Ethiopia and Egypt grab number one spot of the week

摘要

Egyptian producers were the center of attention for yet another week. Brave action in booking 150,000 mt with traders seeking prompt cover for Ethiopia followed the settlement of similarly brave deals for 160,000 mt to be priced via formula for April-September shipment. While yet to be fully confirmed, some 35,000 mt more granular urea from Egypt for April loading are also planned. The total volume significantly eases prior concern over building inventory as April progresses. The majority of the Egyptian business removes an opportunity for Middle East suppliers. Those producers now need to seek alternative outlets until and unless swift awards for Middle East supply and payment instruments are issued by EABC in Ethiopia following the re-tender set to close April 3.