The State Trading Co. in India has so far awarded just under 800,000 mt from its May 19 urea tender. More awards are still possible because STC asked for offers to be valid through May 27. Prices for the awards range from $214.39/mt CFR for West Coast ports to $218.89/mt CFR for Gopalpur on the East Coast. Sources said as the tender closed STC could take close to 1 million tons if the price was right. The results from this tender represent about a $10/mt drop in price from the MMTC tender from just a month ago.
CF Industries Holdings Inc. and OCI NV today announced the termination of the proposed combination of CF and the European, North American and Global Distribution businesses of OCI. The companies said the US Department of Treasury announcement on April 4, 2016 materially reduced the structural synergies of the combination. Since that time, both companies have worked together collaboratively to explore alternative transactions and structures that would be attractive to their respective shareholders. However, the companies were unable to identify an alternative acceptable to both parties and, therefore, agreed to terminate the combination.
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