Thailand Urea Demand Delayed
After a period of dry weather in mid-April, Thailand experienced rainfall. Distributors expect local buyers' demand to increase, likely after the monsoon onset in June. However, current rainfall hasn't translated into increased purchases. Distributors have lowered retail prices by 300-500 baht/ton ($8-14/ton) to reduce high-priced inventory from March to April.
The price of 50kg bagged urea is about 15,000 baht/ton, with warehouse delivery prices dropping to around 13,000 baht/ton. Import signs have decreased to $310-320/ton CFR, with the Middle East at the low end and Southeast Asia at the high end.
From January to March, Thailand's urea imports soared to 722,000 tons, an 84% year-on-year increase. As international prices rebounded from the trough at the end of December, importers have returned to the market. From January to March 2021-2023, Thailand's average import volume was 331,000 tons.
India RCF Issues Import Tender
Indian fertilizer importer RCF has issued a tender to purchase 50,000 tons each of 20-20-0+13S and 10-26-26, with a possible adjustment of 10%. The tender closes on May 16, and bids must be valid until May 22.
The tender requires shipment by June 20 and is open only to suppliers with long-term agreements with RCF. The minimum bid is 25,000 tons, plus or minus 10%. Potential suppliers can offer one or both products. Last month, RCF issued a tender for two batches of 50,000 tons each of 20-20-0+13S. It received a 50,000-ton bid from a trading company at $362/ton CFR non-dutiable. However, this bid was about $17/ton higher than the recent price at which Saudi producer Ma'aden sold the same grade to another Indian importer, and RCF canceled the tender. Data shows that since early November 2023, RCF has not received shipments of the key NPK grade 10-26-26.
Brazil April MAP Imports 378,147 tons
Brazil imported 378,147 tons of monoammonium phosphate (MAP) in April, with nearly 260,000 tons from Russia, 67,000 tons from Morocco, and 51,500 tons from Saudi Arabia. From January to April this year, total imports reached 1,025,000 tons, with Russia accounting for 76%, Morocco 15%, and Saudi Arabia 6%.
Compared to 2023, the main change is a decrease of nearly 600,000 tons in total MAP imports. Russia has increased its market share from nearly 52% last year to 76%. Meanwhile, Morocco's MAP exports fell from nearly 500,000 tons in 2023 to 158,000 tons, and U.S. exports dropped by nearly 120,000 tons year-on-year. Saudi MAP exports nearly halved from 109,000 tons in the first four months of 2023. China's MAP exports dropped from over 37,000 tons in 2023 to only 9,000 tons in 2024.
Egypt Urea June Price at $286/ton
Egyptian fertilizer producer Mopco has sold an additional 25,000 tons of urea at $286/ton FOB, to be shipped to the European market next month. The current target price for producers is $290/ton FOB.
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