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Australia is drawing urea spot cargoes as importers prepare for a potential record sales year, while demand has largely disappeared elsewhere in Asia-Pacific. Spot cargoes from the Middle East, China and Southeast Asia have been booked for Australian ports, and Indian buying is awaited with a tender expected around end-April or early May.
Strong Australian demand supports urea prices regionally and firms freight for nearby cargoes, while the absence of Indian buying keeps the broader Asian market soft until a tender appears.
middleeastmetals.irApr 22, 2020After 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.
