04 May 2012 11:51 [Source: ICIS news]
Spot prices for urea were at yuan (CNY) 2,480-2,550/tonne ($390-400/tonne) EXW (ex-works) in east
Traders are likely to be building up stocks as they anticipate a shortfall between June and July when demand picks up traditionally from the agricultural sector, said a market player.
According to him, there are limited inventories in most parts of the country, after consumption in the agricultural sector peaked in end-March.
In addition, urea-based compound fertilizer producers are expected to continue to purchase urea during the production
Industry sources said market players are expecting domestic prices in
STC India will close a tender on 8 May for an unspecified volume of urea for shipment by 15 July and it is expected to raise international urea prices and domestic urea prices in
“The domestic urea prices are expected to firm at high levels in the near term, with slight fluctuations predicted in some regions,” an industry source said.
($1 = CNY6.30)
Adele Zhu contributed to this report.
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