Urea
Domestic demand is increasing for granular urea thanks to rainfall supporting regular seasonal buying for top-dressing applications, and domestic prices continue to fall.
Argus last assessed granular urea at A$900-930/t fca Geelong.
There is 212,000t of urea in transit to Australia for arrival before 22 July, vessel tracking data from Kpler shows.
Australian grain growers are hesitant to secure urea for August because of uncertain market conditions, which has led to importers lowering prices to capture small pockets of demand, growers and importers said.
Grain growers are delaying forward purchases for August because of falling global prices and uncertainty in the market, making it difficult for suppliers to plan shipments to meet the inevitable agronomical demand.
Domestic offers fell in line with international urea prices after signs of a de-escalation in US-Iran tensions, but Australia's price drop was accelerated by government-underwritten volumes entering the market, suppliers said.
Phosphates
The domestic phosphate market is yet to show any material reaction to the peace deal signed between the US and Iran. One supplier was optimistic for Saudi Arabian MAP availability for the next large round of buying towards the end of the year.
Commentary and pricing supplied by Argus Media
Disclaimer: The information provided in this report is general in nature and is intended for informational purposes only.