News

The Kremlin: Oil market volatility is a real factor affecting the global economy

⑴ Last week, four cargo ships carrying urea, diammonium phosphate, and sulfur successfully passed through the Strait of Hormuz and are now heading to Krishna Patnam, Kakinada, Paradip, and Mundra ports respectively. Upon arrival, these imported goods will be immediately unloaded to replenish India’s domestic fertilizer reserves and meet ongoing agricultural demand. ⑵ As of June 22, India’s cumulative fertilizer inventory reached 1.9608 million tons, an increase of about 16% compared to 1.6867 million tons in the same period last year. Of this, urea inventory stands at 814,400 tons, diammonium phosphate at 209,200 tons, NPK compound fertilizer at 559,100 tons, potash at 126,800 tons, and only SSP inventory saw a slight decrease to 251,300 tons. ⑶ From March 1 to June 21, total fertilizer sales reached 1.534 million tons, an increase of 132,000 tons compared to 1.402 million tons in the same period last year. This indicates agricultural activity remains highly active. While the government maximized domestic manufacturing capacity, it also maintained a balance between domestic output and global sourcing through targeted imports. During this period, domestic production reached 1.3312 million tons, and total imports amounted to 436,900 tons. ⑷ In the latest global tender, India has successfully contracted 177,000 tons of urea. To date, for the current autumn harvest season, the total amount of urea and phosphate-potash fertilizers secured from the global market now exceeds 900,000 tons. The procurement network covers 11 urea source countries, including Oman, Malaysia, Vietnam, Georgia, Nigeria, Russia, Finland, Egypt, Algeria, Turkey, and the Netherlands. Additionally, supply lines for diammonium phosphate and NPK along the Red Sea route are sourced from Russia, Morocco, Egypt, the United States, Jordan, South Korea, Tunisia, and Saudi Arabia, with multi-dimensional diplomatic coordination providing a solid logistical guarantee for fertilizer security.

On June 23, Wells Fargo raised Cole's target price from $210 to $305, maintaining an 'Outperform' rating.