Limited interest in granular urea from Brazil, the US and Europe has now triggered significant reductions in asking-prices from Middle East producers. Mainstream offers are suggested in the low $320s/mt FOB, but these are yet to trigger firm buying interest. Netbacks from Brazil are well below $320/mt FOB for a trader to generate a margin, and returns from key contract markets such as Thailand are slipping close to an even $300/mt FOB, if not below in sales that are concluded around the $320/mt CFR marker.
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