A Russian supplier has sold 10,000t of granular urea above $650/t fob Kotka to a trading firm, marking a fresh jump on offers of around $600/t fob Baltic last week.
The sale took place under a tender on 16 March, and the cargo is due to load next month.
Russian granular urea is largely earmarked for the US, which has been paying premium prices in recent months, and barge levels are reflecting around $700/t cfr. Brazil is also another major outlet for Russian urea, but to a lesser extent given it is in its off-season. Expectations of an imminent Indian tender issuance have added momentum to the urea price surge since the conflict in the Middle East broke out.
