India secures record urea imports at higher prices
Indian Potash Ltd agreed to buy 2.5 million tons of urea today to secure domestic supplies. The purchase comes as Middle East conflicts drive global prices up.
India is poised to import a record-breaking 2.5 million metric tons of urea through a single tender, according to government sources. This massive procurement comes at a significant cost, with prices nearly doubling compared to rates paid just two months ago, as geopolitical instability in the Middle East disrupts global supply chains.
The purchase, handled by Indian Potash Ltd (IPL), represents approximately one-quarter of the nation's total annual import requirement of 10 million tons. The deal was finalized with IPL agreeing to buy 1.5 million tons at $935 per ton for west coast delivery and an additional 1 million tons at $959 per ton for east coast delivery. These figures stand in stark contrast to the previous tender issued by Rashtriya Chemicals and Fertilizers, where bids were recorded at $508 and $512 per ton for the respective coasts.
