This week, the international urea market is in the spotlight.

Release time：2026-04-24

India sets the tone

The urea market found direction on 22 April after India’s IPL issued letters of intent under its 15 April tender, confirming purchase of around 2.5 mn t of urea.

India's tender has absorbed much, but not all, of the avail-able supply — the question now is what price the leftovers will trade at.

North Africa activity was largely tied to India, with at least 340,000 t of Egyptian urea expected to be shipped to the country.

Large volumes from the Russian Baltic and Black Sea are expected to feature in the tender, with some market esti-mates placing total Russian participation at 900,000-1 mn t. This is likely to restrict availability for non-Indian markets until at least the second half of June.

Re‑exported US urea is also expected to fill supply gaps around the globe, with volumes estimated by at around 100,000 t or more, some of which could go to India.

East of Suez, granular urea tenders in Vietnam and Brunei were concluded, with sales indications around $910/t fob.

In Brazil, prices were notionally stable at $760-800/t cfr. Buying interest remained limited and fresh offers were sparse.

Meanwhile, market reports suggested China is unlikely to return to the export market before June at the earliest. No official announcement has been made, and the reports remain speculative.