Sellers chasing prompt and forward business in the Americas have exerted significant downward pressure on granular urea values this week, and the softer outlook evident did appear set to trigger further substantial corrections in June and beyond. The May 12 emergence of a follow-up tender in India allowing shipment through early July did however serve to inject some optimism on the part of producers, but competition for that business is expected to be fierce. As has been the case in recent weeks, the market is largely dependent on China maintaining its firm stance on pricing for the slide in granular values to halt, and even more so to support a rebound.
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