Overview

• Chinese customs reported July urea exports of 567,184 tonnes, up 614% year on year and more than seven times June volumes, indicating looser controls.
• People cited by Economic Times said Beijing has allocated another 7 million tonnes for export, with most expected to head to India, a claim not officially confirmed.
• India has accelerated overseas purchases, with National Fertilizer and Indian Potash each tendering for about 2 million tonnes as imports in April–July rose over 5% to 4.85 million tonnes.
• Urea stocks stood at 3.7 million tonnes on August 1 versus 8.6 million a year earlier, as above‑average rainfall and expanded rice and maize sowing lifted demand.
• Supply has been tightened by outages at plants in Kakinada and Ramagundam, while the landed cost of imported urea has climbed to about $530 per tonne, adding fiscal strain.