A trader has sold 7000 t of granular urea to a Philippine importer at US$400/t. The cargo is for shipment in H1 of November 2025 from Indonesia.
This deal is up by about US$7/t compared with previous trades in the region, which suggests a potential increase in demand from southeast Asian buyers for November-loading volumes. Most southeast Asian markets will enter the nitrogen application season from end-October to November. But it is unclear how strong urea demand from the region will be, as it would depend on weather conditions and crop prices, both of which influence farmers' appetites.
Urea inventories in Thailand and Vietnam are high, and importers have not been in the market seeking any fresh volumes in the past month. The last trade in the region was state-owned Pupuk Indonesia's 8 October sale tender of 45 000 t granular urea at US$393.33/t fob.
Original article written by Dinise Chng on Argus Media.