Indian Potash Ltd. called a tender over the weekend for an unspecified amount of urea. The tender closes Sept. 8 with a ship-by date of Oct. 23.
The call matches what industry sources have speculated last week. By allowing shipping to take place in late October, IPL will be able to count on more Iranian tons than if the shipping deadline was the end of September. Sources said sales of Iranian product through the end of September to a number of other buyers has reduced the available tons for India.
Arab Gulf and Chinese prices are in the mid- to upper-$220s/mt FOB, leading sources to expect a significant price jump in offers from the last tender results of $203-$208/mt CFR.