BultiesBrothers schreef op 2 oktober 2020 14:23:
Indian tender brings some cheer to listless urea market
LONDON (ICIS) -- Urea prices are showing signs of stabilising after the much awaited urea import tender in India was announced, two weeks later than expected. -India's RCF issues urea tender -Egypt sells over 100,000 tonnes -Chines Chinese exports to remain high Prices have been under pressure on the delay from Rashtriya Chemicals and Fertilizers Limited (RCF), while no other major import market market has stepped in. If RCF buys around 1.8m tonnes in its 9 October tender like a previous purchase by MMTC it could absorb most of the supply until mid-November. But it is too early to say if this will be a reality. RCF is likely to buy as much urea as available while quantities confirmed by sellers will depend on prices. Current expectations are in the low-$270s/tonne CFR (Cost and Freight) but the market could move either way next week Most expect prices to remain stable or increase as producers get comfortable. It’s hard to be too bearish for the next 30 days or so. There is of course Indian demand and North Africa also got done and sold so producers there are no longer in stress,” said a a trader. The Chinese are on holiday 1-8 October for Golden Week Celebrations but are expected to supply another 1m tonnes if prices are around $260/tonne FOB (Free on Board). All of the Arab Gulf’s spot spot availability is expected to move to India. Similarly for the Black Sea and Indonesia. Egyptian producers are now committed for October after placing over 100,000 tonnes in the low/mid-$250s/tonne FOB. This could limit availability for Latin America, Europe and other south Asian. However, no big rush is expected with Brazilian buyers well stocked. The fate of an Ethiopian tender is still not known after offers were extended. “Brazilians have been the best buyers this year, reactive to prices. They bought way ahead and built inventory when prices were low,” said the trader. There is small demand in Latin and central America, and other south Asian countries. India is still the only big driver for the market, which makes the outlook balanced to stable on pricing for the rest of the year.
Alstu, kost wat knip en plakwerk maar dan heb je ook een artikel beet ;)