KEY THEMES
Coal prices continued to soar globally, especially inside China, due to rebounding demand for power sources. On the other hand, natural gas prices continued to surge, as traders assess the situation in Europe of weak natural gas supplies.
Higher thermal coal and natural gas prices are usually good for urea prices, as both commodities are primarily used to produce urea, either inside or outside China. This should bode well for nitrogen Fertilizers' stocks in Egypt, especially Abu Qir Fertilizers [ABUK] and MOPCO [MFPC] as the medium-term outlook for urea prices gets solidified.