The STC tender in India that was to close today was pushed back until May 8. The buying house also changed its rules to allow Iranian tons to be offered. The change in the rules will now allow regular Iranian middlemen such as Emmsons to participate. It will also mean that STC should see lower prices than what was expected under the previous restrictions.
The move to allow Iranian tons will most likely cause trouble for traders who picked up tons from the CIS. The price out of Yuzhnyy shot up under the speculation that only CIS and the Arab produced urea would be allowed in the tender.
China is out of the running until July 1 when the export duty drops to 7 percent.