MMTC's tender announcement on 20 February prompted a bullish reaction in the urea market, traders taking long positions in the AG, North Africa and Nigeria for March shipment. MMTC is expected to buy most or all of the Iranian urea available for March and first half April shipment. Demand should strengthen for AG urea in Asia, Australia and west coast Mexico, limiting availability of spot material for Brazil and North America. Provided India makes awards in the upcoming tender, urea prices are set to firm further as the remaining March tonnage is sold.
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