Black Sea urea prices climb $15/tonne ahead of India tender

19 November 2010 13:40  [Source: ICIS news]

LONDON (ICIS)--Black Sea urea prices have risen by $15/tonne (€11/tonne) this week ahead of a major purchase tender in India that closes next week, traders said on Friday.

A minimum of 500,000 tonnes was expected to be procured by Indian Potash Ltd under its tender, which closes on 22 November, keeping overall market sentiment firm and pushing prices up, despite the limited trade in urea this week.

Some production losses in Ukraine also supported the price rise, according to traders.

In the Black Sea region, urea reached a high of $380/tonne (€277/tonne) FOB  (free on board) Yuzhny. Last week, urea prices increased to $365/tonne FOB Yuzhny.

Ukrainian producers Cherkassy and Dnipro Azot were among the sellers, with traders Helm and Fedcominvest among the buyers.

Yuzhny, Ukraine, is a major port on the Black Sea.

($1 = €0.73)

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By: Carl Roache
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