09 November 2007 14:29 [Source: ICIS news]
LONDON (ICIS news)--International diammonium phosphate (DAP) has surged to new highs above $500/tonne (€340/tonne) this week on continued strong demand and further increases are expected in the short term, market sources said on Friday.
US DAP marketer the Phosphate Chemicals Export Association (PhosChem) sold 25,000 tonnes for Uruguay/Argentina at $490/tonne FOB Tampa, then early this week sold 6,000 tonnes to Central America at $500/tonne FOB.
Subsequently, PhosChem sold 25,000 tonnes to ?xml:namespace>
US export prices started the year at $256-257/tonne FOB, while Russian prices were at $248-260/tonne FOB, according to ICIS fertilizers.
Since the start of the year, the hike in DAP prices has been driven by high crop and commodity prices globally. Additionally, a lack of Chinese DAP for export in the fourth quarter was currently helping other producers move prices up.
Sources said that producers were continuing to move prices up with each new sale and that they expected further increases to take place in the short term.
They added that buyers were more concerned with securing DAP supplies than arguing about the price.
($1 = €0.68)
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