Urea prices hit level of USD450 in gulf region that was last seen in 2013. Urea prices increased by 62 percent in international markets since start of this year as feed stock prices are continue to increase.
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Black Sea ammonia prices, as indicated by spot transactions in the region, rose 18% to $520 per metric tonne in the week ended June 11, according to Green Markets data. Black Sea Ammonia rose 14% over the last month and was up 41% over the last 3 months.
Natural gas, which drives producer costs, has increased 6.43% over the last week, up 9.9% over the last month. The price of corn, a driver of fertilizer purchases, increased 1.82% over the last week and was down 1.47% over the last month.
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Due to current rally in Urea prices stock of companies involved in fertiliser business is also making news highs. Shares of SABIC Agri-Nutrients Co. hit their highest level in six years at SAR 126.60, today, June 13. The stock rose 4%, with around 650,000 shares have been exchanged so far. Accordingly, the stock gained nearly 55% since the beginning of 2021.
The company was established in 1965 and listed on the Saudi Stock Exchange (Tadawul) on March 7, 1990. It is a 50.1% owned subsidiary of Saudi Basic Industries Corp. (SABIC). The firm specializes in the production, transformation and manufacture of a full range of fertilizers and agricultural nutrients, including ammonia and urea, as well as marketing and trading them inside and outside the Kingdom.