Last week, as global urea prices continued to rise, most market participants chose to leave the spot market to see the impact of price increases on bids from India, Egypt and Ethiopia.
IPL received 327 thousand tons of urea in September 8th, mostly from Iran, and two batches of 30 thousand tons of urea from Oman in the middle east. India is expected to return to the market relatively early, as India still needs to buy more than 1 million 500 thousand tonnes of urea by the end of this year. But it remains to be seen whether the supply of Iran will be limited in the coming months, whether or not to choose the Middle East or China's urea.
Responding to India's relatively conservative procurement, suppliers responded by offering stronger prices. According to the report, the amount of spot trading last week has increased compared with the previous week. October shipment of Egyptian urea FOB price of 270 U. S. dollars (ton price, the same below), while the November shipment of urea FOB price of $272. Middle East urea is priced at around $240. As Brazil climbed to $260, the price of other trading markets went up.
In Ethiopia, the EABC bidding attracted only very few suppliers, with a minimum offer of $240.
Small particle urea market continues to slump. In September 14th, Abu Qir sold 30 thousand tons of small granule urea at a price of $240 off the shelf, which was $30 lower than the large granule urea that was traded in egypt.
In Turkey, Toros has issued a bid for 550 thousand tons of large particles of urea and small particles of urea, and more than 80% of the goods will be delivered early in the fourth quarter.
In Europe, the price of urea in September the global market rose sharply, Yara (Yara) Company in Germany, France and Britain nitrate prices also rose by about 15 euros.