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Egypt’s NCIC issues another SSP, urea sales tender
Egypt’s NCIC issues another SSP, urea sales tender
London, 23 April (Argus) — Egyptian fertilizer producer NCIC has issued a tender to sell 10,000t of SSP and 7,000t of urea, closing on 27 April. It says that all cargoes will be ready at the port of loading by the end of April and that bids are to be valid for two weeks. NCIC today reported selling DAP, TSP, urea, CAN and SOP in a tender which closed on 20 April. It had offered 15,000t of SSP in the tender but did not issue any awards. It had offered 10,000t of urea, but awarded only 3,000t at $830/t fob. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India becomes net steel exporter but outlook uncertain
India becomes net steel exporter but outlook uncertain
Mumbai, 23 April (Argus) — India transitioned to a net exporter of finished steel in the April 2025-March 2026 fiscal year after two consecutive years as a net importer. But trade barriers in Europe and geopolitical tensions complicate the export outlook this year. Finished steel exports rose by 36pc year on year to 6.6mn t in 2025-26, exceeding imports by 78,000t, according to provisional data from the steel ministry's joint plant committee (JPC). The increase was driven by robust demand from Europe in the second half of 2025, as buyers stockpiled ahead of key trade policy changes in 2026. Italy was India's largest export market, with shipments up by 51pc year on year to 1.07mn t in the fiscal year. Italy, Belgium and Spain together accounted for 34pc of India's total finished steel exports during the period. Indian finished steel shipments to Vietnam also surged, supported by anti-dumping measures and an anti-circumvention probe into Chinese hot-rolled coil (HRC). Exports to Vietnam rose from about 11,000t in the previous fiscal year to 772,300t, making the southeast Asian country India's second-largest export market in the fiscal year ended March 2026. But Indian steel exports face fresh headwinds this year, particularly in Europe, where the carbon border adjustment mechanism (CBAM) and impending safeguard quota revisions have made buyers more cautious. Some export opportunities have surfaced, but these are overshadowed by risks. EU quota, Iran war limit exports Indian flat steel volumes to Europe are expected to decline from July, as quotas will likely be halved and out-of-quota duties doubled to 50pc, market participants said. India quickly exhausted its January-March and April-June HRC quotas after a surge in shipments to Europe over December-January. Importing Indian HRC has become much riskier because of lower quota availability and higher duties from the next quarter. If India's HRC quota is breached again, the pro-rated duty is likely to rise from 8-9pc at present to 15-20pc from July, an international steel trader said. Combined with CBAM charges and other costs, this will make Indian material less attractive to buyers unless EU local prices rise sharply, the trader added. The Argus daily Italian HRC index rose by 10pc from end-December to €694.25/t ($812/t) ex-works on 22 April. Indian HRC offers were last heard at $705–710/t cfr EU for May and June shipments. The Iran war forced Indian mills to suspend offers to the Gulf Co-operation Council (GCC) region and postpone shipments for earlier bookings. The strait of Hormuz has remained effectively closed since the conflict began at the end of February, blocking India's access to markets such as the UAE and Saudi Arabia. A sharp increase in ocean freight rates and vessel shortages resulting from the war have also led some major Indian mills to scale back exports and focus on the domestic market. Opportunities tempered by uncertainty There are early signs of emerging opportunities in an otherwise challenging export environment. Indian cold-rolled coil (CRC) exports could increase after the European Commission said it would not impose provisional duties on imports under investigation. Sourcing CRC locally is currently difficult in Europe, an EU-based trader said. Other market sources said that European demand for Indian CRC may rise in the short term, but quota reductions will ultimately impede sales from July. Market participants also expect a surge in demand from the Middle East due to post-war reconstruction activity. But with no clear resolution in sight to the conflict, it is difficult to assess when the GCC market will reopen for Indian exports. Vietnam also offers an opportunity for Indian mills to offload surplus volumes, particularly from June, when plants resume full production after maintenance and domestic demand eases during the monsoon. Imported coil prices in Vietnam reached an over two-year high this week, making the market more attractive for Indian sellers than earlier in the year. By Amruta Khandekar Indian finished steel exports 000t Destination country FY2025-26 FY2024-25 Italy 1,068.8 707.8 Vietnam 772.3 10.6 Belgium 720.8 544.1 UAE 486.0 488.8 Spain 482.9 416.4 Others 3,070.8 2,689.9 Total 6,601.5 4,857.5 Source: JPC Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Egypt’s NCIC awards fertilizer sales tender
Egypt’s NCIC awards fertilizer sales tender
London, 23 April (Argus) — Egyptian fertilizer producer NCIC has awarded its latest tender to sell various fertilizers for loading this month at higher prices. NCIC reports the following sales in the tender, which closed on 20 April: 20,000t of DAP at up to $880/t fob — up from $840/t fob awarded in its 4 April tender 10,000t of TSP at up to $695/t fob — up from $618/t fob awarded in its 4 March tender 3,000t of urea at up to $830/t fob — up from $654/t fob awarded in its 4 March tender 5,000t of CAN26 at up to $412/t fob — up from $352/t fob awarded in its 4 March tender 1,000t of water-soluble SOP at up to $705/t ex-works in 25kg bags — up from $620-630/t fob awarded in its 15 March tender NCIC sold the full quantities of DAP, TSP, CAN and SOP offered in the tender. It offered 10,000t of urea. NCIC offered 15,000t of SSP in the tender, but no awards for SSP have emerged. The number of buyers for each product and the destinations of the cargoes are not yet known. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India buys spot US LPG as Middle East war persists
India buys spot US LPG as Middle East war persists
Delhi, 23 April (Argus) — Indian state-run oil marketing companies are ramping up LPG imports from the US, over and above their term contracts on the persisting conflict in the Middle East which has curbed ship movements around the strait of Hormuz. State-run BPCL and IOC have made spot LPG purchases this week for May and June loadings at US Mont Belvieu prices at a premium of 47¢ per gallon and in the low-20s¢ to high-30s¢ per gallon, respectively, traders with knowledge of the matter told Argus . These firms have been deploying Indian LPG time charters for the shipments, some of which transited the strait of Hormuz earlier this month. Owing to lower clarity of LPG availability in the Middle East region, Indian OMCs are deploying more of their ships towards the Atlantic coast. BPCL will load two 46,000t evenly split LPG cargoes onto BW Global United LPG and Global United Shipping India joint venture BW Global United LPG-owned BW Chinook and shipping firm Great Eastern Shipping-owned Jag Vasant on 30-31 May. These vessels are likely to reach India by early to mid-July because the voyage takes close to 30 to 45 days. These bookings were part of a spot deal with BW LPG Product Services (BWPS), the in-house trading arm of Oslo-listed BW LPG and refiner Marathon, traders said. BPCL is also set to load another cargo onto BW Global United LPG-owned BW Tyr on 9-10 June, while state-run IOC will also load another very large gas carrier (VLGC) on 4-6 June, traders added. Among these vessels, Jag Vasant and BW Tyr were among the nine LPG carriers that were stuck in the Mideast Gulf because of the US/Israel-Iran war and made a transit via the strait of Hormuz around late March and this month. IOC, BPCL and HPCL signed their first LPG supply contracts with the US for 2026 for 2.2mn t of LPG imports from the US Gulf coast, which will meet around 10pc of India's annual requirements. As part of the deal, IOC, BPCL and HPCL will receive one VLGC shipment each month this year from the US on a delivered basis, totalling 1.65mn t, from Chevron, Phillips 66 and TotalEnergies. The Indian refiners are expected to issue another import tender to make up the remaining target, market participants said. India has already diversified its LPG imports, with shipments coming from Iran and Russia alongside increasing domestic output. LPG production from domestic refineries has ramped up by 40pc, bringing daily LPG output to 50,000 t/d currently against a total daily requirement of around 80,000 t/d, an oil ministry note said. By Rituparna Ghosh and Frances Goh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
关税持续升级,如何影响并重塑市场格局?
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