On average, granular urea prices were flat to positive week-over-week. In NOLA (New Orleans), granular urea prices rose as much as 3.5% week-over-week to $212 per metric ton from $205 per metric ton a week ago. However, granular urea prices in the US Cornbelt region were flat week-over-week at $245 per metric ton.
In the Middle East, granular urea prices rose as much as 1.6% week-over-week to $250 per metric ton from $246 per metric ton for the week ending October 13.
Prilled urea prices were also positive last week. The prices in the Yuzhny location rose 1.2% week-over-week to $258 per metric ton from $255 per metric ton.
YoY (year-over-year), urea prices in all of the above four locations continued to remain strong in the week ending October 13. In NOLA, granular urea prices were 23% higher YoY. In the Cornbelt region prices were 28% higher YoY. In the Middle East region, granular urea prices rose 30% YoY last week.
At the Yuzhny location, the prilled urea prices rose as much as 36% YoY last week.
In our recent series Analyzing the Fertilizer Industry before Earnings Season, we discussed how the recent strength in urea prices was partly driven by limited activity in China. In its recent market update ending October 13, Mosaic (MOS) reiterated that urea’s availability was limited from China and the Arabian Gulf. Prices are expected to rise due to the contract closure from India.