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India's state agency IPL booked about 1.5 million tonnes of urea for shipment through 5 December after its latest tender, at counter-offers of $649.48/t CFR west coast and $655/t CFR east coast. That volume exceeds the July and September tenders, which booked 593,000t and 879,000t.
Large Indian purchases remove significant supply from the global urea market and support prices. Producers in the Middle East and Southeast Asia gained firm netbacks, which points to firmer urea values into the coming months.
profercy.comChris YearsleyOct 21, 2022After 176 past bullish trade events, Urea moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +2.4%), and +1.6% 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.
