The US is just not a serious urea exporting nation, and govt knowledge reveals that Indian imports from Washington in 2019-20 had been only one.47 tonnes
Urea | India imports | United States
BS Web Team |
Last Updated at June 17, 2022 15:01 IST
In a primary, India will import practically 47,000 tonnes of urea from the US as tech large Samsung will load the consignment at the New Orleans port for cargo to New Mangalore, a information report stated.
The cargo, anticipated to be loaded later this week, is being provided at a price of $716.5 per tonne, price plus freight (CFR), in accordance to a report in The Indian Express. While the freight prices from the US are estimated at about $65, with an extra $10-15 for loading from barges, the general free-on-board or FOB origin worth shall be someplace between $635-640 per tonne, the report stated.
The US is just not a serious urea exporting nation, and knowledge from the commerce ministry reveals that Indian imports from Washington in 2019-20 had been only one.47 tonnes. In 2020-21 and 2021-22, the US exports to India had been at 2.19 tonnes and 43.71 tonnes, respectively.
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The IE report stated that the US is exporting 47,000 tonnes of urea towards an import tender floated on May 11 by state-owned Rashtriya Chemicals & Fertilisers Ltd.
The firm’s tender has led to 1.65 million tonnes (mt) of urea imports from totally different suppliers at $716-721 per tonne CFR.
“More vessels are likely from the US in the months forward. It will assist in diversifying our import sources and sending a message to different suppliers,” The Indian Express quoted an business professional as saying.
In FY22, India imported 10.16 MT of urea, primarily from China, Oman, UAE, Egypt and Ukraine, priced at $6.52 billion.
The FOB charges of granular urea (US Gulf futures) are at $500 per tonne for June and $455 for July supply, whereas for the Middle East, the corresponding futures FOB quotes of $610 and $595 per tonne, the IE stated in its report.
“The freight prices are decrease, at $15-20 per tonne, from the Middle East. Voyage time can also be solely 5-10 days, in contrast to 35 days or more from the US. But these can to some extent be offset by the steep FOB reductions to the worldwide costs,” the professional informed The Indian Express.
First Published: Fri, June 17 2022. 15:01 IST