Initial results from the MMTC urea tender that closed today showed a softer urea market. The lowest offers were $6-$7/mt lower than the previous tender. About 2.4 million mt were offered by 12 trading houses and three Arab Gulf producers.
Dreymoor came in at $269.89/mt CFR with the lowest West Coast price. Samsung had the lowest East Coast price at $270.27/mt CFR. The last tender has prices of $276/mt CFR and $278/mt CFR for each respective coast.