Urea sales from Egypt for November loading emerged today, with producer Abu Qir concluding a cargo for India, as well as selling to Europe in the $340s/t fob following a sharp drop at the start of the week.
Abu Qir has sold 20,000t and 5,000t of granular urea at $343/t fob and $345/t fob, respectively. It also sold 20,000t of prilled urea at $340/t fob to Europe. All sales are for November loading.
The producer has also sold one prilled urea cargo to India under IPL's 11 November tender at $362/t cfr west coast, but the fob price has yet to be confirmed.
Offers had dropped to the mid-$340s/t to $350/t fob, with bids heard up to the mid-to-high $330s/t fob on 11 November.
Sluggish demand from Europe, high stocks and an increase in production are weighing on the Egyptian market. Argus assessed granular urea at $355-367/t Egypt to Europe on 7 November.
