Latest market news

NFL urea tender acceptances total 1.17mn t: Update

  • : Fertilizers
  • 24/09/04

Adds table and breakdown of tender acceptances

Indian fertilizer importer NFL is in line to buy up to 1.17mn t of urea under its 29 August tender.

For the east coast, 10 firms appear to have agreed to supply just over 730,000t of urea, while two suppliers have committed to delivering 440,000t to the west coast.

Suppliers had until 16:00 IST (11:30 BST) today to accept NFL's counter of $340/t cfr west coast and $349.88/t cfr east coast.

Ameropa submitted the initial lowest offer of $349.88/t cfr and is set to ship the most to the east coast, at just over 136,000t. Aditya Birla and Sun International have accepted 100,000t and 95,000t, respectively. The full breakdown of acceptances is listed in the table below.

Meanwhile, Fertistream has accepted 40,000t of urea for the west coast, and OQ will ship 400,000t to the west coast after it submitted the lowest offer at $340/t cfr.

The prices are set to weigh most heavily on Russian fob prices, with east-of-Suez origins less affected. Netbacks from India broadly reflect urea in the mid-$280s to $290/t fob Baltic spanning both coasts, marking a sharp drop from prices for prilled urea at $295-310/t fob last week.

Prices out of the Middle East equate to $323-330/t fob for both coasts, a slight softening from last week's price of $325-335/t fob. Potential southeast Asian netbacks would be around $325/t fob to the east coast, if accepted, down from the granular urea assessment of $330-335/t fob last week.

NFL 29 August urea tender acceptancest
SupplierEast coastWest coastTotal
Sun International95,00095,000
Midgulf International45,00045,000
Agricommodities (ETG)49,50049,500
RE Energy
Fertistream80,00040,000120,000
Dreymoor
Ameropa Asia136,300136,300
Indagro
Continental
Samsung45,00045,000
Aditya Birla100,000100,000
PIC
Hexagon
OQ Trading400,000400,000
Coastal Chemical90,00090,000
Koch
Keytrade
Macrosource
Medallion
Alkagesta
Agrifields40,00040,000
Sabic50,00050,000
Total730,800440,0001,170,800

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more