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Demand for ammonia remained strong in May, but prices appeared to have peaked. All eyes were on Tampa, where prices rolled over at $305/t c. & f. at the start of the month. US consumption appeared to be running higher than usual at this time of year, and the usual dip in prices did not materialise. US Gulf rates pushed from $315/t c. & f. to $320/t before dropping back slightly to $310/t as inventory continued to build. By June however the slowdown was finally apparent, and prices began to drift lower during the month to rest at $275/t c. & f. Tampa and similar prices for the US Gulf. New Orleans f.o.b. offer rates were $305/t for the whole of May and June as high gas prices continued.
There was no clear sentiment at Yuzhnyy. Demand in Europe remained stable, and the Kirovo-Chepetsk plant in Russia restarted. With northern European prices stable at around $290/t c. ...