NFL locks in 844,000 tonnes of urea in first counteroffer for procurement tender

By the close of the first counteroffer on January 7, India’s NFL had secured just over 840,000 tonnes of urea in its procurement tender issued on January 2.

Offering suppliers have committed to supply at least 568,000 tonnes to the west coast and at least 276,000 tonnes to the east coast, including 95,000 tonnes to the west coast and 47,500 tonnes to the east coast that were automatically awarded to Koch.

After falling short of its targeted purchase of around 1.5 million tonnes of urea, NFL widened its counteroffer earlier on Wednesday to all bidders to accept the lowest offers of $424.80/tonne CFR West Coast India and $426.80/tonne CFR East Coast India, with a deadline of 14:00 Indian Standard Time (08:30 GMT) on January 8.