In mid-February, 10 days before the United States-Israel strikes on Iran, the state-owned Rashtriya Chemicals and Fertilisers contracted about 1.3 million tonnes (mt) of urea imports at a landed price of $508-512 per tonne. Two months later, that price nearly doubled to $935-959 per tonne for a 2.5-mt import tender of Indian Potash Ltd. However, National Fertilisers Ltd’s latest tender for import of 1.7 mt, which opened on June 8, saw bids as low as $444.9-449.3 per tonne. The price crash — to below pre-War levels — comes amid a partial lifting of export restrictions by China and fading fears of prolonged war-induced supply disruptions. Contrast this with the........

© Indian Express