The June 22 Gubretas for the purchase of 22,000 mt prilled urea and 20,000 mt granular for delivery in July and August resulted in awards for the full tonnage to Dreymoor and Trammo. The duty free granular from Egypt was priced at $202/mt CFR with 180 days credit for a $199/mt CFR equivalent basis payment at sight. This would imply a $187/mt CFR value for dutiable FSU tonnage, which in turn suggests Black Sea netbacks well below $175/mt FOB.
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