India buys 500,000 tonnes US DAP for Feb-Oct '08

12 December 2007 23:56  [Source: ICIS news]

HOUSTON (ICIS news)--India will buy 500,000 tonnes of diammonium phosphate (DAP) from US suppliers between February and October of 2008, fertilizer firm Mosaic said on Wednesday.

Mosaic made the announcement on behalf of the Phosphate Chemicals Export Association (PhosChem), a US marketing association that includes Mosaic and fellow DAP producer Potash Corporation of Saskatchewan.

The Indian buyer was not identified in the statement.

Indian Potash Limited (IPL), the country's main importer, had last week denied that the country's DAP supplies were running low, amid market speculation that a deal with PhosChem was imminent.

The DAP will be sold to India at a price reflecting current spot DAP international market levels, the statement said. It did not say how the spot prices would be defined, and a spokesman for Mosaic was not immediately available to comment.

"This contract reinforces the continuing demand for DAP in India and is a reflection of the overall strong international market fundamentals," the statement said.

"It also demonstrates PhosChem's commitment to meet the demand of its Indian customers."
By: Stephen Burns
+1 713 525 2653

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