Kaltim to reissue tender to sell urea

Indonesian fertilizer producer Pupuk Kaltim will reoffer its urea for export sale this week, after receiving unsatisfactory bids in the initial sales tender at the end of last week.

The reissued tender will close on 30 May with between 5,000-30,000t of granular and the same quantity of prilled urea on offer for June shipment from Bontang.

These volumes were offered on 25 May, but the highest trading firms' bids fell short of the seller's reserve levels of $245/t fob and $260/t fob respectively.

Kaltim will offer the same volumes at the same price levels under its reissued tender but will target higher bids amid firmer market sentiment.