The minor surge in urea prices that was expected to ensue as traders seeking cover for cargoes to load ahead of the December 19 deadline imposed by India's RCF did provide some support to global values, albeit to a lesser extent and at a slower pace than expected by many. Chinese prices were boosted mainly by increased demand and higher netbacks to producers from the domestic market, but returns into the very upper $240s/t FOB equivalent did not trigger sales of significant export volumes at those prices. Small top-off lots are the exception. Traders short for India were already facing losses at substantially lower prices from China, and opted to search for added cover from alternative suppliers, including Indonesia and Malaysia.
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