India, one of the world’s top urea importers, secured less than 25% of the volume it sought in a recent tender, according to traders with direct knowledge. Indian Potash Ltd., which imports urea for the government, bought only 410,000 tons compared to the 1.7 million tons it had sought. Only the lowest bidders for the east and west coasts agreed to supply at their offered prices, while other suppliers declined to match those levels, which were significantly below current market rates.
India’s urea purchases serve as a key price benchmark for global importers. The country paid as much as $959 per ton in April amid Iran war disruptions to Middle Eastern supplies, but prices have since fallen due to eased supply constraints and weaker global demand. In its August tender, India bought urea at $390.25–$393.65 per ton.
For the latest tender, offers ranged from $356.25 to $416.50 per ton for west coast delivery and $352.10 to $465 per ton for the east coast, with total offered volume more than double the amount sought. A fertilizer ministry spokesperson did not respond to an after-hours email. The development occurs as global farmers face rising input costs, including pricier diesel, and India’s winter planting season begins, boosting demand for wheat, rapeseed, and chickpeas.
High urea prices could increase pressure on the government’s fertilizer subsidy bill.
出典: Bloomberg Markets · 要約：HeadlinesBriefing