MMTC issued awards in its urea tender over the weekend totaling more than 600,000 mt. Most of the tonnage appears to be coming from China.
In addition to the awards, MMTC set port-specific prices. The move is in keeping with past practices by Indian buyers to avoid lengthy individual negotiations. Companies willing to accept the prices offered by India usually get an award. The basis for the awards is $325/mt CFR to Mundra and the West Coast and $328/mt CFR for Vizag and the East Coast.
The awards follow:
| Offering Company | Quantity mt | Port of Discharge |
| Swiss Singapore | 140,000 | Krishnapatnam |
| Global | 135,000 | Mundra-Kandla |
| Amber | 60,000 | Gangavaram |
| Liven | 70,000 | Vizag |
| Continental | 65,000 | Krishnapatnam |
| Helm | 60,000 | Karaikal |
| Quantum | 55,000 | East Coast-Vizag |
| Aries | 50,000 | New Mangalore |
Sources report that Fertisul and MTPL also received awards for 50,000 mt and 60,000 mt, respectively. For most suppliers, the port-specific prices represent a drop in the offered price of $2-$4/mt.
Part of the award to Global is expected to come from Iran. Sources say the 60,000 mt will be unloaded at Mundra and the rest at Kandla. The rest of the awards are expected to come from China.
At $325/mt CFR for the East Coast deliveries, sources put the netback at $307-$310/mt FOB. If the material is all prills, as some traders have claimed, the price represents a slight drop from the last bit of public business. If, however the material is granular, the netback represents a significant drop from the $330s/mt FOB claimed by the producers.