Indian trading company MMTC Ltd. called a urea tender to close Oct. 7. Sources say the buying house is expected to purchase at least 1 million mt, and is reportedly authorized to take up to 1.5 million mt. Industry observers speculate that prices could be $3-$4/mt lower than the IPL tender that closed Sept. 11.
The market remains in the doldrums as production continues to expand beyond demand. Reports out of China say the nitrogen producers association is telling its members not to provide support to the lowest offer in the tender. One source called the association statement out of line.
Details of the tender can be found on the MMTC website at http://mmtclimited.gov.in/tenders/view/1202. Shipment of the material must be done by Nov. 12. One trader speculated that another tender will be called by Nov. 15.