アンモニア先物, アンモニア市場レポート, Urea Outlook
25 Sep 2019
The ammonia market is in oversupply after several new projects started up in different parts of the world in 2018 and the first half of 2019. Ammonia prices have been on a downward slide for 50 consecutive weeks since September 2018. Unlike ammonia, urea and nitrates (the main ammonia derivative products) saw a strong seasonal recovery in prices during the first half of 2019. Recently, the upgrade margin for urea production has been moving around $100, the highest level since 2012. The upgrade margin is the additional earning per metric ton of urea if the due amount of ammonia is processed into urea instead of being sold as merchant ammonia at the market price.