Views:2 Author:Site Editor Publish Time: 2020-11-17 Origin:Site
News of India’s upcoming tender has boosted the price and popularity of the urea market. Earlier in this week, prices fell due to lack of support from the terminal market. Indonesia has the highest bid (only 6000 tons), the FOB price is 253 US dollars / ton, and the lowest target is 260 US dollars / ton. Urea in the Middle East was bargained at an FOB price of USD 250 per ton.
After the news came out, the Middle East transaction was reported at US$260/ton FOB, and the Indonesian urea transaction was reported at US$257/ton FOB and US$261/ton FOB.
There are also some bullish secondary episodes this week. China is unlikely to play a meaningful role in bidding, thereby increasing demand for alternatives. The urea transaction in Egypt has gradually increased, French buyers have entered the market again, and the US market has moved in a positive direction. In other words, India is the main driver of market sentiment and the only real support factor for current prices.
Main market performance
India: A tender is expected to be held in early of next week for shipments from December to early January. China's samll export volume may hinder an attempt to meet the requirements in a tender.
China: High domestic demand and prices mean that export momentum is insufficient in the short term, forcing international traders to purchase from other places.
Egypt: During the active week, prices rose steadily due to the rebound in European demand and India's positioning. Most of the supply in November was sold out.