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<blockquote data-quote="Eartha Kitt" data-source="post: 6933618" data-attributes="member: 148747"><p>So, India only purchases 630,000mt of urea because of limited spot availability. Chinese producers that would normally feature have decided the prices are too low. This means India will have to return to the market in 3-4 weeks. 200,000mt (of the 630) will come from Egypt, so producers are now comfortable. If Chinese product does not feature in the next Indian tender, then expect prices to increase. Egyptian prices (which is where most of UK product comes from) increased in the last 24 hours. Urea offers in the UK for next season are below where Egypt is trading today. This time last year Egypt was at $280, and its $210 today. Much more downside...doubt it.</p></blockquote><p></p>
[QUOTE="Eartha Kitt, post: 6933618, member: 148747"] So, India only purchases 630,000mt of urea because of limited spot availability. Chinese producers that would normally feature have decided the prices are too low. This means India will have to return to the market in 3-4 weeks. 200,000mt (of the 630) will come from Egypt, so producers are now comfortable. If Chinese product does not feature in the next Indian tender, then expect prices to increase. Egyptian prices (which is where most of UK product comes from) increased in the last 24 hours. Urea offers in the UK for next season are below where Egypt is trading today. This time last year Egypt was at $280, and its $210 today. Much more downside...doubt it. [/QUOTE]
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