Market Morsel
The information for urea imports to the end of October has actually been launched. The imports of urea have actually been a subject of contention all year, as we become aware of scarcities in supply.
We have actually been at the leading edge of fertilizer analysis in Australia, supplying the only independent analysis. When we heard the yearly rumour of urea scarcities, we chose it was time to begin reporting on import volumes.
The very first chart listed below programs the import volume of urea, we have actually consisted of a theoretical volume in the previous years to reveal what was domestic production in the now-shuttered IPL Gibson Island center.
We can see that imports struck 3mmt for the duration Jan to October. This is a record import volume– and greater than any previous full-year overall with 2 months of information still to include.
The 2nd chart listed below programs the import cost with a one-month lag, in addition to our modelled urea cost. Urea rates has actually increased in current months, however our design reveals that we might see a decrease for the import worth in the next month or 2.
It is essential to keep in mind that the modelled cost has actually been precise (up until now), however it is still a design.
As we go through 2024, we will continue to report on import volumes.
( AI-Generated image)