the tone for June business

GERMANY

Yara Posts July Price for CAN

IRELAND

Demand will run on through June as application

delayed
ITALY

Attention focussed on Urea

NETHERLANDS

Yaras CAN price kickstarts selling

SPAIN

Lower urea prices reducing CAN demand

UNITED KINGDOM

Competitive prices help to boost demand

BELGIUM
31 May 2013
BELGIUM
CAN 27% cif inland ................................ 219-240
DAP fca bulk ................................................$570
KCI (G) cif ............................................... 340-345
15-15-15 ex-store bulk....375-380
or ex-port warehouse
Prompt CAN prices pull back 10/t
CAN Poor weather conditions have continued to slow
fertilizer applications and consumption in Belgium
during the last few days of May. Crops, for the most
part, appear to be on schedule as the season comes to
a close.
Prompt CAN 27% retail prices have fallen back by
around 10/t over the last two weeks to 255-260/t cif
inland as sellers work their way through stocks.

MARKETS

Nitrogen
Phosphates
NEWSDESK

Denmarks Haldor Topsoe dies

Linde forms Russian joint venture
Oxbow wins approval for UK sulphur terminal
Belaruskali invests in Lithuanian terminal
Published by Argus Media
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e-mail: fertilizer@argusmedia.com
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Editor: Mike Nash/Bruce Neale
Contributors:
Mike Smith
Kevin Hill
Bruce Neale
Ralph Thawley
Stephen Mitchell
Mike Nash
Freda Gordon
Alice Murray
Cindy Galvin
Copyright 2013 Argus Media

At the wholesale level, shortly after the publication of

our last report, Yara announced a new price for CAN
27% for June delivery in the Netherlands, Belgium and
northern Germany. It set the price at 219/t cif inland,
down 21/t on the starting level in 2012.
This was raised to 224/t cif inland for July on 29 May.
Sales at the 219/t level have been heavy and Yara
appears to have quickly sold the tonnage it allocated
for June.
These prices are lower than many were expecting.
They are a response to the bearish outlook for urea
and to competition from suppliers in central Europe
that has been a feature of the German market this
spring.
Other suppliers were disturbed by Yaras aggressive
price for June, a month in which there will be significant
demand for CAN due to the lateness of the spring.
Yaras June price is around 40/t lower than levels
prevailing in May.
OCI did not follow the lead set by Yara and is offering
CAN for prompt delivery at 240/t cif inland, unwilling
to match the Yara price for June. Eurochem is waiting
for the dust to settle before issuing a price.
OCI has, though, set a forward price and is offering
CAN at 225/t cif inland for September delivery. This
implies a minimal increase in CAN prices through the
summer.

FERTILIZER EUROPE
Wholesalers have taken a back seat on purchasing
CAN 27% for summer storage as there is still
uncertainty over where prices will eventually settle. The
demand for June has been driven by farmer buying.
UAN There continues to be some small demand for
UAN in Belgium although the season is winding down.
Spot offers of UAN 30 have slipped by around 5/t to
238-240/t fca Ghent.
Buying interest for the summer fill remains minimal, but
is expected to surface in June. New season prices are
expected to fall significantly reflecting latest pricing in
France, where the Rouen market is active at 208210/t fca.
There is a freight inquiry for 3,100t of UAN 32 to load in
Ghent for Santander, northern Spain in late-May.
Urea Spot granular urea prices have remained flat at
345-350/t fca bulk in seaports as the season has
finished.
Distributors are expected to look at fresh purchasing
for summer storage in June. Forward offers of granular
have been made at 320/t fca or slightly below during
May. Interest was limited and has disappeared entirely
since the 27 May announcement by OCI that it had
reached an amended agreement with Sonatrach, its
partner in the Algerian joint-venture urea project.
This has removed some of the uncertainty about
whether the plant would start up in 2013. It now
appears likely that exports will begin during Q3.
DAP Demand for DAP has shrunk to truckloads this
week as the application season has finally finished.
Low stock levels at Belgian terminals have kept spot
sales firm at $570-575/t fca. The next demand will
emerge for autumn application and shipments of
Russian material will recommence after the summer.
Likewise, TSP consumption is over. Last spot prices
were in the range $440-445/t fca.
NPK There is still no market for NPKs in Belgium.
Wholesalers are awaiting news of new prices at the
start of July. Last spot 15-15-15 prices were quoted at
around 375-380/t ex-store bulk but new season prices
could fall by some 40-45/t. Lower prices are expected
because of the fall in phosphate prices, which has
seen DAP drop from 510/t a year ago to 430-435/t
fca.
MOP Granular MOP consumption is over and buyers
are awaiting new price offers for the next season. Last
spot prices were around 340-345/t cfr port and
wholesalers do not expect them to change much.

FERTILIZER EUROPE 31 May 2013

FRANCE
31 May 2013
FRANCE - $1.31/
AN 33.5% delivered bulk ........................ 290-293
AN imported fca bgd ............................... 280-284
Urea (G) fca bulk .................................... 343-348
Urea (P) fca bulk .................................... 315-320
UAN 30% N fot ....................................... 208-210
DAP fca bulk ........................................... 430-435
TSP fca bulk .......................................... 340-342
0-25-25 bulk delvd ................................. 380-385
15-15-15 bulk delvd ............................... 370-375
New prices set the tone for June business
AN Shortly after the publication of our last report,
Yara issued new prices for June deliveries of AN and
CAN. It set the price for AN 33.5 at 292/t bulk
delivered to merchant/co-op. This is roughly 18/t
below last seasons starting price and showed a slight
premium to the CAN price in Germany.
Yara faces less competition in the AN market in France
than it does in the CAN market in Germany.
Buyers responded to the new price by booking the
tonnages offered for June delivery and, on 29 May,
having sold its June allocation, Yara raised prices by
3/t for July to 295/t bulk delivered.
Other suppliers have followed Yaras lead more or less
for June. GPN is offering AN at 295/t bulk delivered
for June and Borealis at 293/t for product from PecRhin. Eurochem has yet to announce a price, but is
expected to match Yaras offer. The takeover of GPN
by Borealis is expected to be finalised at the end of
June.
Prices for imported AN have been cut to 282-284/t fca
bagged for Lithuanian product and 280/t fca bagged
for Polish material. Achema has sold AN for European
markets at about 250/t fob Klaipeda for June.
CAN Demand has also been active for CAN, with
farmers who have the cash prepared to buy early at
attractive prices. Yara set its price at 235/t bulk
delivered for June. GPN is selling 238/t and OCI
240/t bulk delivered. OCI has also sold CAN for July
and August respectively at 244 and 248/t bulk
delivered. Yara moved its price up to 238/t bulk
delivered for July on 29 May.
UAN With the end of spot demand for spring, prices
have fallen sharply as the only indication is now for
summer fill. Buying has been heavy in France this
week at 208-210/t fca Rouen for delivery during the
second half of the year.

FERTILIZER EUROPE
There are rumours of offers as low as 205/t fca and
some buyers are holding out for this level. The main
sellers are said to be Yara, Helm, Invivo and Koch.
Other traders are still short against earlier sales for
summer fill at 220/t fca Rouen and are debating
whether to go even shorter at lower prices.
Although US prices for summer fill have still to be
settled, feedback from the IFA conference in Chicago
last week was that suppliers expect UAN 32 prices to
fall to around $230/st fob Nola during the third quarter.
This implies fob levels of $215-220/t fob Russia, which
in turn would equate to around 205/t fca Rouen
including a small margin. It is not clear whether
suppliers will agree to such prices.
Ameropa bought 25,000t of UAN 32 in Egypt this week
for 8-10 June shipment to Rouen, covering earlier
sales. The price is reported at $255/t fob, although
many sources are saying it was actually $250/t fob.
The m/t Nord Fast has been fixed at $29-30/t to ship
the cargo.
Besides this cargo, Achema is planning to ship 45,000t
of UAN 32 to Rouen/Ghent in June. Turnarounds on its
two ammonia plants at Kedainiai will reduce UAN
availability to 25,000t in July and around 40,000t in
August and September from the normal 80,000t.
Keytrade has been checking freight for 40,000t of UAN
32 to load in the US Gulf in the second half of June for
Rouen and Ghent. Freight indications are $23-24/t.
There is some speculation that Keytrade has sold the
cargo to a large co-op.
Urea Spot demand for granular urea has continued
over the past two weeks and will run through June
because of wet weather in the southwest that has
delayed work on the corn area. Prices have slipped
5/t to 343-348/t fca in Atlantic ports, with stocks
running low in La Pallice.
Helm is loading a cargo of Russian granular urea in
Riga in the coming week for the French Bay. It bought
10,000t of Salavat granular urea last week in the high$340s/t fob. OCI has 9,800t due shortly in Bayonne on
the m/v Natasha and will ship 3-4,000t of Egyptian
urea to a Med port in June.
Forward offers of granular urea are around 320/t fca
in La Pallice for delivery from July onwards. These are
based on $360-365/t fob Egypt. But buyers are not
keen to book new tonnage as forward international
market prices remain unclear.

with Sonatrach, means that Algerian urea is likely to

start to move for export in the third quarter.
Until now, the 1.1m tonnes/year granular urea plant,
which was completed nearly a year ago, has been
sitting idle waiting for approval from the Algerian side
to start production and exports.
Exports from the new plant are likely to put pressure on
prices for granular urea during the second half of the
year and will make buyers more cautious in the interim.
DAP/TSP There are few offers of phosphates at
present as application has finished. DAP imports will
not resume until Q3 and the TSP held in stock in
Rouen/Ghent is quoted at unchanged prices around
$440/t fca bulk.
NPKs Producers are planning to issue new prices for
NPKs at the start of July. Based on prices for blending
raw materials, we calculate that levels for 15-15-15
could fall by 40-45/t compared to July 2012, when
producers set prices at 375-380/t bulk delivered. The
main reason for this is the fall in phosphate prices,
which has seen DAP drop from 510/t a year ago to an
indicated level of 430-435/t fca for any new sales.
MOP Spot granular MOP prices have remained flat
at around 340-350/t cfr port, down 10-15/t from
some list prices. Standard MOP is offered at around
330-338/t cfr port for the second quarter.

GERMANY
31 May 2013
GERMANY / EUROS
CAN 27% cif bulk 219-240
UAN 28%N fot Hamburg
..195-205
Urea (prilled) fca bulk ....................... ... 310-320
Urea (granular) fca bulk 320-325
DAP fot bulk............................................ 430-435
15-15-15 cif bulk ..................................... 375-380
Yara Posts July Price for CAN

On the one hand, Egyptian urea supply will be reduced

during the summer months by diversion of natural gas
to power plants and the domestic market.

The return of poor weather conditions has caused

problems for Germanys farmers over the past two
weeks. They have not been able to get onto the fields
to deliver the third application of nitrogen to their cereal
crops, or to make the first cut of grass in advance of
applying fertilizer to grassland areas. As a result the
fertilizer season will run through June, and farmers will
continue to buy additional nitrogen at spring prices, but
only enough for their immediate needs.

On the other hand, the news on 27 May that OCI had

agreed to amend the terms of its Algerian joint venture

This situation has presented a challenge for the CAN

suppliers, who are aware that urea has already been

FERTILIZER EUROPE 31 May 2013

FERTILIZER EUROPE
sold forward to wholesalers at competitive prices and
are anxious to start their own sales for pre-storage.
Yara led the way by announcing in mid-May that its
CAN price for June deliveries would be 219/t cif
throughout Germany. At this level, CAN is favourably
priced in relation to granular urea at 320/t ex-terminal,
which is a notional price level that reflects the export
quotes of from Egypt and elsewhere. For Yara and the
other European CAN producers, ureas increased
share of the German market in autumn 2012 was a
matter of concern. The new prices send a signal that
CAN will be competitive this time.
Earlier this week Yara announced that its price for July
deliveries of CAN would be 225/t cif inland. What
happens later this year will to some extent depend on
the international urea market, which can be relied on to
be volatile. The announcement that Algeria is to join
the suppliers of granular urea to the European market
will only add to the uncertainty.
CAN: The German market has been reacting to Yaras
early announcement of a 219/t cif inland price for its
CAN sales in June. Competitors have been
incredulous that this low price should have been issued
while there remains plenty of business to be done in
the rest of the current season. CAN prices may have
slipped back from the 260s/t to the 240s/t cif inland
in recent weeks, but they are healthier for producers
than the current price that is on the table from Yara.
Other suppliers have been reacting with considerable
caution to this announcement, initially thinking that they
would have to compete directly with it, but now
becoming more confident that they can continue for
prompt delivery at around the 240/t cif level. Not
surprisingly, Yara has sold all the tonnage it allocated
for June delivery very quickly.
OCI, which has been suffering production constraints
and is there under no pressure to sell, has indicated
that its price for prompt deliveries is 240/t cif. It is,
though, offering for September delivery at 225/t cif
inland.
Eurochem will seek the best prices available for its
sales during June and then review its plans for a prestorage price to cover the next season. Linzer Agro
Trade is also sticking to higher prices for prompt
business.
There has been speculation about Yaras intentions
beyond the end of June, in particular whether it would
offer a further discount for pre-season sales, or
whether it would treat 219/t as the floor for this year.
This has been resolved with its latest announcement
that its July CAN price for Germany and the Benelux
countries will be 225/t cif inland.
As the main demand for current use will be over by
then, the new price will be directed towards

FERTILIZER EUROPE 31 May 2013

encouraging summer-fill purchasing, and by then it is

likely that other suppliers will be ready to follow a
similar policy for their sales.
Urea:
There continues to be some small-scale
demand for prills for direct application. A couple of
cargoes, which discharged last week, are being offered
at 315-325/t fca seaport in bulk. Prilled urea is also
being quoted for forward delivery at 310-315/t fca,
which is only marginally below the equivalent price for
granular material.
UAN: Yaras UAN28 was initially quoted for prestorage at prices equivalent to 210/t fca Hamburg, but
this was soon eroded by 10-15/t or more, although it
has been difficult to obtain conformation of this. The
downward trend is in line with a similar development
for UAN30 at Rouen.
DAP: In recent weeks, prices have drifted down in the
international market, but the full impact has not been
evident yet in Germany. This is because there has
been almost no demand for product. Occasional
inquiries from blenders for truckload quantities have
attracted offers based on $550-555/t fca, equivalent to
some 430-435/t fca.
NPK Compounds: The price quoted in our table for
15-15-15 compound has become a nominal one based
on the situation earlier in the year, and it certainly does
not reflect the current conditions of the individual
fertilizer containing these nutrients. Recalculating the
price to take account of the change in nutrient values
would reduce it by some 50/t, but so far the big NPK
producers have given no sign that they intend to take
account of this in their new price lists that will be
finalised next month.
Weather Depresses Q1 Nitrogen Deliveries
German fertilizer suppliers delivered 1.7m tonnes of
nutrients to agriculture in the first three quarters of the
current crop year, marginally above the corresponding
total for 2011-12. The results for the first half of 201213 (July-December) showed a 4% increase on the year
before, but deliveries in the most recent quarter
(January-March) fell by 5% as a result of the delayed
start to the spring season.
Nitrogen performed poorly in this quarter, when its
deliveries were down by 49,000t N (-10%), whereas
phosphates rose by 21,000t P2O5, probably as a result
of higher deliveries of DAP for blending. Deliveries of
potash, which had performed well in the previous
quarters, were down by 4,000t K2O (-4%).
Within the nitrogen total for January-March 2013, both
CAN and UAN lost market share to urea, which
accounted for just under one third of total N deliveries
during this period. This situation will reverse in the
results for the current quarter when CAN will again
become the principal form of nitrogen delivered to
German agriculture.

FERTILIZER EUROPE
Late Spring Takes its Toll on Harvest Prospects
The mid-May forecast of the 2012/13 cereal crop
prepared by the Deutsche Raiffeisenverband (DRV)
shows a modest overall increase in Germanys
production of just 0.7%, with the total estimated to
reach 45.5m tonnes. The DRV data indicate that
winter-planted crops will do relatively well this year:
wheat production is projected to grow by 6% to 23.8m
tonnes and rye by 10% to 4.3m tonnes. However, the
impact of the unfavourable spring planting conditions is
reflected in DRVs forecasts of reduced production for
barley, which will fall by 4% to 10.0m tonnes, and
especially for maize, which will be down by 19% to
4.5m tonnes, as a result both of smaller areas having
been planted and of lower yields for these crops. The
DRV has also assessed the outlook for oil-seed rape,
projecting a 12% increase to give a harvest of 5.4m
tonnes.

IRELAND

27-6-6
Demand for high-N compounds remains firm. 27-6-6 is
in tighter supply than 18-6-12 and is moving at slightly
higher prices to farm, maintaining a roughly 100/t
differential with straight CAN.
Urea
The market is over for 2013.

ITALY
31 May 2013
ITALY
Euro/pt bulk
Gran Urea fca Ravenna bagged ............ 355-365
8-24-24 delvd bagged ............................ 425-430
DAP fca bagged ..................................... 450-455
Attention focussed on Urea

31 May 2013
IRELAND

Euros

CAN 27% delvd bgd ................................320-325

Gran Urea delvd bgd ..................................... n.m.
27-6-6 delvd bgd .....................................422-425
18-6-12 delvd bgd ...................................415-425

Demand will run on through June as application

delayed
The weather and temperature have improved over the
last two weeks and grass growth is closer to normal.
The impact of the cold, wet spring, though, has been to
delay application by about one month and demand for
CAN and high-N fertilizers will run on through June.
In recognition of the delays, the department of
agriculture has put back the date up to which nitrogen
and phosphate fertilizers can be spread by two weeks
to the end of September.
CAN
Demand has improved in the second half of May and
suppliers are anticipating an active market in June for
application on grassland. There has been no response
in the market to the price decrease announced by Yara
to 219/t cif inland in northern Europe. Yara made the
price change for Germany, Belgium and Holland and
appears to have allocated little or no tonnage for
Ireland. Price indications for CAN 27 remain close to
325/t bagged delivered to farm, reflecting 265-268/t
cif seaport in bulk.

FERTILIZER EUROPE 31 May 2013

The market is focussed entirely on urea at present,

with minimal interest in other products. Wet weather
means that corn planting has been delayed and the
area planted is likely to be reduced by about 15%
overall. Some farmers may also plant corn for animal
feed rather than seed. Urea application on corn has yet
to start, whereas in normal years application is over by
10 June.
As a result, suppliers of urea need a big June to move
the stocks they have and there is some nervousness
about how large demand will be. Granular urea
demand would normally be around 30,000t in June, but
this year could amount to as much as 100,000t.
Urea
Stocks of Russian, Iranian and Egyptian granular urea
remain in Ravenna waiting for the urea market to
unfurl. The delayed start to the season is keeping
prices under pressure and continually edging down.
The impression gained is that, once buying begins,
sellers will scramble for business to try and liquidate all
the stocks that have built up.
Importers, notably Vega-Nitro and Trammo are offering
granular urea around 355/t fca Ravenna in bag bags,
equivalent to about $420/t cif bulk. This is a relatively
high price in todays market, but in some cases is lower
than the cost of the imported urea on offer. Vega-Nitro
imported 20-21,000t of Iranian urea and 15,000t of
Russian.
Yara is selling at 360-365/t fca in big bags from
Ferrara, about 10/t lower than in the first half of May.
It is expected to remain very competitive to make sure
its stocks are moved during June.

FERTILIZER EUROPE
NF loaded 3,000t of prilled urea in Yuzhny in late May
on the m/v Sea Bee for Italy. It will load 22-25,000t of
prilled urea for Chioggia and Ravenna in the Black Sea
in early-June.

The producer has, however, set a forward price and is

offering CAN at 225/t cif inland for September
delivery. This implies minimal increase in CAN prices
through the summer.

CAN
Yara has not altered its price for prilled CAN to reflect
the lower prices introduced in northern Europe.
Demand is minimal in June and it sees no point in
lowering prices now when it would have no effect on
sales.

Cooperatives still have enough CAN in stock especially

since the season has been delayed. They are therefore
focussed on shifting more expensive inventories
bought at around 260/t cif inland as quickly as
possible rather than looking at forward purchases.

NETHERLANDS
31 May 2013

Prompt prices have been put under severe downward

pressure this week by Yaras new prices and are
notionally seen at between 219-224/t cif inland.

SPAIN

NETHERLANDS
31 May 2013
CAN 27% cif inland*....219-240
TSP FCA bulk..........................................340-344
KCI (G) FCA bulk ....................................345-350
* cif inland barge
Yaras CAN price kickstarts selling
CAN Unsettled weather in the Netherlands has
continued to delay the latest cut on grassland. As a
result, the second fertilizer application is still going on
and is expected to continue for the next 2-3 weeks.
Shortly after the publication of our last report, Yara
announced a new price for CAN 27 for June delivery in
the Netherlands, Belgium and northern Germany. It set
the price at 219/t cif inland, down 21/t on the starting
level in 2012. Yara also issued a price for July this
week at 224/t cif inland, up 5/t from its June price.
These prices are much lower than many market
participants were expecting and has thrown the Dutch
market into a state of confusion. Yaras new prices are
seen as a response to the bearish outlook for urea and
to competition from suppliers in central Europe that has
been a feature of the German market this spring.
However, other suppliers have been disturbed by
Yaras aggressive price for June, a month in which
there will be significant demand for CAN due to the
lateness of the spring. The June price is at least 40/t
lower than levels prevailing in May. Wholesalers
holding stocks of higher-priced material have also been
caught out and are scrambling to liquidate them.
OCI has not followed the lead set by Yara and is
offering CAN for prompt delivery at 240/t cif inland,
unwilling to match the Yara price for June.

FERTILIZER EUROPE 31 May 2013

SPAIN
Euro/pt bulk
CAN 27% fot bulk ................................... 245-250
Urea (P) fot bulk ..................................... 345-350
DAP fot bulk............................................ 425-430
15-15-15 fot bulk .................................... 365-370

Lower urea prices reducing CAN demand

Urea prices remain under pressure with competitive
supplies being brought to market by OCI and farmers
expected to switch to granular product on cost
grounds.
CAN
The market continues its downward trend with
Fertiberia reporting a price of 260/t fca bulk ex-works,
down from 275-280/t two weeks ago and 285-290/t
at the beginning of the month. Fertiberia expects to
give an indication of its pre-season CAN price in the
next few weeks. Given the fundamentals of the market,
principally falling urea prices, the price is expected to
drop to 240-245/t fca.
Some sellers anticipate a price war breaking out in
northern areas with farmers switching from CAN to
granular urea given the competitive prices available for
the latter.
Urea
Fertiberias Huelva plant was shut down at the end of
April for maintenance and is expected to be brought
back into full production next week in time to begin
supplying product for the short-lived maize market that
will begin and end in June.

FERTILIZER EUROPE
The additional supply from this plant is expected to put
increased downward pressure on prilled prices given
competition from the readily available stocks of
granular. Prilled is being offered at 315-318/t cif bulk
with 90 days.
Granular urea prices remain at 345-350/t ex
warehouse, with the range reflecting the lower prices
available in the south and higher prices in the north.
OCI continues its domination in the market and is
bringing supplies to the market. This week the
company had four loads each of 3-4,000t moving
around the coasts of Spain. Stocks of its Egyptian urea
remain plentiful.
UAN
More rain has fallen in eastern Spain delaying
application from April and early May and pushing
demand into June. The market has been active this
month with over 10 vessels moving to the country in
what is turning out to be a record year for UAN imports.
The season is expected to be longer than normal with
activity extending through mid-July.
Some estimate consumption will rise to nearly 200,000
metric tons for UAN 32% this year, up from 178,000
metric tons last year. There is demand for 1-2
additional cargoes of 5,000t for June shipments. Prices
are holding at 323-325/t ex-terminal for 32% solution,
equivalent to about $305/t cfr seaport.
DAPThere is no market, although some customers
may start buying smaller quantities beginning next
month as a hedge against higher prices in September.
Fertiberias reported price is $540-550/t fob Huelva in
bulk, which is pegged against the Moroccan price of
$520/t fob.
Spain: UAN vessels May 2013
Vessel

Shipper

Route

mt

tbn

Helm

Cza-Span Med

5,000

Lessow Swan

Keytrade

Egypt-Span Med

6,000

Loya

Litfert?

Ghent-Santander

3,100

Cape Egmont

Ameropa

Cza-Barcelona

9,000

tbn

Koch

Egypt-Med+Sevilla

5,700

Clipper Legacy

Ameropa

Cza-Alicante+1

6,600

Orasund

Keytrade

Klaipeda-Santander

4,500

Parsa

Trammo

Egypt-Barca+Cartagena

7,000

Filyoz

Keytrade

Egypt-Barca+Sevilla

4,500

Soley 4

Trammo

Cza-Barca+Valencia

4,500

Haci Fatma Ana

Litfert

Klaipeda-Santander

6,500

Total

FERTILIZER EUROPE 31 May 2013

62,400

UNITED KINGDOM
31 May 2013
UNITED KINGDOM
/t / Euro pt bulk (Euro = 1.16)
AN 34.5% domestic dld bags
AN 34.4% Import cif bags
Gran Urea FOT bags
Jul-Sep
TSP FOT bags
20-10-10 bags dld

pt
260
235-240
290-295

Euro pt
302
273-278
336-342

315-320
285-310

365-370
330-360

Competitive prices help to boost demand

Demand has been steadily increasing because the
prices of all products have become more competitive
and fertilizer is actually needed on farm now. GrowHow
and Yara issued lower prices for AN for June,
stimulating some early buying, and blenders and
merchants are continuing to chase orders.
AN
Following Yaras decision in continental Europe to
reduce AN and CAN ahead of the IFA conference, and
its offer into the UK market at 260/t bagged to
merchant for AN, GrowHow reacted quickly and issued
similar terms.
The move came earlier than merchants had
anticipated, and was a level low enough to create
interest among end users.
Adding to the interest and demand, distributors have
been engaged in what one described as a race to the
bottom. GrowHows suggested level of 270/t
delivered farm, mentioned in the UK farming press,
seems to have presented buyers with a challenge to do
better, and business is being transacted below this
level.
Prices have dropped to 265/t bagged delivered to
farm generally. This cuts merchants margins to the
bone based on a wholesale price of 260/t. The
appointment by GrowHow of Gleadell as a distributor
earlier in the year, in an already crowded market place,
has upped the competition. Prices below-265/t
delivered to farm are being reported.
The quantity of AN sold for storage to date is said to be
less than in previous years due to carryover from 201213 and uncertainty about demand levels for 2013-14.
However, spot demand is strong and the same farmers
and buying groups who would normally buy at this time
of year are active.

FERTILIZER EUROPE
UK-produced AN is sufficiently low in price to make life
difficult for importers. Shippers are offering Lithan at
245/t fca bagged, which appears to breakeven at
best. Achema sold AN for June shipment in the range
250-255/t fob Klaipeda, equivalent to 238-240/t cif
bagged. Even at this level, Lithan is not attractive
compared with domestic product. Polish AN (Pulan) is
reported at 10/t less than Lithan and is more
competitive .
The Nitrogen + Sulphur products 27N+30SO3 and
29N+20SO3 are being offered at the same price as AN
by Yara and GrowHow.
UREA
There are very few offers of granular urea. Bunn, the
Koch subsidiary, is following its day trading practice
and has posted urea at 293/t fca bagged, suggesting
a net back to Egypt of $365/t fob. The rest of the
market seems to be waiting to see the price evolution
in Algeria and Egypt to cover earlier trades and before
offering again.
NPK/PKs/Straights
Farmers are benefitting from intense competition for
business between UK blenders. Prices for 25-5-5 have
eased to 280/t bagged delivered to merchant and 2010-10 to 290/t.
GrowHow compound NPKs remain at a 20.00
premium to these levels. Neither Yara nor GrowHow
pricing has changed to reflect the reduced AN price for
June, although it has been rumoured that once again
Yara will take the lead on this from the beginning of
June.
The early AN market has prompted interest but little
buying of PK fertilizers or straights. TSP is on offer at
315/t fca bagged and granular MOP at 305/t fca
bagged. Blended 0-24-24 is selling at 295/t fca
bagged, a reduction on of previous levels and
suggesting that suppliers are liquidating old stocks
The MOP price still does not reflect the earlier
intentions of K+S to sell at 360/t cif bulk.

MARKETS
Nitrogen
Indian tender to set level for Chinese urea
The biggest talking point in the market over the past
few weeks - how low will the Chinese urea price go will be settled in the coming week, at least for July.

FERTILIZER EUROPE 31 May 2013

MMTC of India will close a tender on 3 June, seeking

urea for shipment up to 22 July. This will allow three
weeks of loading in Chinese ports at the low tax rate.
Chinese and Iranian urea are expected to be
prominent in the tender, because the latter has
nowhere else to go, and the former needs Indian
business to liquidate some of the 2m tonnes long
position suppliers have built up in Chinese ports.
The more aggressive traders anticipate prices below
$340/t cfr in India, which would equate to around
$320/t fob China. Suppliers are refusing to contemplate
such a level at present and have maintained asking
prices at $330/t fob. However, the huge quantities of
urea sitting in Chinese ports suggests that the more
bearish view on pricing will prevail.
One sale of Chinese granular took place in Mexico this
week at a price reflecting the low-$330s/t fob. This is
about $10/t below current asking prices and is probably
a pathfinder for prilled urea.
Elsewhere, production cuts in Egypt and Ukraine are
helping to minimize any reduction in price. But Yuzhny
fob levels are now equal to those for Middle East
granular urea, which is unusual and normally shortlived.
The prevailing sentiment is that this is as good as it
gets over the next few months, so sell now rather than
wait.

Phosphates
Indian buyers on hold on unclear PhosChem
contract price and weakening rupee
The phosphate market has come to a halt this week
despite India stepping in for a modest volume, under
1mn t, of DAP last week. Chinese DAP producers are
holding out for $500/t fob whereas Indian buyers are
reluctant to buy above $510/t cfr. The weakening of the
rupee has also dampened buying sentiment. The
stalemate over prices will not be resolved until the
market finds out the accurate price PhosChem had
finalised with IPL/IFFCO.
Market analysis
A lack of clarity in the actual price agreed between
PhosChem and IPL/IFFCO has brought Indian
phosphates imports to a halt this week. There were
rumours that PhosChem would announce the accurate
price at the end of May but at press time there was no
announcement. The depreciation of the rupee also
meant buyers are reluctant to accept fresh imports
priced above $510/t cfr.

FERTILIZER EUROPE
Until the PhosChem price is known, we do not expect
significant commitments in India. Argus FMB has
therefore kept the top end of the DAP Tampa fob level
at $482/t fob based on netbacks of $510-520/t cfr
India, a price range that is widely believed to have
been agreed. The range of our assessment also
reflects latest, confirmed Latin American business,
although fresh offers into Latin America may be lower
because this is one of the few active buying regions at
present. Some Russian MAP has been sold via
Mekatrade within the range of $510-515/t cfr Brazil this
week, in line with last business levels.
Pakistan is the only other market showing signs of life
this week. It is understood that a total of three DAP
cargoes have been recently fixed for Pakistan, with the
latest cargo for July arrival, thought to be around
40,000t. There are rumours that it was concluded
under $530/t cfr, which does not come as a surprise
given that importers have rejected offers above $535/t
cfr, while offers of Mexican DAP are in the $520s/t cfr,
and US product at $518-520/t cfr.

NEWS DESK
Denmarks Haldor Topsoe dies
Haldor Topsoe, the founder of the Danish fertilizer
company that bears his name, died on 20 May, just
th
four days before his 100 birthday, after a short illness.
Topsoe remained involved in the companys daily
operations as chairman of the board until a few weeks
before his death. He became ill after falling and
breaking his hip, and never recovered from the
accident.
Topsoe made significant contributions to technological
and scientific innovation, helping address global
challenges in the energy, food supply and the
environmental sectors. His company is a world leader
in the field of catalysis, a process that increases
the rate of chemical reactions through the use of
catalysts.
Topsoe graduated as a chemical engineer in 1936,
founded Haldor Topsoe four years later and developed
skills throughout his life, not only as a researcher,
entrepreneur and businessman but also as an idealist
and humanitarian. His contributions were recognised
by numerous awards and distinctions across the globe,
including being awarded the grand cross of Denmarks
Order of Dannebrog, US engineering prize the Hoover
Medal and being named engineer of the century by the
Danish Association of Engineers IDA.
The Topsoe family wholly owns Haldor Topsoe. Vicechairman Henrik Topsoe will take on the chairmans
role. The family is committed to maintaining its

FERTILIZER EUROPE 31 May 2013

ownership and continues to support its long-term

growth strategy, the company says.
Linde forms Russian joint venture
German industrial gas group Linde has agreed to set
up a joint venture with Russian chemicals company
KuibyshevAzot to build and operate an ammonia plant.
The companies will have an equal interest in the
venture, to be called Linde Nitrogen Togliatti.
The plant will be built at Togliatti in Russias Samara
region at an estimated cost of 275mn ($355mn). The
facility will have a capacity to produce 490,000 t/yr of
ammonia which will be used to make finished nitrogen
fertilizers. Construction is scheduled for completion in
2016.
Oxbow wins approval for UK sulphur terminal
The Southampton City Council in southern England
has approved plans by Oxbow Sulphur to build a
sulphur-forming terminal on a 4,000m site at the citys
port, despite some residents expressing environmental
concerns.
Oxbow plans to transport liquid sulphur produced at
the nearby 310,000 b/d Fawley refinery by lorry to the
terminal for forming and export. The pastillation plant
will usually process about 30,000 t/yr of liquid sulphur
and have a maximum design capacity of 100,000 t/yr.
The site will have a 1,000t covered storage silo and the
formed sulphur will be shipped in TEUs (20 foot
equivalent containers).
Belaruskali invests in Lithuanian terminal
Belarusian potash producer Belaruskali has purchased
a 30pc stake in BKT, a bulk handling terminal in
Klaipeda, Lithuania. The cost of the deal is said to be
about $30mn.
BKT, founded in 1997, is a specialised terminal that
stores and handles dry bulk and packaged mineral
fertilizers and other mineral and chemical substances,
as well as general and other types of cargo. Klaipeda
is a major export gateway for potash exports
originating in Belarus. Belaruskali already exports its
potash through BKT and another terminal at the port,
Klasco.
Change in joint venture agreement at Sorfert
The partners in the Sorfert fertilizer complex at Arzew
in Algeria, Cairo-listed Orascom Construction
Industries (OCI) and Algerian state-owned oil and gas
company Sonatrach, have amended their joint-venture
agreement, paving the way for production and exports
to start. The granular urea plant and supporting
ammonia line were completed last year but have not

FERTILIZER EUROPE
started production. A stand-alone ammonia unit is
nearing completion.
The 27 May announcement noted that the amendment
included an agreement on mutually beneficial
arrangements, which allow for the earliest possible
start of production and commercial activities of the
company. The nature of the amendment has not been
revealed, although Sonatrach was said to have sought
a more active role in marketing Sorferts ammonia and
urea output.
The complex comprises two ammonia plants, each
with a production capacity of 726,000 t/yr and facilities
to produce up to 1.14mn t/yr of granular urea. German
engineering firm ThyssenKrupp and OCI were the main
contractors. ThyssenKrupp also provided the process
technology package for the ammonia plant. Dutch
engineering firm Stamicarbon and UFT supplied the
process technology for the urea units.
York Potash clinches more sales deals
UK company York Potash has entered a number of
agreements
with
fertilizer
distributors
and
manufacturers in the country and Europe covering
future sales of polyhalite from its proposed mine near
Whitby on the North Yorkshire coast.

switching to MAP output. TSP markets have been slow

over the past two months and the prospect of any
change in the foreseeable future is slim, the company
says. Agropolychim will continue to supply TSP to
customers from warehouse inventories .
The company plans to halt operations at all of its
production facilities on 1 July for 45 days of
maintenance. Output will resume at the end of August,
based on sulphuric acid currently in store.
Agropolychim operates production facilities at Devnya
in northeastern Bulgaria, near the Black Sea port of
Varna. The company produces fertilizer intermediates
and a range of N, P and NP fertilizer products,
including stabilised ammonium nitrate, UAN solution,
TSP, MAP and DAP.
SQM Vitas to inaugurate Spanish facility
Joint-venture fertilizer company SQM Vitas plans to
inaugurate new production facilities and a logistics
centre at the port of Cadiz in Spain on 12 June. The
complex will include a new water-soluble NPK plant
with a production capacity of 15,000 t/yr. Output will
predominantly supply the fertigation and foliar
application markets for SQM of Chile and Frances
Roullier, which together own SQM Vitas.

The framework sales agreements set out volume

commitments and a basis for co-operation between the
parties before they sign formal contracts ahead of the
mines start-up. York Potash is committing to supply
310,000 t/yr of polyhalite, including 60,000 t/yr mainly
targeted at the UK agricultural sector, confirming the
market potential for the mineral and its importance to
farming.

It comes after SQM Vitas completed the acquisition of

controlled-release
fertilizer
technology
(CRF)
Plantacote, plus the associated business and brand
name, from Germanys Aglukon at the start of May.
The deal allows Aglukon to focus on its core business
production of Wuxal foliar fertilizers for agricultural
and foliar crops.

The agreements are confidential and are in addition to

York Potashs marketing deal to supply 1.75mn t/yr of
polyhalite to Swiss fertilizer firm Keytrade. According to
York Potash, the pricing structure of the deals will be
agreed when the companies sign formal contracts and
will be based on market conditions at the time.

SQM Vitas plans to build a global production facility in

a strategically located port area in western Europe
where it recently acquired a long-term concession. This
facility will produce premium and standard CRFs under
the Plantacote brand for distribution worldwide to the
horticulture, agriculture, turf, growing media and
consumer markets.

In addition to the above, discussions for polyhalite

supply agreements in various forms remain ongoing
with a range of customers including major distributors
and fertilizer blenders around the world. While these
discussions are at various stages and are confidential,
should they reach a successful conclusion that total
implied demand from these discussions including the
tonnes allocated to the Keytrade markets would
exceed the initial annual production target of 5mn t
from the York Potash Project.

Growhow UK appoints customer finance service

provider

Agropolychim changes output profile

Growhow UK has appointed Japans Hitachi Capital to

provide customer finance services to support the sale
of fertilizer products in the UK. This move reflects the
importance that Growhow UK places on providing
finance solutions that meet the requirements of each
farmer client. Hitachi Capital will operate a new
scheme named Growplan, which will enable farmers to
take advantage of early season prices.

On 29 May, Agropolychim, a fertilizer producer based

in Bulgaria, temporarily stopped producing TSP,

Growhow UK has launched its 2013-14 fertilizer market

sales campaign with prices around 10pc below that of

FERTILIZER EUROPE 31 May 2013

FERTILIZER EUROPE
the previous season, in a move said to reflect activities
across the rest of Europe. A challenging past season
with reduced crop planting and a late spring has put
pressure on the market to redress the shift in the
supply-demand balance. Our new prices reflect this,
Growhow UK marketing manager Ken Bowler says.
While fertilizer prices are reduced, grain markets
remain positive and so the potential return from crop
nutrients is particularly attractive. Thus, early season
purchases offer the chance to lock in margin and
mitigate risk.
Eurochems profit falls
Russian fertilizer company Eurochems consolidated
revenue totalled 46.7bn roubles ($1.5bn) in the first
quarter, up by 30pc on the year. Earnings before
interest, taxes, depreciation and amortisation (Ebitda)
increased by 9pc to Rbs12.4bn. But its profit fell by
40pc to Rbs4.8bn, largely because of a non-cash loss
on the groups mainly dollar-denominated debt as the
rouble depreciated.
Nitrogen and phosphate sales increased by 494,000t
to 2.76mn t. An increase in nitrogen production and
distribution in western Europe was the main driver
behind a 529,000t rise in sales of the product. NPK
sales rose by 267,000t to 396,000t. Nitrogen prices
were stable during the period and the segments
revenues rose by 55pc to Rbs26.4bn. Nitrogen Ebitda
increased by 32pc to Rbs8.1bn, despite a 15pc rise in
natural gas prices in Russia.
Acquisitions in Europe last year, which created
Eurochem Antwerpen and Eurochem Agro, shifted the
groups nitrogen marketing emphasis during the first
quarter sales to Europe accounted for 37pc of the
segments total, compared with just 18pc in JanuaryMarch 2012. The share of sales in Russia fell to 24pc
from 37pc, despite stable sales volumes. North
America accounted for 14pc of nitrogen sales.
Phosphate sales declined by 34,000t to 705,000t in
response to lower demand. But this represented a
significant improvement from the fourth quarter, when
Eurochem sold just 436,000t of phosphate. MAP/DAP
sales dropped by 11pc, while NP and feed product
sales increased by 81pc and 9pc, respectively. Lower
phosphate prices reduced the segments revenues by
15pc to Rbs15.2bn.

last year and foreign exchange losses resulting from a

depreciation of the rouble to the dollar.
The fertilizer market was stable during the period and
the group enjoyed strong demand for its products, it
says in its unaudited IFRS financial results. Uralchem
output was virtually the same as in the first quarter of
last year, at 1.58mn t. But there were some significant
changes in its product mix. DAP output fell by 84pc to
7,316t as the company switched towards producing
more MAP. Production of MAP increased to 125,569t
from 102,372t. NPK fertilizer output rose by 4pc to
135,952t and that of ammonia increased by 5pc to
215,107t. There were smaller increases for ammonium
nitrate and derivatives, up by 1pc to 719,091t, and for
urea, higher by 2pc to 312,182t.
In the first quarter of this year, Uralchem increased its
revenues and the adjusted earnings before interest,
taxes,
depreciation
and
amortisation
grew
substantially. This shows how effectively the company
is working. Uralchem is still focusing on high-margin
products demanded by the market. The first three
months of 2013 showed the sort of results which we
anticipated. This is a positive testament to our strategy
of strengthening our position in the nitrogen segment,
chief executive Dmitry Konyaev says.
Acrons revenues fall
Russian fertilizer company Acrons first-quarter
revenue fell by 10pc on the year to 16.56bn roubles
($520mn), according to its unaudited condensed IFRS
financial statement. The firm attributed this decline in
large part to a drop in sales in China, reflecting lower
demand for compound fertilizer because of
unfavourable weather conditions. Earnings before
interest, taxes, depreciation and amortisation were 6pc
lower, at Rbs4.46bn. Acrons profit fell by 54pc to
Rbs2.36bn. This primarily reflected exchange losses
because of a depreciation of the rouble against the
dollar.
Apatite concentrate production at the Oleniy Ruchey
deposit continued to increase, to 105,000t during the
first quarter, and exceeded 200,000t by the end of
May. Output from the mine will in future supply Acrons
plants at Veliky Novgorod and Dorogobuzh with all of
their phosphate requirements.
Exchange losses hit Dorogobuzh

Uralchems profit drops sharply

Russian fertilizer producer Uralchems first-quarter
revenue edged up by 2pc on the year to 683mn
roubles ($21.4mn), although its profit fell sharply, by
55pc to Rbs161mn. The decline in profit stemmed from
a revaluation of the companys share in Minudobrenia

FERTILIZER EUROPE 31 May 2013

Revenue at Dorogobuzh, a member of Russian

fertilizer firm Acron and a producer of nitrogen and
NPK fertilizers and industrial products, rose by 3pc on
the year to 4.63bn roubles ($150mn), according to its
unaudited condensed IFRS financial statement.
Earnings before interest, taxes, depreciation and

FERTILIZER EUROPE
amortisation (Ebitda) were 6pc higher at Rbs1.51bn. Its
Ebitda margin improved to 33pc from 32pc. But its
profit fell by 27pc to Rbs1.24bn, mainly because of
exchange losses as the rouble weakened against the
dollar.
Phosagros profit falls
Russia fertilizer producer Phosagro increased its
revenue and sales volume in the first quarter of this
year compared with the same period in 2012, although
its profit fell.
Revenue increased by 12pc to 28.9bn roubles
($910mn), as fertilizer production and sales rose by
18pc and 24pc, respectively, offset in part by lower
prices. Production flexibility enabled the company to
significantly raise its output of NPS, which offset lower
export revenues from MAP, DAP and NPK. NPS export
sales increased by Rbs1.63bn to Rbs1.69bn while
export revenue from MAP, DAP and NPK decreased
by 11pc to Rbs1.43bn.
Earnings before interest, taxes, depreciation and
amortisation (Ebitda) fell by 17pc to Rbs7.55bn, while
its Ebitda margin declined by 9 percentage points to
26pc, and it profit contracted by 59pc to Rbs3.29bn.
Phosphate revenue increased by 9pc to Rbs25.18bn.
Sales of MAP, DAP, NPK and NPS increased by 21pc
to 1.29mn t. But sales of phosphate rock and nepheline
concentrate decreased by 12pc to 1.02mn t. Revenue
growth in the phosphate segment was largely because
of a significant increase in export sales of NPS, to
Rbs1.69bn from Rbs56mn a year earlier, and the
addition of SOP and STPP to the groups product mix
after the consolidation of Metachem in December.
Phosphate segment gross profit decreased by 9pc to
Rbs8.57bn, resulting in a gross profit margin of 34pc
compared with 41pc last time. This was mainly
because of a decrease in prices for the companys
main phosphate-based products.
Nitrogen segment revenue totalled Rbs3.66bn, an
increase of 37pc. The segments sales rose by 40pc to
336,700t. Urea production volumes increased by 94pc
from 121,000 t to 234,000 t after the launch of a urea
plant at Phosagro-Cherepovets in the second half of
last year, pushing up sales volumes of this product.
Export revenue from urea increased by 66pc to
Rbs2.41bn because of higher export volumes up by
44pc and a 15pc rise in export revenue per tonne.
Nitrogen segment gross profit declined by 30pc on the
year to Rbs1.45bn as a result of higher expenses for
ammonia purchases, while its gross profit margin
declined to 32pc from 49pc.

FERTILIZER EUROPE 31 May 2013

Copa and Cogeca issue warning to EU farm

ministers
European farmers association Copa and agricultural
co-operative association Cogeca have told EU
ministers that a deal on reforming the common
agricultural policy (CAP) could be delayed for years, if
no agreement is reached by June.
Copa president Gerd Sonnleitner underlined the need
for a final agreement by June to enable the new CAP
to be introduced next year, albeit with a transitional
period, at an informal meeting of EU ministers in
Dublin, Ireland. He pointed out that the agreement is
important not only for farmers and the agricultural
sector but for Europe as a whole. He called for a
positive and rapid decision so that farmers and cooperatives can formulate production and investment
plans.
He requested more flexibility in greening measures
under the CAP reform and supported a position of EU
ministers on the need to authorise measures deemed
to be equivalent between countries. This should be
available to all EU farmers. With scarce resources, the
rate for reducing the amount of land available for
production should not exceed 3pc and farmers should
be able to cultivate environmentally friendly crops on
this area, Sonnleitner said. Copa and Cogeca oppose
any transfer of funds from the first pillar of CAP to the
second pillar of CAP because the reform package is
likely to cut some farmers revenues substantially, and
any transfers would make matters worse. Sonnleitner
also called for a simplification of the CAP.
Cogeca president Christian Pees called for a
strengthening of the role of producer organisations,
noting that recent European Commission reports
showed that producer organisations, like co-operatives,
can help farmers get a better price for their produce.
Proposals to extend product coverage to include
recognition of producer organisations are a step in the
right direction, he said. More efficient tools to regulate
the market and reduce extreme volatility are crucial. He
called for an update of the EU reference prices for
beef, dairy, rice and olive oil so that they take account
of increased input costs. EU sugar production quotas
should be kept until 2020 and planting rights
maintained in the wine sector, Pees said.
Farmers and co-operatives are facing increasing
challenges, such as volatility on agricultural markets
and unfavourable weather conditions, he said. The
CAP should be used to ensure that the agricultural
community can profit from opening markets rather than
being put on the defensive, particularly in view of wide
regional diversity and excellent quality of EU
agricultural produce.

FERTILIZER EUROPE

EUROPEAN PRICE GUIDE

31 May
Euros

17 May
Euros

31 May
Euros

17 May
Euros

355-365
425-430
450-455

365-370
425-430
450-455

219-240
340-344
345-350

260-262
340-344
345-350

245-250
345-350
425-430
365-370

255-260
345-350
425-430
365-370

ITALY
Euro/pt

BELGIUM
Euro/pt bulk
CAN 27%
cif inland
DAP
fca bulk
KCI (G)
cif
15-15-15 ex-store bulk
or ex-port warehouse

219-240
$570
340-345
375-380

262-265
$570
340-345
370-375

FRANCE
Euro/pt bulk - $1.31/
AN 33.5%
delvd bulk
AN imported fca bgd
Urea (G)
fca bulk
Urea (P)
fca bulk
UAN 30%N fot
DAP
fca bulk
TSP
fca bulk
0-25-25
bulk delvd
15-15-15
bulk delvd

290-293
280-284
343-348
315-320
208-210
430-435
340-342
380-385
370-375

352-355
270-274
348-350
320-325
250-253
435-437
340-342
380-385
370-375

GERMANY
Euro/pt bulk
CAN 27%
cif bulk
UAN 28%N fot Hamburg
Urea (prilled) fca bulk
Urea (|granular) fca bulk
DAP
fot bulk
15-15-15
cif bulk

219-240
195-205
310-320
320-325
430-435
375-380

260-265
223-228
315-320
345-350
430-435
375-380

IRELAND
Euro/t
CAN 27%
delvd bgd
320-325
Gran Urea delvd bgd
n.m.
27-6-6
delvd bgd
422-425
18-6-12
delvd bgd
415-420
+ Old market; n.m no market; * indicative

325-330
428-432
425-430
415-425

Gran Urea fca Ravenna bgd

8-24-24 delvd bagged

DAP
fca bgd

NETHERLANDS
Euro/pt
CAN 27%
cif inland*
TSP
FCA bulk
KCI (G)
FCA bulk
* CIF inland barge
SPAIN
Euro/pt
CAN 27%
Urea (P)
DAP
15-15-15

fot bulk
fot bulk
fot bulk
fot bulk

UNITED KINGDOM
Euro pt bulk /t (Euro = 1.16)

AN 34.5% Domestic dld bgs

AN 34.4% Import cif bgs
Gran Urea FOT bags
July-Sept
TSP
FOT bags
20-10-10 bags dld

Pds Stg
260
235-240
290-295

Euros
302
273-278
336-342

Euros
354
295-300
342-348

315-320
285-310

365-370
330-360

390-395
348-370

Delivered (delvd) prices are to retailer/wholesaler stores with the exception of the U.K. where prices are delivered to farm.
Fot prices are fot seaport. (G) = granular, (P) = prill, bgd = bagged.

INTERNATIONAL PRICE GUIDE

US dollars per tonne
31 May
DAP
fob bulk US Gulf
fob bulk N.Africa
fob bulk Ant/Ghent
MAP - duty payable
fob bulk Baltic
TSP
fob bulk N.Africa
Urea
fob bulk Black Sea (P)
fob bulk Egypt (G)

17 May

May 2012

472-482
500-520
565-570

465-470
500-520
565-570

550-575
562-590
610-615

470-490

480-495

570-602

395-420

395-420

480-520

340-345
375-380

348-352
399-400

465-477
495

Ammonium nitrate
Fob Baltic
Ammonium sulphate
fob bulk East Europe
Ammonia
fob Yuzhny
cfr NW Europe
(duty paid)
KCl - bulk
fob E Europe

** indicative

FERTILIZER EUROPE 31 May 2013

31 May

17 May

May 2012

253-255

255-260

335-340

163-166

165-170

240-245

495-515

500-515

550-570

576-597

581-597

602-653

**390-410

**390-410

**450-480

*no recent business