25 July 2008 18:31 [Source: ICIS news]
By Carl Roache
LONDON (ICIS news)--Global urea prices reached record highs for Black Sea and Middle East producers as large-scale Indian buying at levels of $820-850/tonne gathered pace, traders said on Friday.
More than 400,000 tonnes of urea were purchased by Indian Potash Ltd (IPL) this week under its long awaited tender.
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IPL’s purchases ranged from $820/tonne (€525/tonne) CFR (cost and freight) up to as high as $850/tonne CFR for August shipment - the highest price ever paid in
Including the tonnes bought ahead of the tender, IPL’s purchases for June-August shipment reached about 650,000 tonnes.
“The problem is that they [
The key benchmark
Middle Eastern urea prices also continued upwards, buoyed by the Indian demand.
Qafco also sold 30,000 tonnes of granular urea to Yara for
Prices in other regions also reacted to the large scale Indian demand in recent weeks.
Egyptian prices started July at around $730/tonne ex-works.
Despite the rapidly rising prices and the expectation of high Indian demand now through to the end of the year, there are signs that the rising prices in the
Turkish producer Igsas is holding a sales tender for 30,000 tonnes for August shipment. As a result,
Also, urea prices stabilised in the
“Yuzhny will stabilise rather than move up now that
“I think they will stay around this level, until
Indian fertilizer demand outstrips domestic supply. As a result, the Indian government imports large quantities of urea through trading agencies IPL and MMTC.
($1 = €0.64)
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