15 February 2008 13:21 [Source: ICIS news]
LONDON (ICIS news)--Major Russian potash exporter International Potash Company (IPC) has announced a $45/tonne (€31/tonne) price rise for deliveries to southeast Asia effective from April and until further notice, a company source said on Friday.
This rise takes prices to a record high of $575/tonne CFR (cost and freight) for the region.
IPC had previously sold standard MOP (muriate of potash) to southeast Asia at $500-530/tonne CFR for first quarter deliveries.
The announcement comes at a time when demand for potash remains strong and supply tight, with the market is experiencing a supply deficit of 1.5-2m tonnes.
The move follows recent sales by Belarusian Potash Company (BPC) at $550/tonne CFR to ?xml:namespace>
North American supplier Canpotex had previously announced a price of $525/tonne CFR for second quarter deliveries to southeast Asia, up $100/tonne from its first quarter price.
Southeast Asian prices were assessed at $215-220/tonne CFR in mid-February 2007, according to global chemical intelligence service ICIS pricing.
($1 = €0.68)
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