Bruneian fertilizer producer BFI is understood to have sold 6,000t of granular urea at around $710/t fob following its tender on 12 March.
The cargo is set to load from the end of May to the first half of April. BFI had offered two lots of 6,000t of granular urea under the tender. Traders had expected bids to emerge up to around $700/t fob before the tender’s close.
There is a marked differential between smaller and larger cargoes in the region, with cargoes of around 25,000-30,000t or more commanding premium prices given the option to ship to Australia. Prices for larger lots have pushed up to around $750/t fob southeast Asia basis levels in Australia, a price with which buyers in…