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Global urea prices slide on economic turmoil and uncertainty

August 12/2011

(ICIS) -- The economic turmoil of the past week has seen urea prices fall in most regions, market sources said on Friday. Crude oil losses and stock market volatility have reinforced the fragility of the current global economic situation.


Buyers, still haunted by the economic crash of 2008, have stepped out and prices are sliding.
УThe financial turmoil has roiled our markets too as some with positions look to cash out any way possible,Ф said a US-based trader.


This week an Egyptian sales tender for 25 KT saw only 8 KT actually sold at USD 500/tonne (EUR 350/tonne) FOB (free on board), USD 18/tonne below sales last week.


In the US, granular urea barge prices slipped by USD 20Ц25/short ton to USD 470/short ton FOB Nola (New Orleans) during the week, before staging a late rally because of positive crop data.


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