12 March 2008 11:52 [Source: ICIS news]
LONDON (ICIS news)--Three Indian phosphate fertilizer producers have stepped in to buy phosphoric acid feedstock for 2008-09 contracts at $1,000/tonne higher than 2007-08 values, traders confirmed on Wednesday.
Phosphoric acid producers have faced dramatic increases in raw material feedstocks since the start of 2007, most notably for sulphur, which partly accounted for the increase.
The Indian Farmers Fertilizer Cooperative (IFFCO) Ltd, Gujarat State Fertilisers and Chemicals (GSFC) and Coromandel bought a total of 900,000 tonnes (P2O5 nutrient content) of Senegalese and South African phosphoric acid at $1,595/tonne (€1,037/tonne) CFR (cost and freight).
All eyes were now on how negotiations between North African producers and Indian buyers would pan out.
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It remained to be seen whether the North Africans would settle for similar prices, or ask for higher levels in view of dramatically rising prices for imported finished phosphate fertilizers into
No North African producers were available for comment.
Under the latest deal, IFFCO bought 500,000 tonnes from Industries Chemiques du Senegal (ICS), in which IFFCO recently agreed to acquire a 100% stake. The acid was for its Kandla phosphates plant.
($1 = €0.65)
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