India's IPL issues urea counterbids: Update

Adds latest on counterbid recipients

Indian fertilizer importer and supplier IPL has sent counterbids to all suppliers at $365/t cfr east coast under its 8 July tender.

IPL has secured 80,000t for the west coast under two previous bid rounds at $350.50/t cfr.

This latest counterbid validity is until 11:00 IST (05:30 GMT) on 13 July. The importer initially sent counterbids to the suppliers with the seven-lowest priced offers to the east coast earlier today, for a potential total of 480,000t, but has now sent the counters to all potential suppliers under the tender.

This round of counters for the east coast follows two rounds for the west earlier in the week. The first round was on 10 July and received no acceptances, while the second was on 11 July and resulted in a trading firm agreeing to supply just a further 30,000t at $350.50/t cfr west coast.

The east coast counters may tempt more acceptances given the $15/t premium over the west coast price.

Trading firm Liven offered the lowest for 50,000t at $350.50/t cfr west coast, while the lowest offer on the east coast was 100,000t from OQ Trading at $365/t cfr east coast. The lowest offers to both coasts will be confirmed sales in line with tender rules.

By Harry Minihan