MMTC tender announcement and Helwan sale boost market

摘要

Granular prices in Egypt took a further giant leap this week asHelwan secured a massive $21/mt improvement on theMOPCO sale at $395/mt FOB last week. Helwan booked twoparcels of 10,000 mt each with Trammo and Helm at $416/mtFOB via the April 28 sales tender.Granular urea values in the US were also up over the week,but the increase of about $10/st to $365/st FOB barge at NewOrleans was far more modest. The gap between the US andEgyptian prices is therefore up substantially. The deal withHelwan suggests a delivered cost close to $445/mt CFRMississippi River, or a minimum of $410/st FOB barge at NewOrleans for a trader to generate a margin. Trammo and Helmare expected to move the Helwan tonnage to Europe wherethe traders will also be dependent on significant increases inlocal prices in order to generate margins.