Urea: MMTC receives offers for 2.4m. tonnes with lowest offers $5-7pt above previous tender

The lowest offers received in today’s urea purchasing inquiry by MMTC are some $5-7pt higher than lowest offers in the first half October RCF tender. Through the latest tender, MMTC intends to book cargoes for shipment through to 6 January 2021. 13 participants submitted offers totalling 2.434m. tonnes in the inquiry, well below the volume…

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Profercy World Nitrogen Index makes strong gains as urea values continue to increase ahead of India’s return

The urea market was active again this week, with granular and prilled values making strong gains in the east and west as participants await a new tender announcement from India. While it remains unclear when the announcement from state purchasing agency MMTC will be made, traders continued to take positions in advance of this. Notably,…

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Pivotal week for urea as market prepares for India’s return

Liquidity returned to the global urea market this week with producers in North Africa and SE Asia, and to a lesser extent the Middle East, committing significant volumes. Many producers in Egypt are now heavily committed for December. Demand has been driven by India’s anticipated return to the market. The world’s largest importer of urea…

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RCF issues LOIs for record 2.184m. tonnes urea purchase in latest tender

Having been offered over 3.6m. tonnes of urea in RCF’s purchasing inquiry two weeks ago, India’s Department of Fertilizers has given clearance today for a record purchase of 2.184m tonnes. State purchasing agency RCF has since issued LOIs to suppliers for the business. To date, the world’s largest importer of urea has never purchased over…

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India: Price bids revealed in RCF urea purchasing inquiry after record 3.6m. tonnes offered

State purchasing agency RCF opened price bids this morning following the 9 October tender for urea for shipment by 16 November. As reported previously, offers were received for a record 3.6m. tonnes of urea with one trader alone offering over 1m. tonnes. Lowest offers in the latest tender were received at $279.25pt cfr east coast…

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India offered record 3.6m. tonnes of urea in latest RCF purchasing tender

Over 3.6m. tonnes of urea were offered in India’s latest purchasing tender which closed today, volumes that are understood to have set a new record. Although significant double counting is likely, the volume offered remains considerably higher than what was offered in most recent inquiries. Since April, the average volume offered has been just below…

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Nitrogen Index holds steady as urea market is poised for India’s return

After more than a month’s wait, India’s return to the urea market was confirmed this week with state-purchasing agency RCF issuing a tender on 30 September. The inquiry will close on 9 October for shipments to load by 16 November, and is the first since the 26 August MMTC tender through which nearly 1.8m. tonnes…

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