Unlike the recent trend in which urea prices have been trending higher, urea prices at each of the locations declined last week. Urea prices in the Middle East experienced the steepest decline followed by prices in the US.
On average, urea prices in the Middle East fell as much as 4% week-over-week to $237 per metric ton from $247 per metric ton a week ago. While the prices in the Middle East were lower on a weekly basis, they continued to remain almost 18% higher YoY (year-over-year) from $201 per metric ton in the same week in 2017.
The prices in the NOLA (New Orleans) region of the US declined 3.6% week-over-week to $238. Similar to the Middle East location, the prices in NOLA continued to remain as much as 21% higher YoY from $179 per metric ton in the same week in 2017.
In Egypt, the prices declined as much as 2% week-over-week to $250 per metric ton from $255 per metric ton a week ago. However, the prices remained 7% higher year-over-year from $233 per metric ton.
The prices in the three locations above were for granular urea. When we look at prilled urea, the prices in the Yuzhny location fell 3.4% to $228 per metric ton. The prilled urea prices at this location have declined 1% YoY—unlike what we saw for granular urea.
Next, we’ll discuss natural gas’s weekly price movement.