Global urea markets were under pressure this month as sellers were hard pressed to find much demand. Chinese prices remained stable, given less pressure to sell following the Aug. 9 IPL tender. China prices, which were indicated at $365-375/mt FOB in the week ended Aug. 24, remained at a discount to sales prices from Indonesia, where PIHC sold 28,000 mt prilled urea at $377.50/mt FOB and 30-45,000 mt granular urea at $392/mt FOB. North African sellers maintained their quiet hold on higher prices as the bid-ask spread remained wide. AG sellers also were quiet during the month with some saying they were comfortable through September. Baltic producers were understood to have sold into the Incofe tender in the week ended Aug. 31 as well as West Africa with netbacks indicated at around $310-330/mt FOB. The real pressure on sellers was expected to increase in September.
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