Views: 10 Author: Site Editor Publish Time: 2019-10-23 Origin: Site
Despite the price drop $6 to $8/ton in the latest round of tenders in India,producers acknowledge that the current level is as good as the level that could be reached next month.
Therefore, in recent bids, MMTC hasbeen able to absorb more than 1.1million tons of urea from China, theMiddle East, Egypt, the Black Sea and the Baltic Sea. It wants more.
These purchases support FOB China and the Middle East at $253 per ton, and the FOB price of the Black Sea at
Around $230 per ton, but have no effect on driving price increases.Conversely, on October 17, limiteddemand pushed US prices to the lowest level this year – the FOB price of New Zealand was $222/short ton, while the price in Brazil was considered weak.
Market driven
India: MMTC has agreed to ship 1.1 million tons of urea in the next month. It is expected that India will bid again in November to purchase more urea.
Europe: Buyers believe that Egypt's low-end pricing, the decline in the US
market and the fall in Indian prices are further delayed.
United States: Due to the small number of imported goods planned, the decline in US imports will only have a
psychological impact. But on Thursday,it sold at a price equivalent to $239 per ton of cfr, sending a very negative
message to the market.
30-60 days outlook
In the next 30 days, India has cleared most of the spot tonnage from the market, but there is no demand elsewhere to drive any price increase.
