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The Profercy World Nitrogen Index rose over 8 points in a week, its largest weekly gain since early February, nearing March highs. Indian purchasing tender RCF received 1.49m tonnes of offers and accepted about 565,000t at lowest offers of $408.88/t cfr east coast, with China and the Middle East also raising offers.
India's short-covered tender and expected return to the market to rebuild stocks ahead of peak demand support global urea prices. Firm Chinese and Middle East offers reinforce the upward trend.
profercy.comChris YearsleyMay 28, 2021profercy.comChris YearsleyMay 28, 2021After 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.
The Indian RCF tender was awarded at $408.88/t cfr, with China and the Middle East raising offers, and the PWNI posted its largest weekly gain since February. This directly reflects the demand and price discovery behind the 1-day urea jump.
Strong Indian tender (RCF) demand with 1.49m t offered and higher offers from China and the Middle East pushed the nitrogen index to near March highs, a direct driver of urea price gains days before the move.
The Profercy World Nitrogen Index posted its largest weekly gain since February, and the Indian RCF tender drew large offers that were raised across China and the Middle East, signaling strong demand and firmer offers just before the move.
The Indian RCF tender drew heavy offers, and prices were accepted at about $408.88/t cfr, with China and the Middle East raising offers; the weekly PWNI gain was the largest since February. It is dated a day after the move but describes the tender-driven price surge in the same window.
