Twelve companies offered a total of 1.5 million mt in the May 25 RCF urea tender. Offers to East Coast ports were reported at 795,000 mt and offers to the West Coast at 595,000 mt. Direct offers from Arab Gulf producers Muntajat and Fertiglobe totaled 90,000 mt. Sources said a lot of these offers are double-counted tons, which means availability is even less than the numbers reflect.
Price envelopes are expected to be opened Thursday because of the national holiday of Vesak Day on Wednesday. Sources said current prices in China and the Arab Gulf, combined with higher freight rates into India, could mean offers will be $400-$405/mt CFR.
In the end, sources expect no more than 700,000 mt to be awarded, which would lead to another tender called within the next couple of weeks.