OCI Global Energy Transition Leadership
50
50
150
250
350
Robust Agricultural Fundamentals at least until 2025
Crop prices supported by stocks: use ratio below 10-year average
Crop price index, Jan 2006 = 100
Urea affordability +26% since Q3 2022, supporting demand recovery
Affordability Index, Jan 2006 = 100
M
-
2003
2004
2005
2006
2007
2008
2009
2010
Global grain and oilseed stocks: use ratio (excl.-China), %
300
22%
250
200
20%
150
18%
100
-
Below 10Y
50
average
16%
0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Supportive
Pressuring
Balanced
Crop price index
Grains S:U ratio
Source: Company information, CRU, Bloomberg, CME, USDA.
2003
2004
Urea Affordability Index
OCI
Urea affordability in Q3' 23 improved by ~26% YoY, DAP
affordability +30% and MOP affordability +47%.
More
Less
affordable
affordable
الم
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
- Potash Affordability Index
Reduced urea import demand in India in 2023 has been off-set by robust & increased demand from other markets, incl. Australia, Turkey, EU, Thailand, Ukraine
Strong underlying crop fundamentals: grain stocks-to-use ratio below the 10-year average support high farm incomes and increased planted acreage to rebuild stocks
In the United States alone, 2023-2024 corn acreage expected to be up ≈7% year-over-year to 95 million acres.
2021
2022
DAP Affordability Index
•Fertilizer Affordability Index
2023
16
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