Indian urea sales likely hit 2.3mn-2.4mn t in the first half of this month, with domestic offtake remaining strong after record-high sales in December 2024.
Sales to end-users were over 2.3mn t in the first half of January, latest provisional data show, indicating offtake for the month may exceed 4.5mn t. Urea sales were 3.54mn t in January 2024.
Production is on track to reach around 2.5mn t this month, while urea inventories have slipped to around 5.5mn t as of 16 January, the data show. Stocks started the year at around 6.1mn t.
International urea prices have surged in recent weeks, eclipsing levels in 2024, largely driven up by sustained import demand from India because of its strong domestic appetite. Sales likely hit a fresh record-high for an individual month at 5.2mn t in December. Market participants are keenly awaiting the results from Indian importer and supplier RCF's urea purchase tender, which closes on 23 January.
