
Urea slides to $470/t — down 32% on the month — even as India's NFL floats 1.7 Mt tender before the monsoon
Granular urea fell to $470/t on 27 May 2026, down 6% on the day and roughly 32% over the month, unwinding much of the spike that peaked when Indian Potash Ltd. paid $935–$959/t CFR in its record April tender. Profercy and TradingEconomics data attribute the slide to excess spot supply and slower purchasing as the Northern Hemisphere spring season closed. Yet the market remains structurally tight: on the same day, National Fertilizers Ltd. (NFL) issued a fresh 1.7-million-tonne import tender — 900,000 t via the west coast, the balance via the east — with commercial bids opening 8 June and cargoes required to sail before 20 July, ahead of the Indian monsoon. The tender clears against a backdrop in which the West Asia conflict continues to throttle gas-based domestic production.

