# Urea: Trading

Indian tenders and Chinese quotas: the two swing forces

Source page: https://www.materialinsights.org/chemicals/urea/trading/

What this tab covers How it is bought and sold: buyers and sellers, price benchmarks and who publishes them, exchanges, contract types, traders, how Indian buyers price it, recent price points, and good sources to follow.

#### Who buys, and where

- India by state tender (IPL, NFL, RCF) for delivery to Indian ports
- Brazil through distributors ahead of soy and maize seasons
- US through NOLA barges and co-operatives
- Australia, Thailand, Turkey, France

#### Who sells, and from where

- Saudi Arabia (SABIC Agri-Nutrients), Qatar (QAFCO), Oman, Egypt, Algeria, Nigeria (Dangote, Indorama)
- Russia
- China when quotas allow
- Malaysia, Indonesia

#### Price benchmarks

| Benchmark | Publisher | Basis |
|---|---|---|
| **World Bank urea, prill spot FOB Middle East (Black Sea before March 2022)** | World Bank (Bloomberg/Green Markets data) | monthly average |
| **Granular urea FOB Egypt, FOB Middle East, NOLA barge, CFR Brazil** | Argus, CRU, ICIS, Profercy | weekly spot |

#### Exchanges

| Venue | Contract | Notes |
|---|---|---|
| **CME Group** | Urea (granular) FOB US Gulf, FOB Middle East, FOB Egypt and CFR Brazil futures/swaps, cash-settled on PRA assessments | modest liquidity |
| **Zhengzhou Commodity Exchange** | Urea futures (China domestic, 20 t lots, indicative) | tracks Chinese domestic coal-based urea, not world prices |

#### Contract types

- Indian government import tenders, offers per port
- Spot cargoes FOB or CFR
- Term contracts priced off PRA benchmarks
- Long-term offtake from Indian joint ventures abroad (e.g. OMIFCO in Oman, indicative)

#### Traders and distributors

- Koch Fertilizer
- Ameropa
- Keytrade
- Dreymoor Fertilisers
- Helm
- Samsung C&T (Asia)

#### How Indian buyers price it

- Farm price fixed at Rs 242 per 45 kg bag excluding neem coating and taxes (about Rs 5,380/t, or roughly $60/t)
- Domestic plants paid assessed cost minus retail price as subsidy under the New Urea Policy 2015
- Imports bought by tender at CFR India and sold at the same fixed price; FY2026 fertiliser subsidy budget about Rs 1.7 trillion

#### Recent price points

| Date | Price | Basis | Source |
|---|---|---|---|
| Sep 2026 | **$407.5/t** | World Bank urea, FOB Middle East, monthly average | World Bank Pink Sheet (Oct 2026) |
| Apr 2026 | **$856.9/t** | World Bank urea, monthly average | World Bank Pink Sheet |
| 2025 | **$422.7/t** | World Bank urea, annual average | World Bank annual prices |
| 2024 | **$338.3/t** | World Bank urea, annual average | World Bank annual prices |
| Apr 2026 | **about $255-267/t** | northern China domestic | Reuters via The Daily Star (8 Apr 2026) |

#### Good sources to follow
[World Bank Pink Sheet](https://www.worldbank.org/en/research/commodity-markets)free research site · World Bank commodity markets team

monthly urea and DAP prices since 1960
[Fertilizer Daily](https://www.fertilizerdaily.com/)free newsletter · independent fertiliser news site

urea tenders, India subsidy and import news
[farmdoc daily](https://farmdocdaily.illinois.edu/)free blog · University of Illinois

fertiliser costs and US farm economics, including 2026 Hormuz scenarios
[Kpler blog (fertilisers)](https://www.kpler.com/blog/ureas-gulf-squeeze-has-eased-but-the-acreage-hit-is-locked-in)free research site · Kpler analysts

seaborne urea flows and disruptions
[IFA](https://www.fertilizer.org/)freemium research site · International Fertilizer Association

world supply, demand and capacity

## Other sections

- [Summary](https://www.materialinsights.org/chemicals/urea/index.md)
- [Overview](https://www.materialinsights.org/chemicals/urea/overview/index.md)
- [Correlation](https://www.materialinsights.org/chemicals/urea/correlation/index.md)
- [Production route](https://www.materialinsights.org/chemicals/urea/routes/index.md)
- [Production](https://www.materialinsights.org/chemicals/urea/production/index.md)
- [Feedstocks](https://www.materialinsights.org/chemicals/urea/feedstocks/index.md)
- [Cycles](https://www.materialinsights.org/chemicals/urea/cycles/index.md)
- [Movement](https://www.materialinsights.org/chemicals/urea/movement/index.md)
- [Regulation](https://www.materialinsights.org/chemicals/urea/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/chemicals/urea/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/chemicals/urea/emissions/index.md)
- [Relationships](https://www.materialinsights.org/chemicals/urea/links/index.md)