BultiesBrothers schreef op 18 september 2020 14:41:
LONDON (ICIS) -- Urea market activity is slowing as India has delayed the announcement of a fresh import tender by a week or so. -Indian import tender likely next week. It is expected to buy 3-4m tonnes of urea over the next three to four months, and will continue to support prices. China increasing export volumes with 1.8m tonnes due to arrive in October, the Department of Fertilizers wants to avoid congestion at ports. An import tender in India is likely to be announced next and any delay would pressure prices. India is paying the highest price at present, while no other import market is stepping in. -Brazilian buyers in no hurry to step in. Brazil is well stocked and in no hurry to import, while the US is following international sentiment. India and Brazil were the two regions propping up the market; both are now comfortable in the short term. “The franticness caused by India and Brazil buying ahead has now stopped. It’s given a good foundation but the market has lost its mojo,” said an international trader. European and Turkish buying is expected only to resume early next year, or if there is a downward price correction. South Asian buyers are the only ones active with India, Bangladesh, Sri Lanka and Nepal closing import tenders recently. Chinese availability is increasing and expected to be up to 1m tonnes/month over the next few months. Most of these tonnes are likely to be shipped to India. The Chinese future market increased $10/tonne equivalent over the last few days in anticipation of a new tender from India next week. As for other producers, the Arab Gulf is still holding on to cargoes until the next Indian tender.
Egyptian producers are starting to accept levels in the $260s/tonne FOB, but no fresh deals have been concluded. Russian prilled levels have been flat, though granular has come under pressure because of easing prices in Brazil.