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An Indian urea tender closing July 8 drew little interest, with East Coast offers near USD 365 CFR and West Coast near USD 350.50 CFR. India holds more than 11 million tonnes of urea in stock.
Pakistan and Ethiopia also issued small tenders, and Brazil was quoted around USD 360 CFR with little demand.
Large Indian inventories and weak tender uptake limit urea price upside until India returns with new buying, and Brazil's demand is needed to hold prices.
czapp.comStein Chingen HauganJul 14, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
