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India's MMTC bought 741,500 tonnes of urea in a tender, well above the earlier April purchase of 375,000 tonnes. Supply came from the Arab Gulf, Egypt, Indonesia and other origins, with offers in the low-to-mid $260s per tonne fob, while direct Iranian shipments were blocked by US sanctions.
The shipments are due by a June 24 deadline.
Large Indian buying absorbs significant export supply and supports global urea prices, with sanctions limiting one major origin. Buyers should expect firm urea pricing while the tender volume is shipped.
profercy.comChris YearsleyMay 10, 2019After 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.
