Adds full list of offers, netbacks
The lowest offers to Indian importer IPL under its 20 November urea tender have emerged at $418.40/t cfr east coast and $419.90/t cfr west coast.
Both of the lowest offers are from trading firm Agrifields, which offered 40,000t to the east coast and 45,000t to the west coast. The next highest offers were around $425/t cfr east coast and $423/t cfr west coast. Direct confirmation with Agrifields was not available. A full list of offers and volumes is in the table below.
Netbacks from the most competitive offers are below previous market levels, with the east coast reflecting the mid $390s/t fob China and the low $390s/t fob southeast Asia. Netbacks from the west coast are around $405-407/t fob Middle East and $355-360/t fob Baltic.
Offers totalled 2.26mn t to the east coast and 2.46mn t to the west coast, but actual availability will be lower taking into account the usual double- and triple-counting of cargoes. IPL is seeking 2.5mn t of prilled and granular urea to be loaded by 15 January 2026.
| IPL urea tender offers 20 November 2025 | |||||
| Supplier | East coast quantities ('t) | Price ($/t cfr east coast) | Supplier | West coast quantities ('t) | Price ($/t cfr west coast) |
| Agrifields | 40,000 | 418.40 | Agrifields | 45,000 | 419.90 |
| Valency | 45,000 | 424. 98 | ABGT | 250,000 | 423.20 |
| Quest | 100,000 | 429.00 | Koch | 47,700 | 427.00 |
| ABGT | 300,000 | 429.60 | Sun International | 37,000 | 428.95 |
| OQ | 50,000 | 429. 99 | Quest | 100,000 | 429.00 |
| ETG | 120,000 | 430.40 | Keytrade | 47,000 | 429.74 |
| Ameropa | 92,150 | 432.50 | ETG | 180,000 | 429.95 |
| Koch | 87,700 | 433.00 | Continental | 50,000 | 430.20 |
| Continental | 150,000 | 433.10 | OQ | 250,000 | 430.35 |
| Trammo | 45,000 | 433.50 | Trammo | 45,000 | 430.50 |
| Indorama | 45,000 | 433.75 | Indagro | 92,000 | 432.75 |
| Midgulf | 300,000 | 433.75 | Sabic | 125,000 | 433.00 |
| Sun International | 80,000 | 433. 95 | Indorama | 45,000 | 433.50 |
| Indagro | 77,000 | 434.75 | Ameropa | 92,150 | 435.00 |
| Hexagon | 150,000 | 434.79 | Comet | 45,000 | 435.00 |
| Comet | 50,000 | 435.00 | Hexagon | 150,000 | 435.19 |
| Samsung | 95,000 | 436.39 | Midgulf | 300,000 | 436.75 |
| Keytrade | 47,000 | 442.00 | Samsung | 90,000 | 438.00 |
| Fertistream | 45,000 | 445.00 | Fertistream | 45,000 | 440.00 |
| Macrosource | 45,000 | 445.75 | Fertiglobe | 135,000 | 441.00 |
| Fertiglobe | 150,000 | 446.00 | Macrosource | 45,000 | 446.25 |
| Dreymoor | 150,000 | 455.00 | Saftco | 40,000 | 447.00 |
| Fertcom | 50,000 | 449.00 | |||
| Dreymoor | 150,000 | 451.00 | |||
| Sub-total | 2,263,850 | 2,455,850 | |||
| — Market sources | |||||
