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Urea arrives in Peru while global prices fall

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The new offer of US$623 per ton of urea from the Midagri It arrives when the international marker is around US$642, an apparently reasonable price for the subscription, but only because on July 29 it shot up 20% globally from US$561. And the de-escalation is already underway again.

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The fact that Midagri had to finally opt for the Italian Union Sped -which came third on the bidding podium- forces the Government to leave behind offers of between US$580 and US$600, somewhat more in line with what the market international projects in a few months.

Granulated urea in the Middle East showed until last July 28, a clear decline with prices falling from US$561 per ton, very far from the peaks of US$924 with which it was quoted when the war broke out. However, on July 29, he jumped to US$675 in a single day.

International analysts refer to the progress that, on July 27, Gazprom cut the flow of gas to Germany by 20%. A day before, the EU agreed to a voluntary reduction of 15% of the demand for the resource.

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However, as operators of the main input of urea find new sources in the Middle East and the continent’s warehouses reach 72%, the global price falls back in line with a decline of more than 5% in just two weeks.

Laureano del Castillo, director of the Peruvian Center for Social Studies (Cepes), maintains, however, that the state purchase of the fertilizer is still profitable, since there are other factors to consider for its importation, such as freight.

“In the best case, the price will come closer, but I don’t think any closer than it was last year. Although late, bringing the urea will always be important”, she expressed.

World check for the price of urea

The Midagri must confirm the arrival dates of the Union Sped urea, after disqualifying Ready Oil Supply for lack of documentation.

Bolivia’s YPFB plans to increase its gas production to meet the demand of countries that come for fertilizers, including Peru.

The Argentine embassy in China agreed to invest US$1.25 billion in a fertilizer plant in Tierra del Fuego, after a visit to the headquarters of Shaanxi Coal.

Source: Larepublica

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