India urea buying begins for 2008 with MMTC tender

14 March 2008 15:29  [Source: ICIS news]

LONDON (ICIS news)--India kicked off its 2008 urea purchasing programme on Friday, with awards totalling over 400,000 tonnes made by MMTC under its 12 March tender, Indian sources confirmed on Friday.

  

Middle East producers featured strongly, offering the most competitive prices.  Saudi producer Saudi Basic Industries Corp (SABIC) was awarded 75,000 tonnes at $404/tonne (€259/tonne) FOB (free on board) Al-Jubail, while Qatari producer Qafco was awarded 50,000 tonnes firm plus an optional 25,000 tonnes at $405/tonne FOB Messaied.

 

Traders also secured sizeable awards on a CFR (cost and freight) Indian Port basis. Helm was awarded 50,000 tonnes at $440/tonne CFR for April shipment, while ConAgra was awarded 50,000 tonnes at $441/tonne CFR.

 

Ameropa was awarded 50,000 tones at $443/tonne CFR. Toepfer picked up 75,000 tonnes at $445/tonne CFR for shipment April to June, and a further 75,000 tonnes at $455/tonne for July to September shipment.

 

All the product is to be shipped April-June unless specifically specified.

 

More buying is imminent with India’s State Trading Corp (STC) expected to issue a tender for urea shortly, requesting long-term shipment and formula prices.

 

($1 = €0.64)

By: Carl Roache
+44 20 8652 3214

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