《摩根士丹利：北美化工行业研究：尿素价格下行、磷钾持稳、大豆压榨量走高-250727（英文版）（37页）.pdf》由会员分享，可在线阅读，更多相关《摩根士丹利：北美化工行业研究：尿素价格下行、磷钾持稳、大豆压榨量走高-250727（英文版）（37页）.pdf（37页珍藏版）》请在三个皮匠报告上搜索。

1、M IdeaChemicals|North AmericaUrea lower,Phosphate&Potash stable;Soy Crush higherMorgan Stanley&Co.LLCVincent AndrewsEquity Analyst Vincent.A +1 212 761-3293 Morgan Stanley&Co.International plc+Lisa H De NeveEquity Analyst Lisa.De.N +44 20 7677-0250 Morgan Stanley&Co.LLCSteven K Haynes,CFAEquity Anal

2、yst Steven.H Turner W HinrichsResearch Associate Turner.H +1 212 761-1269 Morgan Stanley&Co.International plc+Ricardo Rezende,CFAEquity Analyst Ricardo.R +44 20 7677-9886 Morgan Stanley C.T.V.M.S.A.+Julia RizzoEquity Analyst and Commodities Strategist Julia.R +55 11 3048-6114 Morgan Stanley&Co.LLCJu

3、stin T PellegrinoResearch Associate Justin.P +1 212 761-4054 ChemicalsNorth AmericaIndustry ViewIn-LineUrea drops lower.Despite yet another new Indian urea tender,urea prices mostly tracked lower last week.Indias IPL is seeking 2mT split equally over East-Coast and West-Coast India for shipment by A

4、ugust 22nd and the tender closing August 4th.The prompt return of India to the market appears to be driven by domestic production issues,with NFL Panipat and Vijaypur operating at reduced rates and Ramagundam under maintenance.Middle East urea prices declined by-$40/t to$380-393/t fob although produ

5、cers are comfortable for the coming weeks.Brazil urea prices decreased by-$10/t to$440-470/t cfr WoW yet bids moved to the higher end of the range by the end of the week on the back of the tender announcement.France urea prices fell by-18/t to 445-465/t fca with the market not expected to pick up be

6、fore mid-August.US NoLa urea prices jumped by+$11/st to$430-442/st fob yet buyer engagement was limited.Elsewhere,the market still awaits an update on Chinas second round quota allocations,with consensus expecting 1.2-1.6mT additional export volumes.Potash stable.Another week with limited price move