NCIC Tender Results
Egypt’s NCIC has closed its March-loading FOB sell tender (19 February). Awarded levels for the combined 86,000 tonnes are understood as follows:
Lots offered / results (FOB Egypt):
DAP: 20,000t at high-$740s/t
TSP: 25,000t at mid-to-high $550s/t
CAN: 20,000t at mid-$270s/t
Urea: 20,000t at high-$480s/t
SOP: 1,000t. 500t sold at $575/t
Analysis
DAP sells in the high-$740s/t, a level that sits below the $785/t FOB headline from the 25 January tender (which AFRIQOM flagged as rumoured/contested), but slightly firmer than the $730s/t FOB levels cited by some participants for that round. This pins the current DAP Egypt FOB level to the tender result (high-$740s/t), recording an up to $15/t increase from January levels. TSP is modestly higher versus the prior tender’s $545/t FOB indication, implying a ~$5–15/t lift month-on-month.
On urea, the latest high-$480s/t FOB outcome represents only a marginal move versus the $480/t FOB level reported in the 25 January tender. It also tracks Egypt’s recent spot arc: early-January business in the mid-$450s, late-January deals around $460–473, a brief run-up into the mid-$500s for March-loading indications, before values eased back as liquidity thinned, leaving NCIC’s sentiment as a re-anchoring toward executable levels, rather than a new rally.
AFRIQOM Market Reporter
