Bids at $360s/t fob Indonesia in Pusri prills tender

Pupuk Indonesia subsidiary Pupuk Sriwidjaja Palembang (Pusri) has today closed a tender to sell 5,000t of prilled urea in bulk for loading in October, with the highest bid so far to emerge at a mid-$360s/t fob level.

A trading firm bid at a mid-$360s/t fob, with another at a low $360s/t fob. At least two other trading firms submitted prices at $350s/t fob. There was no confirmation from the parties involved. Bids were to be valid until 17 September and further negotiations will likely take place.

International urea prices are on an upwards trend in the wake of a major tender to buy in India, which saw more tonnage bought than most had expected and fob levels have risen globally this week. Prilled urea remains at a considerable premium to granular product east of Suez, given the lack of shipments from the region's top supplier China, with granular urea priced at $330-335/t fob southeast Asia this week.

By Harry Minihan