MMTC changes urea tender deadline – Alert
The deadline for the MMTC urea tender was pushed back to Oct. 9. Sources say the move came to accommodate the week-long holiday just concluding in China. The tender was slated to close Oct. 7, just as China would be ending its Golden Week of celebrations related to the founding of the People’s Republic of China. At best, during the week industry and government offices would have skeleton crews on hand, said one source.
Before the holiday began, international traders said securing backing for offers into the MMTC tender might depend on talks at the highest levels of the producing facilities, because most of the sales staff would be on vacation. The extension of the tender deadline allows time for everyone to get back to work.
The Chinese nitrogen producers’ association remains adamant that producers refuse to support offers that reflect a lower price than the previous Indian tender. Sources say, however, the association is not trying to force the producers into artificially raising the price of their product. Last week, traders were predicting a $2-5/mt drop in offered prices.