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Indorama awarded Daewoo Engineering & Construction a roughly $261 million contract to build a fourth production line at its Eleme complex in Nigeria, with capacity for 1.4 million tonnes of urea annually. The award is not yet a final contract, and construction has not started; the expansion would raise the complex’s total urea capacity to 5.6 million tonnes a year.
If built, the added Nigerian capacity could increase urea supply for export and reduce reliance on shipments through the Strait of Hormuz, adding future supply pressure to global urea prices. The impact is prospective because construction has not begun.
businessday.ngJosephine Okojie-OkeiyiNov 6, 2026After 81 past bearish trade events, Urea moved a median -1.0% over 5 sessions (28% higher; middle half -7.2% to +0.4%), and -5.5% 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.
