14 February 2008 10:50 [Source: ICIS news]
LONDON (ICIS news)--Egyptian granular urea fertilizer prices have softened by $25/tonne from January reflecting weaker international sentiment, a market source said on Thursday.?xml:namespace>
This week, Egyptian producer Helwan agreed to sell 25,000 tonnes to Canadian company Hayat at $435/tonne FOB (free on board) ?xml:namespace>
Helwan also sold a further 13,000 tonnes to Hagrapota at the same price.
This price level was $25/tonne lower than the levels being secured by Egyptian suppliers in January.
It was unclear exactly what had caused the dramatic weakening in price, although the
Moreover, suppliers pointed to the key benchmark FOB Yuzhny price of prilled urea, which had fallen around $15-20/tonne since the start of February.
In related news, Helwan and producers Egyptian Fertilizer Company (EFC) and Alexfert will supply around 50,000 tonnes/month to the domestic market from February.
Initially the firms were set to be paid $460/tonne FCA (free carrier), based on international price levels. However, weaker sentiment has since impacted these price negotiations and latest reports suggested the price could now mirror the last Egyptian tender at $435/tonne FOB.
The issue was expected to be settled in the coming days.
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