Indonesian Pupuk subsidiary Kaltim closed a sales tender for 30,000-45,000t of granular urea today, with bids heard in the $340s/t fob.
A sale has yet to conclude, but negotiations are reportedly ongoing in the $350s/t fob. There was no comment from the parties involved. The tonnage is for loading in November-December. Kaltim had sought $370/t fob under the tender.
Urea fob prices have reset lower in the wake of the 11 November buy tender in India, with producers having targeted granular urea at around $370/t fob southeast Asia last week.
But the levels under discussion in Indonesia still mark a premium to netbacks from the ongoing Indian tender, where the lowest price of $362/t cfr west coast would net to the mid $330s/t fob southeast Asia.
