Views:5 Author:Site Editor Publish Time: 2018-11-19 Origin:Site
Price is falling due to more than 1 million tons tender in India.
The theme of this week is India. MMTC quickly entered the urea market and is expected to purchase about 1.2 million tons.
Traders and producers eager to sell, the price has fallen by about $20/ton since the tender in October last year. And prices have fallen across the globe. If India proves to exceed 1 million tons, this will bring some gratifying stability to the urea price.
Traders have begun to line up to buy urea from the Middle East and China, and the tender attracted more than 3.6 million tons of bids.
Brazil has about 100 to 150,000 tons of floating cargo this week, and rumors of low quotations have spread. Prior to India, buyers' bids were as low as $210-215 per ton CFR. However, India's prices look forward to finding some support when the purchase starts again.
MMTC may continue to buy 1-1.2 million tons of urea because the current urea stock is low, the government hopes to have urea supply in the spring, April/May is coming.
A new round of sales from producers put pressure on Egyptian FOB prices, and it is expected that at least one shipment will be shipped to India for MMTC.
Shipments are expected to be strong in December. High demand from India should see stable prices.30-60 days outlook stable
If India buys more than 1 million tons, this will stabilize prices into the fourth quarter. Both Brazil and Turkey need to enter the market to prevent price declines.