14 December 2007 12:27 [Source: ICIS news]
LONDON (ICIS news)--Belarusian Potash Co (BPC) has announced a $100/tonne (€68/tonne) price increase for standard MOP (muriate of potash) in southeast Asian spot markets effective immediately, the company said on Friday.
All new sales will be priced at $500/tonne CFR (cost and freight), up from BPC’s previous price of $400/tonne CFR and the price will be valid until further notice.
The price increase follows a recent first-quarter sale by Russia's International Potash Co (IPC) into southeast Asia at $450/tonne CFR and a price announcement two weeks ago from North American exporter Canpotex of $425/tonne CFR.
“Today, the global market faces a potash shortage of around 1m tonnes. With demand ever growing and the supply remaining almost the same, the market naturally responds with a price increase,” said BPC director-general Vladimir Nikolaenko.
Potash prices have surged this year on tight supply and strong demand. Southeast Asian standard MOP prices were at $214-215/tonne CFR at the start of this year, according to ICIS fertilizers.
($1 = €0.68)
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