MENA also pushing to pay less

Markets in the MENA region have not shown their “best face” in recent weeks, anticipating a potential increase in Brazilian supply due to the looming blockade the country could face in the U.S. from next week. An exporter said they “struggled” to close some forequarter deals at US$/t 4,900 CFR to Egypt but noted there is “a lot of pressure” to pay less for future shipments.