Only the lowest prices in the RCF urea tender were released this morning. Dreymoor has the lowest offers for West Coast delivery at $248.48/mt CFR and East Coast delivery at $251.37/mt CFR.
The prices are not as low as many in the industry expected. At the same time, rumors are now circulating that the Department of Fertilizers may limit the RCF purchase to no more than 500,000 mt. If that plays out, sources said the urea market will face further downward price pressures.