12 May 2008 16:34 [Source: ICIS news]
LONDON (ICIS news)--Arab Potash Co (APC) has reached an agreement with a Chinese buyer to supply muriate of potash at a $400/tonne (€260/tonne) increase over last year’s level, a report on the company’s website said on Monday.
The 200,000 tonne agreement between APC and Sinochem, which runs to the end of year, was settled at the benchmark rise of $400/tonne over last year’s rates, based on imbalanced supply/demand.
A final price was not announced, but the $400/tonne increase is understood to take prices to around $590/tonne FOB (free on board) ?xml:namespace>
“APC is proud to play a role in the supply of essential inputs to Chinese Agriculture and is committed to continue to enhance its role further in the future,” said a statement on APC’s website.
In 2007, no total quantity was stated, but around 225,000 is thought to have been shipped.
($1 = €0.65)
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