Indian fertilizer importer and producer IPL has allocated ports to suppliers for awards under its 11 November tender, which saw the firm buy 1.03mn t of urea for the west coast.
IPL issued letters of intent to agreed suppliers for just over 1mn t at $362/t cfr west coast in the evening of 14 November. The breakdown of the awards by supplier and port are detailed in the table below. IPL requested loading by 25 December.
Middle East producers are set to dominate supply and will likely end up accounting for half of the tonnage, with netbacks equating to around the high $340s/t fob. Russian tonnage amounts to 200,000t so far at $305-310/t fob Baltic, while Malaysia's Petronas could account for around 100,000t.
Nigeria's Indorama will load a total of three urea vessels to IPL next month — one directly and two for trading firms, following one cargo to RCF under the previous Indian urea tender. Nigerian urea moving eastwards highlights the comparative weakness in the Americas. This trend was further underscored by Egypt's Abu Qir also opting to support a trading firm with a prilled urea vessel under this latest tender.
| IPL 11 November urea tender port allocations | ||
| Supplier | Quantity (t) | Discharge port |
| Samsung | 45,000 | Mundra |
| Samsung | 45,000 | Mundra |
| Samsung | 45,000 | Mundra |
| Samsung | 45,000 | Kandla |
| Samsung | 45,000 | Kandla |
| Sun International | 50,000 | Mundra |
| Indorama | 46,000 | Kandla |
| Ameropa | 47,150 | Pipavav |
| Agrifields | 40,000 | New Mangalore |
| Agrifields | 30,000 | New Mangalore |
| Aditya Birla Global Trading | 55,000 | Mundra |
| Aditya Birla Global Trading | 42,000 | Mundra |
| Aditya Birla Global Trading | 50,000 | Pipavav |
| Aditya Birla Global Trading | 50,000 | Adani Tuna |
| Koch | 47,500 | Kandla |
| ETG | 50,000 | Adani Tuna |
| Hexagon | 47,000 | Pipavav |
| Midgulf | 38,800 | Rozy |
| Midgulf | 46,000 | Mundra |
| Fertistream | 31,500 | Jaigarh |
| Keytrade | 42,000 | Rozy |
| Fertiglobe | 45,000 | Dahej |
| Fertiglobe | 45,000 | Hazira |
| West coast total | 1,027,950 | |
| — Market sources | ||
