Indian state-controlled trading firm MMTC issued a tender today to buy an unspecified quantity of urea for shipment up to 28 February.
There were 22 bidders with firm offers totalling around 2.86mn t. The lowest offers were from Agri Commodities at $289.80/t cfr west coast and Midgulf at $295.80/t cfr east coast India. This is around $39-43/t lower than MMTC's last tender on 14 November.
The lowest offers net back to around $279-280/t fob Middle East and around a mid-$280/t fob to China. It is based on freight of $10-11/t for a vessel from the Middle East to India's west coast, along with $11/t for a vessel from China to east coast India.
The lowest prices offered in the 14 November tender were from Dreymoor at $335.19/t cfr east coast and Ameropa at $333.73/t cfr west coast India.
