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BFI of Brunei sold 6,000t of granular urea at about $710/t fob in a tender closing 12 March. Larger cargoes command premiums because they can be shipped to Australia.
Local Australian urea prices reached A$1,200/t, up at least 45pc from pre-war levels.
Southeast Asian supply is tight as Indonesia and China are short, and Australia is competing for cargoes, so regional urea prices are being pushed higher. Costs for Asia-Pacific feed and grain producers rise accordingly.
argusmedia.comHarry MinihanMar 25, 2024After 205 past bullish geopolitics events, Urea moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.0%), and -0.4% over 20.
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.
