Views: 3 Author: Site Editor Publish Time: 2024-08-20 Origin: Site
North Africa experienced a brief short covering, Egypt's export sales resumed, and prices rose before India's bidding. However, the shipping window period is relatively wide. The NFL's bidding on August 29th and the deadline for loading goods by the end of October, most people in the market are bearish on this news. Due to the expected price decline, market sentiment has changed.
Since last week, Egypt has sold at least 30000 tons of large particle urea to the European market at an offshore price of $340-350 per ton. Mopco is selling 5000 tons at an offshore price of $357 per ton and will be shipped this month. Algerian suppliers may sell at least 20000 tons at an offshore price of $350 per ton. At the same time, Dangote from Nigeria sold 30000 tons at an offshore price of 326-327 US dollars per ton for loading in the second half of this month.
Two Iranian suppliers sold a total of 80000 tons of large particle urea in three batches at an offshore price of $297 per ton. The Middle East market has softened, with large particle spot prices falling to offshore prices of $330-340 per ton. Pakistan has also chosen to abandon its initial 100000 ton procurement tender.
To the west of Suez, the opening price of Brazilian urea this week was $350/ton CIF, and then fell to $340/ton CIF. In the United States, the price of barges at Nora Port rose to a mid to high level of offshore price of $310/ton starting this week, followed by a slight decline, and finally closed at offshore price of $305-317/ton.
India urea tender triggers complex emotions
The news of India's bidding has improved the mood of manufacturers. However, the market holds a negative view towards later than expected and wider shipping windows, and India does not seem to be in a hurry to make purchases before Rabi's Day in October, so suppliers will have to look for other shipping channels in the coming weeks.
30-60 day outlook: first decline and then rise
Due to the market's need to seek more liquidity, urea prices will continue to decline before bidding in India. But as regions west of Suez, such as the United States and Brazil, compete for tonnage, the price of urea shipping schedules in September may rebound.
