What was expected to be the main event of the week, the IPL tender for urea, has been turned into a sideshow by the spectacular jump in prices in Egypt and the Middle East. A scramble to cover short positions in Europe has seen 80,000t purchased in Egypt and prices driven up by $30/t since last week, reaching levels last seen in March. Traders have also grabbed three AG spot cargoes, taken as long positions.
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