National Fertilizer Ltd. issued awards totaling 387,000 mt at prices slightly below the lowest offer in the tender. East Coast prices dropped to $262.89/mt CFR and the West Coast to $258.88/mt CFR.
The lowest offers in the tender were by Eastern Commodity at $263.03 for the East Coast and $259.02/mt CFR for the West Coast.
The awards went to three companies – Eastern Commodity, Transagri and Comzest. All tonnage reportedly is coming from Iran. Sources said lower prices came because Iran was anxious to liquidate its stockpiles to help move up market prices. One source noted the Iranian focus on India meant no Persian tons were available for an Ethiopia tender that closed this week.
The awards still leave India about 120,000 mt short of what sources said the country needs to end the current season and have enough on hand to start the next.
The awarded product must be shipped by Jan. 20.