Just a day after the last of the shipments from the last urea tender loaded, MMTC called a tender for more urea. The tender closes July 20, with a ship-by date of Sept. 1.
In the run-up to the tender, sources said MMTC would most likely go for only 500,000 mt to 600,000 mt, rather than the 1 million mt purchased in previous tenders. If true, this means the Indians are targeting the Iranian producers and one or two Arab producers. Traders said Iranian producers can easily handle 500,000 mt in the time allotted. Any extra tons would most likely come from one or two Arab producers.
Chinese product is still too expensive to be considered for this tender.
The last Indian tender set prices at $211-$213/mt CFR. The softness of the general global urea market could lead to lower prices again.