fertilizer europe

31 May 2013

BELGIUM

CAN 27% cif inland ................................ 219-240

DAP fca bulk ................................................ $570

KCI (G) cif ............................................... 340-345

15-15-15 ex-store bulk....375-380 or ex-port warehouse

Prompt CAN prices pull back 10/t CAN Poor weather conditions have continued to slow fertilizer applications and consumption in Belgium during the last few days of May. Crops, for the most part, appear to be on schedule as the season comes to a close. Prompt CAN 27% retail prices have fallen back by around 10/t over the last two weeks to 255-260/t cif inland as sellers work their way through stocks. At the wholesale level, shortly after the publication of our last report, Yara announced a new price for CAN 27% for June delivery in the Netherlands, Belgium and northern Germany. It set the price at 219/t cif inland, down 21/t on the starting level in 2012. This was raised to 224/t cif inland for July on 29 May. Sales at the 219/t level have been heavy and Yara appears to have quickly sold the tonnage it allocated for June. These prices are lower than many were expecting. They are a response to the bearish outlook for urea and to competition from suppliers in central Europe that has been a feature of the German market this spring. Other suppliers were disturbed by Yaras aggressive price for June, a month in which there will be significant demand for CAN due to the lateness of the spring. Yaras June price is around 40/t lower than levels prevailing in May. OCI did not follow the lead set by Yara and is offering CAN for prompt delivery at 240/t cif inland, unwilling to match the Yara price for June. Eurochem is waiting for the dust to settle before issuing a price. OCI has, though, set a forward price and is offering CAN at 225/t cif inland for September delivery. This implies a minimal increase in CAN prices through the summer.

Volume 23 Number 11 31 May 2013

BELGIUM

Prompt CAN prices pull back 10/t FRANCE

New prices set the tone for June business

GERMANY

Yara Posts July Price for CAN IRELAND

Demand will run on through June as application delayed ITALY

Attention focussed on Urea NETHERLANDS

Yaras CAN price kickstarts selling SPAIN

Lower urea prices reducing CAN demand UNITED KINGDOM

Competitive prices help to boost demand MARKETS

Nitrogen Phosphates NEWSDESK

Denmarks Haldor Topsoe dies Linde forms Russian joint venture Oxbow wins approval for UK sulphur terminal Belaruskali invests in Lithuanian terminal Published by - Argus Media

FMB House, 6 Windmill Road Hampton Hill, Middlesex - TW12 1RH England

Telephone: (+44) (20)8979 7866 Telefax: (+44) (20)8979 4573 e-mail: [email protected] Website: www.argusmedia.com/fertilizer

Editor: Mike Nash/Bruce Neale

Contributors: Mike Smith Kevin Hill Bruce Neale Ralph Thawley Stephen Mitchell Mike Nash Freda Gordon Alice Murray Cindy Galvin

Copyright 2013 Argus Media

BELGIUM

FERTILIZER EUROPE

FERTILIZER EUROPE 31 May 2013

Wholesalers have taken a back seat on purchasing CAN 27% for summer storage as there is still uncertainty over where prices will eventually settle. The demand for June has been driven by farmer buying. UAN There continues to be some small demand for UAN in Belgium although the season is winding down.

Spot offers of UAN 30 have slipped by around 5/t to 238-240/t fca Ghent.

Buying interest for the summer fill remains minimal, but

is expected to surface in June. New season prices are

expected to fall significantly reflecting latest pricing in

France, where the Rouen market is active at 208-210/t fca.

There is a freight inquiry for 3,100t of UAN 32 to load in

Ghent for Santander, northern Spain in late-May.

Urea Spot granular urea prices have remained flat at 345-350/t fca bulk in seaports as the season has finished.

Distributors are expected to look at fresh purchasing

for summer storage in June. Forward offers of granular

have been made at 320/t fca or slightly below during May. Interest was limited and has disappeared entirely

since the 27 May announcement by OCI that it had

reached an amended agreement with Sonatrach, its

partner in the Algerian joint-venture urea project.

This has removed some of the uncertainty about

whether the plant would start up in 2013. It now

appears likely that exports will begin during Q3.

DAP Demand for DAP has shrunk to truckloads this week as the application season has finally finished.

Low stock levels at Belgian terminals have kept spot

sales firm at $570-575/t fca. The next demand will

emerge for autumn application and shipments of

Russian material will recommence after the summer.

Likewise, TSP consumption is over. Last spot prices

were in the range $440-445/t fca.

NPK There is still no market for NPKs in Belgium. Wholesalers are awaiting news of new prices at the

start of July. Last spot 15-15-15 prices were quoted at

around 375-380/t ex-store bulk but new season prices could fall by some 40-45/t. Lower prices are expected because of the fall in phosphate prices, which has

seen DAP drop from 510/t a year ago to 430-435/t fca.

MOP Granular MOP consumption is over and buyers are awaiting new price offers for the next season. Last

spot prices were around 340-345/t cfr port and wholesalers do not expect them to change much.

31 May 2013

FRANCE - $1.31/

AN 33.5% delivered bulk ........................ 290-293

AN imported fca bgd ............................... 280-284

Urea (G) fca bulk .................................... 343-348

Urea (P) fca bulk .................................... 315-320

UAN 30% N fot ....................................... 208-210

DAP fca bulk ........................................... 430-435

TSP fca bulk .......................................... 340-342

0-25-25 bulk delvd ................................. 380-385

15-15-15 bulk delvd ............................... 370-375

New prices set the tone for June business

AN Shortly after the publication of our last report, Yara issued new prices for June deliveries of AN and

CAN. It set the price for AN 33.5 at 292/t bulk delivered to merchant/co-op. This is roughly 18/t below last seasons starting price and showed a slight premium to the CAN price in Germany.

Yara faces less competition in the AN market in France than it does in the CAN market in Germany. Buyers responded to the new price by booking the tonnages offered for June delivery and, on 29 May, having sold its June allocation, Yara raised prices by 3/t for July to 295/t bulk delivered. Other suppliers have followed Yaras lead more or less for June. GPN is offering AN at 295/t bulk delivered for June and Borealis at 293/t for product from Pec-Rhin. Eurochem has yet to announce a price, but is expected to match Yaras offer. The takeover of GPN by Borealis is expected to be finalised at the end of June. Prices for imported AN have been cut to 282-284/t fca bagged for Lithuanian product and 280/t fca bagged for Polish material. Achema has sold AN for European markets at about 250/t fob Klaipeda for June. CAN Demand has also been active for CAN, with farmers who have the cash prepared to buy early at attractive prices. Yara set its price at 235/t bulk delivered for June. GPN is selling 238/t and OCI 240/t bulk delivered. OCI has also sold CAN for July and August respectively at 244 and 248/t bulk delivered. Yara moved its price up to 238/t bulk delivered for July on 29 May. UAN With the end of spot demand for spring, prices have fallen sharply as the only indication is now for summer fill. Buying has been heavy in France this week at 208-210/t fca Rouen for delivery during the second half of the year.

FRANCE

FERTILIZER EUROPE


There are rumours of offers as low as 205/t fca and some buyers are holding out for this level. The main sellers are said to be Yara, Helm, Invivo and Koch. Other traders are still short against earlier sales for summer fill at 220/t fca Rouen and are debating whether to go even shorter at lower prices. Although US prices for summer fill have still to be settled, feedback from the IFA conference in Chicago last week was that suppliers expect UAN 32 prices to fall to around $230/st fob Nola during the third quarter. This implies fob levels of $215-220/t fob Russia, which in turn would equate to around 205/t fca Rouen including a small margin. It is not clear whether suppliers will agree to such prices. Ameropa bought 25,000t of UAN 32 in Egypt this week for 8-10 June shipment to Rouen, covering earlier sales. The price is reported at $255/t fob, although many sources are saying it was actually $250/t fob. The m/t Nord Fast has been fixed at $29-30/t to ship the cargo. Besides this cargo, Achema is planning to ship 45,000t

of UAN 32 to Rouen/Ghent in June. Turnarounds on its

two ammonia plants at Kedainiai will reduce UAN

availability to 25,000t in July and around 40,000t in

August and September from the normal 80,000t.

Keytrade has been checking freight for 40,000t of UAN

32 to load in the US Gulf in the second half of June for

Rouen and Ghent. Freight indications are $23-24/t.

There is some speculation that Keytrade has sold the

cargo to a large co-op.

Urea Spot demand for granular urea has continued over the past two weeks and will run through June

because of wet weather in the southwest that has

delayed work on the corn area. Prices have slipped

5/t to 343-348/t fca in Atlantic ports, with stocks running low in La Pallice.

Helm is loading a cargo of Russian granular urea in

Riga in the coming week for the French Bay. It bought

10,000t of Salavat granular urea last week in the high-

$340s/t fob. OCI has 9,800t due shortly in Bayonne on

the m/v Natasha and will ship 3-4,000t of Egyptian

urea to a Med port in June.

Forward offers of granular urea are around 320/t fca in La Pallice for delivery from July onwards. These are

based on $360-365/t fob Egypt. But buyers are not

keen to book new tonnage as forward international

market prices remain unclear.

On the one hand, Egyptian urea supply will be reduced

during the summer months by diversion of natural gas

to power plants and the domestic market.

On the other hand, the news on 27 May that OCI had

agreed to amend the terms of its Algerian joint venture

with Sonatrach, means that Algerian urea is likely to

start to move for export in the third quarter.

Until now, the 1.1m tonnes/year granular urea plant,

which was completed nearly a year ago, has been

sitting idle waiting for approval from the Algerian side

to start production and exports.

Exports from the new plant are likely to put pressure on

prices for granular urea during the second half of the

year and will make buyers more cautious in the interim.

DAP/TSP There are few offers of phosphates at present as application has finished. DAP imports will

not resume until Q3 and the TSP held in stock in

Rouen/Ghent is quoted at unchanged prices around

$440/t fca bulk.

NPKs Producers are planning to issue new prices for NPKs at the start of July. Based on prices for blending

raw materials, we calculate that levels for 15-15-15

could fall by 40-45/t compared to July 2012, when producers set prices at 375-380/t bulk delivered. The main reason for this is the fall in phosphate prices,

which has seen DAP drop from 510/t a year ago to an indicated level of 430-435/t fca for any new sales.

MOP Spot granular MOP prices have remained flat at around 340-350/t cfr port, down 10-15/t from some list prices. Standard MOP is offered at around

330-338/t cfr port for the second quarter.

31 May 2013

GERMANY / EUROS

CAN 27% cif bulk 219-240 UAN 28%N fot Hamburg ..195-205 Urea (prilled) fca bulk ....................... ... 310-320

Urea (granular) fca bulk 320-325 DAP fot bulk............................................ 430-435

15-15-15 cif bulk ..................................... 375-380

Yara Posts July Price for CAN The return of poor weather conditions has caused problems for Germanys farmers over the past two weeks. They have not been able to get onto the fields to deliver the third application of nitrogen to their cereal crops, or to make the first cut of grass in advance of applying fertilizer to grassland areas. As a result the fertilizer season will run through June, and farmers will continue to buy additional nitrogen at spring prices, but only enough for their immediate needs. This situation has presented a challenge for the CAN suppliers, who are aware that urea has already been

GERMANY

FERTILIZER EUROPE


sold forward to wholesalers at competitive prices and are anxious to start their own sales for pre-storage. Yara led the way by announcing in mid-May that its CAN price for June deliveries would be 219/t cif throughout Germany. At this level, CAN is favourably priced in relation to granular urea at 320/t ex-terminal, which is a notional price level that reflects the export quotes of from Egypt and elsewhere. For Yara and the other European CAN producers, ureas increased share of the German market in autumn 2012 was a matter of concern. The new prices send a signal that CAN will be competitive this time. Earlier this week Yara announced that its price for July deliveries of CAN would be 225/t cif inland. What happens later this year will to some extent depend on the international urea market, which can be relied on to be volatile. The announcement that Algeria is to join the suppliers of granular urea to the European market will only add to the uncertainty. CAN: The German market has been reacting to Yaras early announcement of a 219/t cif inland price for its CAN sales in June. Competitors have been

incredulous that this low price should have been issued

while there remains plenty of business to be done in

the rest of the current season. CAN prices may have

slipped back from the 260s/t to the 240s/t cif inland in recent weeks, but they are healthier for producers

than the current price that is on the table from Yara.

Other suppliers have been reacting with considerable

caution to this announcement, initially thinking that they

would have to compete directly with it, but now

becoming more confident that they can continue for

prompt delivery at around the 240/t cif level. Not surprisingly, Yara has sold all the tonnage it allocated

for June delivery very quickly.

OCI, which has been suffering production constraints

and is there under no pressure to sell, has indicated

that its price for prompt deliveries is 240/t cif. It is, though, offering for September delivery at 225/t cif inland.

Eurochem will seek the best prices available for its

sales during June and then review its plans for a pre-

storage price to cover the next season. Linzer Agro

Trade is also sticking to higher prices for prompt

business.

There has been speculation about Yaras intentions beyond the end of June, in particular whether it would

offer a further discount for pre-season sales, or

whether it would treat 219/t as the floor for this year. This has been resolved with its latest announcement

that its July CAN price for Germany and the Benelux

countries will be 225/t cif inland. As the main demand for current use will be over by then, the new price will be directed towards

encouraging summer-fill purchasing, and by then it is likely that other suppliers will be ready to follow a similar policy for their sales. Urea: There continues to be some small-scale demand for prills for direct application. A couple of cargoes, which discharged last week, are being offered at 315-325/t fca seaport in bulk. Prilled urea is also being quoted for forward delivery at 310-315/t fca, which is only marginally below the equivalent price for granular material. UAN: Yaras UAN28 was initially quoted for pre-storage at prices equivalent to 210/t fca Hamburg, but this was soon eroded by 10-15/t or more, although it has been difficult to obtain conformation of this. The downward trend is in line with a similar development for UAN30 at Rouen. DAP: In recent weeks, prices have drifted down in the international market, but the full impact has not been evident yet in Germany. This is because there has been almost no demand for product. Occasional inquiries from blenders for truckload quantities have attracted offers based on $550-555/t fca, equivalent to some 430-435/t fca. NPK Compounds: The price quoted in our table for 15-15-15 compound has become a nominal one based on the situation earlier in the year, and it certainly does not reflect the current conditions of the individual fertilizer containing these nutrients. Recalculating the price to take account of the change in nutrient values would reduce it by some 50/t, but so far the big NPK producers have given no sign that they intend to take account of this in their new price lists that will be finalised next month. Weather Depresses Q1 Nitrogen Deliveries German fertilizer suppliers delivered 1.7m tonnes of nutrients to agriculture in the first three quarters of the current crop year, marginally above the corresponding total for 2011-12. The results for the first half of 2012-13 (July-December) showed a 4% increase on the year before, but deliveries in the most recent quarter (January-March) fell by 5% as a result of the delayed start to the spring season. Nitrogen performed poorly in this quarter, when its deliveries were down by 49,000t N (-10%), whereas phosphates rose by 21,000t P2O5, probably as a result of higher deliveries of DAP for blending. Deliveries of potash, which had performed well in the previous quarters, were down by 4,000t K2O (-4%). Within the nitrogen total for January-March 2013, both CAN and UAN lost market share to urea, which accounted for just under one third of total N deliveries during this period. This situation will reverse in the results for the current quarter when CAN will again become the principal form of nitrogen delivered to German agriculture.

FERTILIZER EUROPE


Late Spring Takes its Toll on Harvest Prospects The mid-May forecast of the 2012/13 cereal crop

prepared by the Deutsche Raiffeisenverband (DRV)

shows a modest overall increase in Germanys production of just 0.7%, with the total estimated to

reach 45.5m tonnes. The DRV data indicate that

winter-planted crops will do relatively well this year:

wheat production is projected to grow by 6% to 23.8m

tonnes and rye by 10% to 4.3m tonnes. However, the

impact of the unfavourable spring planting conditions is

reflected in DRVs forecasts of reduced production for barley, which will fall by 4% to 10.0m tonnes, and

especially for maize, which will be down by 19% to

4.5m tonnes, as a result both of smaller areas having

been planted and of lower yields for these crops. The

DRV has also assessed the outlook for oil-seed rape,

projecting a 12% increase to give a harvest of 5.4m

tonnes.

31 May 2013

IRELAND Euros

CAN 27% delvd bgd ................................320-325

Gran Urea delvd bgd ..................................... n.m.

27-6-6 delvd bgd .....................................422-425

18-6-12 delvd bgd ...................................415-425

Demand will run on through June as application

delayed

The weather and temperature have improved over the

last two weeks and grass growth is closer to normal.

The impact of the cold, wet spring, though, has been to

delay application by about one month and demand for

CAN and high-N fertilizers will run on through June.

In recognition of the delays, the department of

agriculture has put back the date up to which nitrogen

and phosphate fertilizers can be spread by two weeks

to the end of September.

CAN

Demand has improved in the second half of May and

suppliers are anticipating an active market in June for

application on grassland. There has been no response

in the market to the price decrease announced by Yara

to 219/t cif inland in northern Europe. Yara made the price change for Germany, Belgium and Holland and

appears to have allocated little or no tonnage for

Ireland. Price indications for CAN 27 remain close to

325/t bagged delivered to farm, reflecting 265-268/t cif seaport in bulk.

27-6-6

Demand for high-N compounds remains firm. 27-6-6 is

in tighter supply than 18-6-12 and is moving at slightly

higher prices to farm, maintaining a roughly 100/t differential with straight CAN.

Urea

The market is over for 2013.

31 May 2013

ITALY

Euro/pt bulk

Gran Urea fca Ravenna bagged ............ 355-365

8-24-24 delvd bagged ............................ 425-430

DAP fca bagged ..................................... 450-455

Attention focussed on Urea

The market is focussed entirely on urea at present,

with minimal interest in other products. Wet weather

means that corn planting has been delayed and the

area planted is likely to be reduced by about 15%

overall. Some farmers may also plant corn for animal

feed rather than seed. Urea application on corn has yet

to start, whereas in normal years application is over by

10 June.

As a result, suppliers of urea need a big June to move

the stocks they have and there is some nervousness

about how large demand will be. Granular urea

demand would normally be around 30,000t in June, but

this year could amount to as much as 100,000t.

Urea

Stocks of Russian, Iranian and Egyptian granular urea

remain in Ravenna waiting for the urea market to

unfurl. The delayed start to the season is keeping

prices under pressure and continually edging down.

The impression gained is that, once buying begins,

sellers will scramble for business to try and liquidate all

the stocks that have built up.

Importers, notably Vega-Nitro and Trammo are offering

granular urea around 355/t fca Ravenna in bag bags, equivalent to about $420/t cif bulk. This is a relatively

high price in todays market, but in some cases is lower than the cost of the imported urea on offer. Vega-Nitro

imported 20-21,000t of Iranian urea and 15,000t of

Russian.

Yara is selling at 360-365/t fca in big bags from Ferrara, about 10/t lower than in the first half of May. It is expected to remain very competitive to make sure

its stocks are moved during June.

ITALY

IRELAND

FERTILIZER EUROPE


NF loaded 3,000t of prilled urea in Yuzhny in late May

on the m/v Sea Bee for Italy. It will load 22-25,000t of

prilled urea for Chioggia and Ravenna in the Black Sea

in early-June.

CAN

Yara has not altered its price for prilled CAN to reflect

the lower prices introduced in northern Europe.

Demand is minimal in June and it sees no point in

lowering prices now when it would have no effect on

sales.

31 May 2013

NETHERLANDS

CAN 27% cif inland*....219-240 TSP FCA bulk..........................................340-344

KCI (G) FCA bulk ....................................345-350

* cif inland barge

Yaras CAN price kickstarts selling

CAN Unsettled weather in the Netherlands has

continued to delay the latest cut on grassland. As a

result, the second fertilizer application is still going on

and is expected to continue for the next 2-3 weeks.

Shortly after the publication of our last report, Yara

announced a new price for CAN 27 for June delivery in

the Netherlands, Belgium and northern Germany. It set

the price at 219/t cif inland, down 21/t on the starting level in 2012. Yara also issued a price for July this

week at 224/t cif inland, up 5/t from its June price.

These prices are much lower than many market

participants were expecting and has thrown the Dutch

market into a state of confusion. Yaras new prices are seen as a response to the bearish outlook for urea and

to competition from suppliers in central Europe that has

been a feature of the German market this spring.

However, other suppliers have been disturbed by

Yaras aggressive price for June, a month in which there will be significant demand for CAN due to the

lateness of the spring. The June price is at least 40/t lower than levels prevailing in May. Wholesalers

holding stocks of higher-priced material have also been

caught out and are scrambling to liquidate them.

OCI has not followed the lead set by Yara and is

offering CAN for prompt delivery at 240/t cif inland, unwilling to match the Yara price for June.

The producer has, however, set a forward price and is

offering CAN at 225/t cif inland for September delivery. This implies minimal increase in CAN prices

through the summer.

Cooperatives still have enough CAN in stock especially

since the season has been delayed. They are therefore

focussed on shifting more expensive inventories

bought at around 260/t cif inland as quickly as possible rather than looking at forward purchases.

Prompt prices have been put under severe downward

pressure this week by Yaras new prices and are notionally seen at between 219-224/t cif inland.

31 May 2013

SPAIN

Euro/pt bulk

CAN 27% fot bulk ................................... 245-250

Urea (P) fot bulk ..................................... 345-350

DAP fot bulk............................................ 425-430

15-15-15 fot bulk .................................... 365-370

Lower urea prices reducing CAN demand

Urea prices remain under pressure with competitive

supplies being brought to market by OCI and farmers

expected to switch to granular product on cost

grounds.

CAN

The market continues its downward trend with

Fertiberia reporting a price of 260/t fca bulk ex-works, down from 275-280/t two weeks ago and 285-290/t at the beginning of the month. Fertiberia expects to

give an indication of its pre-season CAN price in the

next few weeks. Given the fundamentals of the market,

principally falling urea prices, the price is expected to

drop to 240-245/t fca.

Some sellers anticipate a price war breaking out in

northern areas with farmers switching from CAN to

granular urea given the competitive prices available for

the latter.

Urea

Fertiberias Huelva plant was shut down at the end of April for maintenance and is expected to be brought

back into full production next week in time to begin

supplying product for the short-lived maize market that

will begin and end in June.

NETHERLANDS

SPAIN

FERTILIZER EUROPE


The additional supply from this plant is expected to put

increased downward pressure on prilled prices given

competition from the readily available stocks of

granular. Prilled is being offered at 315-318/t cif bulk with 90 days.

Granular urea prices remain at 345-350/t ex warehouse, with the range reflecting the lower prices

available in the south and higher prices in the north.

OCI continues its domination in the market and is

bringing supplies to the market. This week the

company had four loads each of 3-4,000t moving

around the coasts of Spain. Stocks of its Egyptian urea

remain plentiful.

UAN More rain has fallen in eastern Spain delaying application from April and early May and pushing demand into June. The market has been active this month with over 10 vessels moving to the country in what is turning out to be a record year for UAN imports. The season is expected to be longer than normal with activity extending through mid-July. Some estimate consumption will rise to nearly 200,000 metric tons for UAN 32% this year, up from 178,000 metric tons last year. There is demand for 1-2 additional cargoes of 5,000t for June shipments. Prices are holding at 323-325/t ex-terminal for 32% solution, equivalent to about $305/t cfr seaport. DAPThere is no market, although some customers may start buying smaller quantities beginning next month as a hedge against higher prices in September. Fertiberias reported price is $540-550/t fob Huelva in bulk, which is pegged against the Moroccan price of $520/t fob.

Spain: UAN vessels May 2013

Vessel Shipper Route mt

tbn Helm Cza-Span Med 5,000

Lessow Swan Keytrade Egypt-Span Med 6,000

Loya Litfert? Ghent-Santander 3,100

Cape Egmont Ameropa Cza-Barcelona 9,000

tbn Koch Egypt-Med+Sevilla 5,700

Clipper Legacy Ameropa Cza-Alicante+1 6,600

Orasund Keytrade Klaipeda-Santander 4,500

Parsa Trammo Egypt-Barca+Cartagena 7,000

Filyoz Keytrade Egypt-Barca+Sevilla 4,500

Soley 4 Trammo Cza-Barca+Valencia 4,500

Haci Fatma Ana Litfert Klaipeda-Santander 6,500

Total 62,400

31 May 2013 UNITED KINGDOM /t / Euro pt bulk (Euro = 1.16)

pt Euro pt AN 34.5% domestic dld bags 260 302 AN 34.4% Import cif bags 235-240 273-278 Gran Urea FOT bags Jul-Sep

290-295 336-342

TSP FOT bags 315-320 365-370 20-10-10 bags dld 285-310 330-360

Competitive prices help to boost demand Demand has been steadily increasing because the

prices of all products have become more competitive

and fertilizer is actually needed on farm now. GrowHow

and Yara issued lower prices for AN for June,

stimulating some early buying, and blenders and

merchants are continuing to chase orders.

AN

Following Yaras decision in continental Europe to reduce AN and CAN ahead of the IFA conference, and

its offer into the UK market at 260/t bagged to

merchant for AN, GrowHow reacted quickly and issued

similar terms.

The move came earlier than merchants had

anticipated, and was a level low enough to create

interest among end users.

Adding to the interest and demand, distributors have

been engaged in what one described as a race to the bottom. GrowHows suggested level of 270/t delivered farm, mentioned in the UK farming press,

seems to have presented buyers with a challenge to do

better, and business is being transacted below this

level.

Prices have dropped to 265/t bagged delivered to

farm generally. This cuts merchants margins to the bone based on a wholesale price of 260/t. The

appointment by GrowHow of Gleadell as a distributor

earlier in the year, in an already crowded market place,

has upped the competition. Prices below-265/t

delivered to farm are being reported.

The quantity of AN sold for storage to date is said to be

less than in previous years due to carryover from 2012-

13 and uncertainty about demand levels for 2013-14.

However, spot demand is strong and the same farmers

and buying groups who would normally buy at this time

of year are active.

UNITED KINGDOM

FERTILIZER EUROPE


UK-produced AN is sufficiently low in price to make life

difficult for importers. Shippers are offering Lithan at

245/t fca bagged, which appears to breakeven at

best. Achema sold AN for June shipment in the range

250-255/t fob Klaipeda, equivalent to 238-240/t cif

bagged. Even at this level, Lithan is not attractive

compared with domestic product. Polish AN (Pulan) is

reported at 10/t less than Lithan and is more

competitive .

The Nitrogen + Sulphur products 27N+30SO3 and

29N+20SO3 are being offered at the same price as AN

by Yara and GrowHow.

UREA

There are very few offers of granular urea. Bunn, the

Koch subsidiary, is following its day trading practice

and has posted urea at 293/t fca bagged, suggesting

a net back to Egypt of $365/t fob. The rest of the

market seems to be waiting to see the price evolution

in Algeria and Egypt to cover earlier trades and before

offering again.

NPK/PKs/Straights

Farmers are benefitting from intense competition for

business between UK blenders. Prices for 25-5-5 have

eased to 280/t bagged delivered to merchant and 20-

10-10 to 290/t.

GrowHow compound NPKs remain at a 20.00

premium to these levels. Neither Yara nor GrowHow

pricing has changed to reflect the reduced AN price for

June, although it has been rumoured that once again

Yara will take the lead on this from the beginning of

June.

The early AN market has prompted interest but little

buying of PK fertilizers or straights. TSP is on offer at

315/t fca bagged and granular MOP at 305/t fca

bagged. Blended 0-24-24 is selling at 295/t fca

bagged, a reduction on of previous levels and

suggesting that suppliers are liquidating old stocks

The MOP price still does not reflect the earlier

intentions of K+S to sell at 360/t cif bulk.

Nitrogen

Indian tender to set level for Chinese urea

The biggest talking point in the market over the past

few weeks - how low will the Chinese urea price go -

will be settled in the coming week, at least for July.

MMTC of India will close a tender on 3 June, seeking

urea for shipment up to 22 July. This will allow three

weeks of loading in Chinese ports at the low tax rate.

Chinese and Iranian urea are expected to be

prominent in the tender, because the latter has

nowhere else to go, and the former needs Indian

business to liquidate some of the 2m tonnes long

position suppliers have built up in Chinese ports.

The more aggressive traders anticipate prices below

$340/t cfr in India, which would equate to around

$320/t fob China. Suppliers are refusing to contemplate

such a level at present and have maintained asking

prices at $330/t fob. However, the huge quantities of

urea sitting in Chinese ports suggests that the more

bearish view on pricing will prevail.

One sale of Chinese granular took place in Mexico this

week at a price reflecting the low-$330s/t fob. This is

about $10/t below current asking prices and is probably

a pathfinder for prilled urea.

Elsewhere, production cuts in Egypt and Ukraine are

helping to minimize any reduction in price. But Yuzhny

fob levels are now equal to those for Middle East

granular urea, which is unusual and normally short-

lived.

The prevailing sentiment is that this is as good as it

gets over the next few months, so sell now rather than

wait.

Phosphates

Indian buyers on hold on unclear PhosChem

contract price and weakening rupee

The phosphate market has come to a halt this week

despite India stepping in for a modest volume, under

1mn t, of DAP last week. Chinese DAP producers are

holding out for $500/t fob whereas Indian buyers are

reluctant to buy above $510/t cfr. The weakening of the

rupee has also dampened buying sentiment. The

stalemate over prices will not be resolved until the

market finds out the accurate price PhosChem had

finalised with IPL/IFFCO.

Market analysis

A lack of clarity in the actual price agreed between

PhosChem and IPL/IFFCO has brought Indian

phosphates imports to a halt this week. There were

rumours that PhosChem would announce the accurate

price at the end of May but at press time there was no

announcement. The depreciation of the rupee also

meant buyers are reluctant to accept fresh imports

priced above $510/t cfr.

MARKETS

FERTILIZER EUROPE


Until the PhosChem price is known, we do not expect

significant commitments in India. Argus FMB has

therefore kept the top end of the DAP Tampa fob level

at $482/t fob based on netbacks of $510-520/t cfr

India, a price range that is widely believed to have

been agreed. The range of our assessment also

reflects latest, confirmed Latin American business,

although fresh offers into Latin America may be lower

because this is one of the few active buying regions at

present. Some Russian MAP has been sold via

Mekatrade within the range of $510-515/t cfr Brazil this

week, in line with last business levels.

Pakistan is the only other market showing signs of life

this week. It is understood that a total of three DAP

cargoes have been recently fixed for Pakistan, with the

latest cargo for July arrival, thought to be around

40,000t. There are rumours that it was concluded

under $530/t cfr, which does not come as a surprise

given that importers have rejected offers above $535/t

cfr, while offers of Mexican DAP are in the $520s/t cfr,

and US product at $518-520/t cfr.

Denmarks Haldor Topsoe dies

Haldor Topsoe, the founder of the Danish fertilizer

company that bears his name, died on 20 May, just

four days before his 100th birthday, after a short illness.

Topsoe remained involved in the companys daily

operations as chairman of the board until a few weeks

before his death. He became ill after falling and

breaking his hip, and never recovered from the

accident.

Topsoe made significant contributions to technological

and scientific innovation, helping address global

challenges in the energy, food supply and the

environmental sectors. His company is a world leader

in the field of catalysis, a process that increases

the rate of chemical reactions through the use of

catalysts.

Topsoe graduated as a chemical engineer in 1936,

founded Haldor Topsoe four years later and developed

skills throughout his life, not only as a researcher,

entrepreneur and businessman but also as an idealist

and humanitarian. His contributions were recognised

by numerous awards and distinctions across the globe,

including being awarded the grand cross of Denmarks Order of Dannebrog, US engineering prize the Hoover

Medal and being named engineer of the century by the

Danish Association of Engineers IDA.

The Topsoe family wholly owns Haldor Topsoe. Vice-

chairman Henrik Topsoe will take on the chairmans

role. The family is committed to maintaining its

ownership and continues to support its long-term

growth strategy, the company says.

Linde forms Russian joint venture

German industrial gas group Linde has agreed to set

up a joint venture with Russian chemicals company

KuibyshevAzot to build and operate an ammonia plant.

The companies will have an equal interest in the

venture, to be called Linde Nitrogen Togliatti.

The plant will be built at Togliatti in Russias Samara region at an estimated cost of 275mn ($355mn). The

facility will have a capacity to produce 490,000 t/yr of

ammonia which will be used to make finished nitrogen

fertilizers. Construction is scheduled for completion in

2016.

Oxbow wins approval for UK sulphur terminal

The Southampton City Council in southern England

has approved plans by Oxbow Sulphur to build a

sulphur-forming terminal on a 4,000m site at the citys port, despite some residents expressing environmental

concerns.

Oxbow plans to transport liquid sulphur produced at

the nearby 310,000 b/d Fawley refinery by lorry to the

terminal for forming and export. The pastillation plant

will usually process about 30,000 t/yr of liquid sulphur

and have a maximum design capacity of 100,000 t/yr.

The site will have a 1,000t covered storage silo and the

formed sulphur will be shipped in TEUs (20 foot

equivalent containers).

Belaruskali invests in Lithuanian terminal

Belarusian potash producer Belaruskali has purchased

a 30pc stake in BKT, a bulk handling terminal in

Klaipeda, Lithuania. The cost of the deal is said to be

about $30mn.

BKT, founded in 1997, is a specialised terminal that

stores and handles dry bulk and packaged mineral

fertilizers and other mineral and chemical substances,

as well as general and other types of cargo. Klaipeda

is a major export gateway for potash exports

originating in Belarus. Belaruskali already exports its

potash through BKT and another terminal at the port,

Klasco.

Change in joint venture agreement at Sorfert

The partners in the Sorfert fertilizer complex at Arzew

in Algeria, Cairo-listed Orascom Construction

Industries (OCI) and Algerian state-owned oil and gas

company Sonatrach, have amended their joint-venture

agreement, paving the way for production and exports

to start. The granular urea plant and supporting

ammonia line were completed last year but have not

NEWS DESK

FERTILIZER EUROPE


started production. A stand-alone ammonia unit is

nearing completion.

The 27 May announcement noted that the amendment

included an agreement on mutually beneficial

arrangements, which allow for the earliest possible

start of production and commercial activities of the

company. The nature of the amendment has not been

revealed, although Sonatrach was said to have sought

a more active role in marketing Sorferts ammonia and

urea output.

The complex comprises two ammonia plants, each

with a production capacity of 726,000 t/yr and facilities

to produce up to 1.14mn t/yr of granular urea. German

engineering firm ThyssenKrupp and OCI were the main

contractors. ThyssenKrupp also provided the process

technology package for the ammonia plant. Dutch

engineering firm Stamicarbon and UFT supplied the

process technology for the urea units.

York Potash clinches more sales deals

UK company York Potash has entered a number of

agreements with fertilizer distributors and

manufacturers in the country and Europe covering

future sales of polyhalite from its proposed mine near

Whitby on the North Yorkshire coast.

The framework sales agreements set out volume

commitments and a basis for co-operation between the

parties before they sign formal contracts ahead of the

mines start-up. York Potash is committing to supply 310,000 t/yr of polyhalite, including 60,000 t/yr mainly

targeted at the UK agricultural sector, confirming the

market potential for the mineral and its importance to

farming.

The agreements are confidential and are in addition to

York Potashs marketing deal to supply 1.75mn t/yr of polyhalite to Swiss fertilizer firm Keytrade. According to

York Potash, the pricing structure of the deals will be

agreed when the companies sign formal contracts and

will be based on market conditions at the time.

In addition to the above, discussions for polyhalite

supply agreements in various forms remain ongoing

with a range of customers including major distributors

and fertilizer blenders around the world. While these

discussions are at various stages and are confidential,

should they reach a successful conclusion that total

implied demand from these discussions including the

tonnes allocated to the Keytrade markets would

exceed the initial annual production target of 5mn t

from the York Potash Project.

Agropolychim changes output profile

On 29 May, Agropolychim, a fertilizer producer based

in Bulgaria, temporarily stopped producing TSP,

switching to MAP output. TSP markets have been slow

over the past two months and the prospect of any

change in the foreseeable future is slim, the company

says. Agropolychim will continue to supply TSP to

customers from warehouse inventories .

The company plans to halt operations at all of its

production facilities on 1 July for 45 days of

maintenance. Output will resume at the end of August,

based on sulphuric acid currently in store.

Agropolychim operates production facilities at Devnya

in northeastern Bulgaria, near the Black Sea port of

Varna. The company produces fertilizer intermediates

and a range of N, P and NP fertilizer products,

including stabilised ammonium nitrate, UAN solution,

TSP, MAP and DAP.

SQM Vitas to inaugurate Spanish facility

Joint-venture fertilizer company SQM Vitas plans to

inaugurate new production facilities and a logistics

centre at the port of Cadiz in Spain on 12 June. The

complex will include a new water-soluble NPK plant

with a production capacity of 15,000 t/yr. Output will

predominantly supply the fertigation and foliar

application markets for SQM of Chile and Frances

Roullier, which together own SQM Vitas.

It comes after SQM Vitas completed the acquisition of

controlled-release fertilizer technology (CRF)

Plantacote, plus the associated business and brand

name, from Germanys Aglukon at the start of May.

The deal allows Aglukon to focus on its core business

production of Wuxal foliar fertilizers for agricultural

and foliar crops.

SQM Vitas plans to build a global production facility in

a strategically located port area in western Europe

where it recently acquired a long-term concession. This

facility will produce premium and standard CRFs under

the Plantacote brand for distribution worldwide to the

horticulture, agriculture, turf, growing media and

consumer markets.

Growhow UK appoints customer finance service

provider

Growhow UK has appointed Japans Hitachi Capital to

provide customer finance services to support the sale

of fertilizer products in the UK. This move reflects the

importance that Growhow UK places on providing

finance solutions that meet the requirements of each

farmer client. Hitachi Capital will operate a new

scheme named Growplan, which will enable farmers to

take advantage of early season prices.

Growhow UK has launched its 2013-14 fertilizer market

sales campaign with prices around 10pc below that of

FERTILIZER EUROPE


the previous season, in a move said to reflect activities

across the rest of Europe. A challenging past season

with reduced crop planting and a late spring has put

pressure on the market to redress the shift in the

supply-demand balance. Our new prices reflect this,

Growhow UK marketing manager Ken Bowler says.

While fertilizer prices are reduced, grain markets

remain positive and so the potential return from crop

nutrients is particularly attractive. Thus, early season

purchases offer the chance to lock in margin and

mitigate risk.

Eurochems profit falls

Russian fertilizer company Eurochems consolidated

revenue totalled 46.7bn roubles ($1.5bn) in the first

quarter, up by 30pc on the year. Earnings before

interest, taxes, depreciation and amortisation (Ebitda)

increased by 9pc to Rbs12.4bn. But its profit fell by

40pc to Rbs4.8bn, largely because of a non-cash loss

on the groups mainly dollar-denominated debt as the

rouble depreciated.

Nitrogen and phosphate sales increased by 494,000t

to 2.76mn t. An increase in nitrogen production and

distribution in western Europe was the main driver

behind a 529,000t rise in sales of the product. NPK

sales rose by 267,000t to 396,000t. Nitrogen prices

were stable during the period and the segments

revenues rose by 55pc to Rbs26.4bn. Nitrogen Ebitda

increased by 32pc to Rbs8.1bn, despite a 15pc rise in

natural gas prices in Russia.

Acquisitions in Europe last year, which created

Eurochem Antwerpen and Eurochem Agro, shifted the

groups nitrogen marketing emphasis during the first

quarter sales to Europe accounted for 37pc of the

segments total, compared with just 18pc in January-

March 2012. The share of sales in Russia fell to 24pc

from 37pc, despite stable sales volumes. North

America accounted for 14pc of nitrogen sales.

Phosphate sales declined by 34,000t to 705,000t in

response to lower demand. But this represented a

significant improvement from the fourth quarter, when

Eurochem sold just 436,000t of phosphate. MAP/DAP

sales dropped by 11pc, while NP and feed product

sales increased by 81pc and 9pc, respectively. Lower

phosphate prices reduced the segments revenues by

15pc to Rbs15.2bn.

Uralchems profit drops sharply

Russian fertilizer producer Uralchems first-quarter

revenue edged up by 2pc on the year to 683mn

roubles ($21.4mn), although its profit fell sharply, by

55pc to Rbs161mn. The decline in profit stemmed from

a revaluation of the companys share in Minudobrenia

last year and foreign exchange losses resulting from a

depreciation of the rouble to the dollar.

The fertilizer market was stable during the period and

the group enjoyed strong demand for its products, it

says in its unaudited IFRS financial results. Uralchem

output was virtually the same as in the first quarter of

last year, at 1.58mn t. But there were some significant

changes in its product mix. DAP output fell by 84pc to

7,316t as the company switched towards producing

more MAP. Production of MAP increased to 125,569t

from 102,372t. NPK fertilizer output rose by 4pc to

135,952t and that of ammonia increased by 5pc to

215,107t. There were smaller increases for ammonium

nitrate and derivatives, up by 1pc to 719,091t, and for

urea, higher by 2pc to 312,182t.

In the first quarter of this year, Uralchem increased its

revenues and the adjusted earnings before interest,

taxes, depreciation and amortisation grew

substantially. This shows how effectively the company

is working. Uralchem is still focusing on high-margin

products demanded by the market. The first three

months of 2013 showed the sort of results which we

anticipated. This is a positive testament to our strategy

of strengthening our position in the nitrogen segment,

chief executive Dmitry Konyaev says.

Acrons revenues fall

Russian fertilizer company Acrons first-quarter

revenue fell by 10pc on the year to 16.56bn roubles

($520mn), according to its unaudited condensed IFRS

financial statement. The firm attributed this decline in

large part to a drop in sales in China, reflecting lower

demand for compound fertilizer because of

unfavourable weather conditions. Earnings before

interest, taxes, depreciation and amortisation were 6pc

lower, at Rbs4.46bn. Acrons profit fell by 54pc to

Rbs2.36bn. This primarily reflected exchange losses

because of a depreciation of the rouble against the

dollar.

Apatite concentrate production at the Oleniy Ruchey

deposit continued to increase, to 105,000t during the

first quarter, and exceeded 200,000t by the end of

May. Output from the mine will in future supply Acrons

plants at Veliky Novgorod and Dorogobuzh with all of

their phosphate requirements.

Exchange losses hit Dorogobuzh

Revenue at Dorogobuzh, a member of Russian

fertilizer firm Acron and a producer of nitrogen and

NPK fertilizers and industrial products, rose by 3pc on

the year to 4.63bn roubles ($150mn), according to its

unaudited condensed IFRS financial statement.

Earnings before interest, taxes, depreciation and

FERTILIZER EUROPE


amortisation (Ebitda) were 6pc higher at Rbs1.51bn. Its

Ebitda margin improved to 33pc from 32pc. But its

profit fell by 27pc to Rbs1.24bn, mainly because of

exchange losses as the rouble weakened against the

dollar.

Phosagros profit falls

Russia fertilizer producer Phosagro increased its

revenue and sales volume in the first quarter of this

year compared with the same period in 2012, although

its profit fell.

Revenue increased by 12pc to 28.9bn roubles

($910mn), as fertilizer production and sales rose by

18pc and 24pc, respectively, offset in part by lower

prices. Production flexibility enabled the company to

significantly raise its output of NPS, which offset lower

export revenues from MAP, DAP and NPK. NPS export

sales increased by Rbs1.63bn to Rbs1.69bn while

export revenue from MAP, DAP and NPK decreased

by 11pc to Rbs1.43bn.

Earnings before interest, taxes, depreciation and

amortisation (Ebitda) fell by 17pc to Rbs7.55bn, while

its Ebitda margin declined by 9 percentage points to

26pc, and it profit contracted by 59pc to Rbs3.29bn.

Phosphate revenue increased by 9pc to Rbs25.18bn.

Sales of MAP, DAP, NPK and NPS increased by 21pc

to 1.29mn t. But sales of phosphate rock and nepheline

concentrate decreased by 12pc to 1.02mn t. Revenue

growth in the phosphate segment was largely because

of a significant increase in export sales of NPS, to

Rbs1.69bn from Rbs56mn a year earlier, and the

addition of SOP and STPP to the groups product mix

after the consolidation of Metachem in December.

Phosphate segment gross profit decreased by 9pc to

Rbs8.57bn, resulting in a gross profit margin of 34pc

compared with 41pc last time. This was mainly

because of a decrease in prices for the companys

main phosphate-based products.

Nitrogen segment revenue totalled Rbs3.66bn, an

increase of 37pc. The segments sales rose by 40pc to

336,700t. Urea production volumes increased by 94pc

from 121,000 t to 234,000 t after the launch of a urea

plant at Phosagro-Cherepovets in the second half of

last year, pushing up sales volumes of this product.

Export revenue from urea increased by 66pc to

Rbs2.41bn because of higher export volumes up by

44pc and a 15pc rise in export revenue per tonne.

Nitrogen segment gross profit declined by 30pc on the

year to Rbs1.45bn as a result of higher expenses for

ammonia purchases, while its gross profit margin

declined to 32pc from 49pc.

Copa and Cogeca issue warning to EU farm

ministers

European farmers association Copa and agricultural

co-operative association Cogeca have told EU

ministers that a deal on reforming the common

agricultural policy (CAP) could be delayed for years, if

no agreement is reached by June.

Copa president Gerd Sonnleitner underlined the need

for a final agreement by June to enable the new CAP

to be introduced next year, albeit with a transitional

period, at an informal meeting of EU ministers in

Dublin, Ireland. He pointed out that the agreement is

important not only for farmers and the agricultural

sector but for Europe as a whole. He called for a

positive and rapid decision so that farmers and co-

operatives can formulate production and investment

plans.

He requested more flexibility in greening measures

under the CAP reform and supported a position of EU

ministers on the need to authorise measures deemed

to be equivalent between countries. This should be

available to all EU farmers. With scarce resources, the

rate for reducing the amount of land available for

production should not exceed 3pc and farmers should

be able to cultivate environmentally friendly crops on

this area, Sonnleitner said. Copa and Cogeca oppose

any transfer of funds from the first pillar of CAP to the

second pillar of CAP because the reform package is

likely to cut some farmers revenues substantially, and

any transfers would make matters worse. Sonnleitner

also called for a simplification of the CAP.

Cogeca president Christian Pees called for a

strengthening of the role of producer organisations,

noting that recent European Commission reports

showed that producer organisations, like co-operatives,

can help farmers get a better price for their produce.

Proposals to extend product coverage to include

recognition of producer organisations are a step in the

right direction, he said. More efficient tools to regulate

the market and reduce extreme volatility are crucial. He

called for an update of the EU reference prices for

beef, dairy, rice and olive oil so that they take account

of increased input costs. EU sugar production quotas

should be kept until 2020 and planting rights

maintained in the wine sector, Pees said.

Farmers and co-operatives are facing increasing

challenges, such as volatility on agricultural markets

and unfavourable weather conditions, he said. The

CAP should be used to ensure that the agricultural

community can profit from opening markets rather than

being put on the defensive, particularly in view of wide

regional diversity and excellent quality of EU

agricultural produce.

FERTILIZER EUROPE


EUROPEAN PRICE GUIDE 31 May 17 May 31 May 17 May Euros Euros Euros Euros BELGIUM Euro/pt bulk CAN 27% cif inland 219-240 262-265 DAP fca bulk $570 $570 KCI (G) cif 340-345 340-345 15-15-15 ex-store bulk or ex-port warehouse

375-380 370-375

FRANCE

Euro/pt bulk - $1.31/ AN 33.5% delvd bulk 290-293 352-355 AN imported fca bgd 280-284 270-274 Urea (G) fca bulk 343-348 348-350 Urea (P) fca bulk 315-320 320-325 UAN 30%N fot 208-210 250-253 DAP fca bulk 430-435 435-437 TSP fca bulk 340-342 340-342 0-25-25 bulk delvd 380-385 380-385 15-15-15 bulk delvd 370-375 370-375

GERMANY

Euro/pt bulk CAN 27% cif bulk 219-240 260-265 UAN 28%N fot Hamburg 195-205 223-228 Urea (prilled) fca bulk 310-320 315-320 Urea (|granular) fca bulk 320-325 345-350 DAP fot bulk 430-435 430-435 15-15-15 cif bulk 375-380 375-380

IRELAND

Euro/t CAN 27% delvd bgd 320-325 325-330 Gran Urea delvd bgd n.m. 428-432 27-6-6 delvd bgd 422-425 425-430 18-6-12 delvd bgd 415-420 415-425 + Old market; n.m no market; * indicative

ITALY

Euro/pt Gran Urea fca Ravenna bgd 355-365 365-370 8-24-24 delvd bagged 425-430 425-430 DAP fca bgd 450-455 450-455

NETHERLANDS

Euro/pt

CAN 27% cif inland* 219-240 260-262 TSP FCA bulk 340-344 340-344 KCI (G) FCA bulk 345-350 345-350 * CIF inland barge

SPAIN

Euro/pt CAN 27% fot bulk 245-250 255-260 Urea (P) fot bulk 345-350 345-350 DAP fot bulk 425-430 425-430 15-15-15 fot bulk 365-370 365-370

UNITED KINGDOM

Euro pt bulk /t (Euro = 1.16)

Pds Stg Euros Euros

AN 34.5% Domestic dld bgs 260 302 354 AN 34.4% Import cif bgs 235-240 273-278 295-300 Gran Urea FOT bags

July-Sept 290-295 336-342 342-348

TSP FOT bags 315-320 365-370 390-395 20-10-10 bags dld 285-310 330-360 348-370

Delivered (delvd) prices are to retailer/wholesaler stores with the exception of the U.K. where prices are delivered to farm.

Fot prices are fot seaport. (G) = granular, (P) = prill, bgd = bagged.

INTERNATIONAL PRICE GUIDE US dollars per tonne

31 May 17 May May 2012

DAP

fob bulk US Gulf 472-482 465-470 550-575 fob bulk N.Africa 500-520 500-520 562-590 fob bulk Ant/Ghent 565-570 565-570 610-615 MAP - duty payable

fob bulk Baltic 470-490 480-495 570-602 TSP

fob bulk N.Africa 395-420 395-420 480-520 Urea

fob bulk Black Sea (P) 340-345 348-352 465-477 fob bulk Egypt (G) 375-380 399-400 495

31 May 17 May May 2012 Ammonium nitrate

Fob Baltic 253-255 255-260 335-340 Ammonium sulphate

fob bulk East Europe 163-166 165-170 240-245 Ammonia

fob Yuzhny 495-515 500-515 550-570

cfr NW Europe (duty paid)

576-597 581-597 602-653

KCl - bulk

fob E Europe **390-410 **390-410 **450-480

** indicative *no recent business

fertilizer europe

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