Iran spot ammonia up on Asia-Pacific tightness
16 June 2008 12:28 [Source: ICIS news]
LONDON (ICIS news)--Iran Petrochemical Commercial Co (IPCC) has confirmed the sale of three spot ammonia cargoes for June/July shipment and is still receiving enquiries for further volumes due to tightened Asia-Pacific supply, a company official said on Monday.
IPCC said the deals were agreed at $430-440/tonne (€280-286/tonne) FOB (free on board), while earlier buyers said they had agreed prices in the mid-$420s/tonne FOB.
These prices were up on spot sales from the
The supplier also agreed another cargo with Yara for mid-July loading in
IPCC also confirmed that it had sold a cargo to Mitsubishi for end June/early July shipment, also to Asia Pacific.
The supplier reports that it is still receiving enquiries for further spot cargoes, and is still talking about the possibility of a fourth spot sale.
However, availability will depend on the production timetables at IPCC’s plants and whether they can reduce urea output and produce extra ammonia, which is looking unlikely given that urea is currently needed for the domestic market.
IPCC says it has received bids above $450/tonne FOB for any extra ammonia.
The Asia-Pacific ammonia market has tightened on the back of an ammonia plant shutdown in
($1 = €0.65)
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By: Rebecca Clarke
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