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24/10/2008 12:52:05

Weekly fertiliser report



"The UK nitrogen demand for the 08/09 season is 500/600,000mt - that is assuming a pessimistic 1.7mln/t as opposed to last year’s 2mln/t. UK producers are comfortable with sales through until Jan/Feb 2009, so today feel under no great pressure to reduce prices in line with the global situation," said Calum Findlay, Gleadell Agriculture’s fertiliser trader.

"GrowHow at Billingham is due for a shutdown Jan/Feb 2009 for extensive renovation work; Severnside has ceased production forever, leaving Ince in Cheshire.

"World commodity prices have fallen with Urea prices following - exacerbated by a stand off in India, Latin America and the US. They will buy at some point and with factories now going into shutdown/extended turnrounds as prices move to within $30 of actually losing money, expect some tonnages to be purchased in the coming weeks.

"Imports into the UK will remain slow up to Christmas as physical positions are liquidated and the very attractive short term offers available today could disappear as stocks are reduced. International markets will waken on the Urea front, as well as domestic demand which will reappear in Lithuania/Ukraine/Poland, reducing availability of any imported Ammonium Nitrate, " Mr Findlay added.




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