India’s MMTC issues sulphur tender in tight market

08 November 2007 14:35  [Source: ICIS news]

LONDON (ICIS news)--Indian state trading house MMTC Limited on Thursday issued a tender for three lots of 15,000-18,000 tonnes of sulphur for November-December delivery to Cochin.

The tender closes on 14 November and offers are to remain valid until 26 November. The three lots are required to be delivered 22-25 November, 2-6 December and 23-27 December.

Traders said the tender was issued on behalf of Indian fertilizer manufacturer Fertilizers and Chemicals Travancore Limited (FACT).

They added that given the rising FOB numbers and higher freight rates they were reluctant to offer cargoes too far forward. As a result, few offers were expected in MMTC’s tender.

MMTC closed a similar tender on 1 November for November-December delivery to Cochin on behalf of FACT, but it only attracted one offer.

The offer at $241/tonne (€163.88/tonne) FOB (free on board) Middle East was made by an unknown trader Fertigiess, which failed to submit a bid bond as requested under the tender and the offer was subsequently dismissed.

MMTC’s new tender comes amid a surge in spot sulphur prices on the back of booming sulphur demand in China, with consumers increasingly concerned with security of supply and very little spare sulphur availability globally.

($1=€0.68)

By: Rebecca Clarke
+44 20 8652 3214

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