13 July 2010
Ukraine increased imports of nitrogen fertilizers 2.5x y-o-y in 5M10 to USD 158.5 mln in monetary terms, while exports decreased 2.4% y-o-y to USD 369.3 mln, the State Statistics Service reported yesterday. The increase in imports was due to ammonia nitrate, which rose 2.2x y-o-y to USD 36.4 mln, as a result of Ukraine admitting Russian imports in response to the removal of restrictions on Ukrainian steel pipe. In 1H10, the publicly-floated Stirol (UX: STIR UK) produced 215 ths mt of ammonia (up 37.9% y-o-y), 150.1 ths mt of urea (down 46.1% y-o-y), and no ammonia nitrate as a reflection of tighter competition from Russian chemical producers, which benefit from natural gas prices 60-65% lower than prices in Ukraine.