Indonesian Pupuk subsidiary Kaltim will close a tender on 5 March, offering 45,000t of granular urea for loading in the second week of March.
This latest tender follows the producer's 25 February tender to sell the same amount over the same loading period, which Kaltim eventually scrapped with the highest bid in the low-$410s/t fob. The producer had sought around $430/t fob Bontang.
Activity in the international urea market has remained slow in the past week, as producers wait for an Indian tender issuance in a bid to hold levels close to the recent highs set in mid-February. But prices have slipped as the US urea import line-up builds and with Iranian production set to resume in the next week or so, amid a dip in international gas and grain prices.
