1. Global Urea Price Surge Drives Potash Market Recovery
Rising International Urea Prices Strengthen Fertilizer Market
Recently, international urea prices have seen a comprehensive increase, with prices in key markets such as the Black Sea, the Middle East, and Brazil rising by 80-200 RMB/ton, reaching a peak of 2,900 RMB/ton. The FOB price of Egyptian granular urea has risen to $408-410, while the price of Brazilian granular urea has increased to $375-385. It is expected that future demand will further push prices up.
Strong Potash Demand in Brazil and Southeast Asia
Brazil, as a major global potash consumer, saw record-high imports of potassium chloride in the first three quarters of this year, reaching 11 million tons. Although short-term demand has softened, the market's demand for potash remains strong.
In Southeast Asia, potash demand is also rising. With the plantation tender season approaching in early 2025, along with high palm oil prices and rising grain prices, potash demand is gaining momentum. Vietnam's strong rice exports will further drive increased potash demand.
China Market Rebounds with Price Recovery
During China's National Day holiday, urea prices rebounded, with factory prices increasing by 50-60 RMB/ton to nearly 1,900 RMB. Potash prices followed suit. Currently, the price of 60% powder potash is between 2,200 and 2,300 RMB/ton, while 62% white potash is priced between 2,400 and 2,450 RMB/ton. Industry insiders expect potash prices to remain strong, with frequent small transactions.
2. India Confirms RCF Urea Tender for 569,150 Tons
On October 3, India’s RCF successfully purchased 569,150 tons of urea from 10 suppliers in its tender. Nine suppliers will deliver 519,150 tons to the East Coast at a price of $389/ton CFR, while Liven will supply 50,000 tons to the West Coast at a price of $364.50/ton CFR. RCF issued letters of intent on October 12, requiring suppliers to complete shipment by November 20.
3. Russia Increases Fertilizer Export Quota to 7.6 Million Tons
The Russian government announced an increase in its mineral fertilizer export quota. The quota for complex mineral fertilizers was raised from 7.3 million tons to 7.6 million tons , with the new quota valid until November 30, 2024. The quota does not apply to fertilizer supplies to Abkhazia and South Ossetia.
Attention: The above information is for commercial reference only due to the diversity of information collected, and Kelewell is not responsible for the authenticity of the data.
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