20 August 2010 14:12 [Source: ICIS news]
IPL closed a tender on 17 August for an unspecified quantity of urea.
It is subsequently reported to have issued the following awards to traders and sellers:
Total: 525,000-545,000 tonnes
The bulk of this urea is expected to be sourced from China. Handy max freight indications from China to east coast India are $25-28/tonne, with handy size around $30/tonne. Delivery is up to mid-October.
Earlier in the year, the Indian government set an import parity price of $310/tonne CFR and the majority of IPL’s awards to date have come in at, or below, this level.
Nonetheless, the award prices are sharply up on the last CFR India levels, illustrating that international prices have climbed in the meantime.
The last Indian urea purchase tender was closed by State Trading Company (STC) on 13 July, under which awards totalling 725,000-730,000 tonnes were issued at prices in the range $283.92-288.92/tonne CFR.
($1 = €0.78)
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