India, one of the world’s biggest urea importers, received offers for the soil nutrient that were 12% below the June purchase price, signaling that the war-driven tightness in the global fertilizer market is easing.
State-run producer Rashtriya Chemicals & Fertilizers Ltd., which also imports urea on behalf of the government, received offers for about 3.1 million tonnes against a 1 million-ton tender for the west coast, with prices between $393.65 and $435 a tonne, according to people familiar with the matter.
For the east coast, submissions totaled 2.4 million tons against a 700,000-ton requirement, with offers between $390.25 and $435.5 a tonne, they said, asking not to be identified due to the commercial sensitivity of the information.
