India orders 2.5 million tons urea at $935-$959 per ton
India
India just put out a massive order for 2.5 million tons of urea, and suppliers jumped in with nearly six million tons worth of bids.
But here's the catch: prices have shot up to $935 to $959 per ton, nearly 84% above the mid-February tender.
This spike is mostly because of global tensions and India's urgent need for fertilizer before the June planting season.
Urea decision due April 23
The government has until April 23 to decide how much urea to actually buy and at what cost.
Big offers came from Millenium Commodity and Chasemax, but if India goes ahead at these high prices, it could push fertilizer costs up worldwide.
Basically, all eyes are on India's next move in this high-stakes market moment.