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India's bid makes the urea market strong

Views:4     Author:Site Editor     Publish Time: 2020-08-11      Origin:Site

Due to India's rapid tenders, urea prices in many regions have soared to their highest levels during the year. 24 hours after the MMTC tender ended, RCF announced a new tender, which pushed up prices and led to an unusual week.

Prices in China increased to US$270/ton fob, Egyptian granular urea reached US$280/ton fob, Indonesia’s pelletized urea sold for US$266/ton fob, and Brazil urea reached to US$280-290 cfr/ton. In less than 7 days, the price increase with 20-35 US dollars per ton.

The demand from India cannot be denied. As the arrival of August-September,Indian requires 1.5-2 million tons, India will support higher prices. The question is, will Western markets accept higher prices after September?

Cfr sales are very few this week, and the fob price in some areas is already higher than the previous Cfr value.

Main market performance

India: The record sales volume in July was 5.03 million tons, which highlights the demand for imports. Bidding will become more frequent in the third quarter.

China: In the traditionally low price period, the price has been pushed up to the highest level of the year $270/tFOB

Brazil: The buyer’s boycott offer is $290/tCFR, but the supplier’s target price is $300/tCFR, with shipments from September 30 to 60.



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