Indian tender fails to provide expected clarity

摘要

While at the centre of attention over the week, the April 10 STC tender in India offered limited clarification on forward pricing for urea. The low offers that were used by STC to counter suppliers did not spark significant selling interest from sources outside Iran. Chinese producers with costs at the low end of the curve will undoubtedly have been interested in pursuing part of the business, but the call by the Chinese Nitrogen Fertilizer Industry Association not to accept bids into the low $250s/mt FOB appears to have sidelined the vast majority of Chinese producers.