IFFCO issues DAP fertilizer tender for Aug-Sept

24 June 2008 14:14  [Source: ICIS news]

LONDON (ICIS news)--The Indian Farmers Fertilizer Cooperative (IFFCO) has issued a tender for an unspecified quantity of diammonium phosphate (DAP) fertilizer, trader sources said on Tuesday.


The tender, which originally closed on 23 June but was subsequently postponed to 27 June, called for shipment during August and September.


IFFCO initially announced the tender late on Friday but the intervening weekend meant many producers and traders were unaware of the tender until the day of its closing.


Three sealed offers were made, according to Indian trader sources, but these were left unopened as IFFCO sought to solicit more offers by giving potential sellers more time to participate.


Revised offers were to be valid until 30 June.


Fertilizer sources speculated that the tender was partially a vehicle for IFFCO to procure more DAP from Kisan International, its offshore trading arm, which had earlier bought 500,000 tonnes of US DAP, around half of which had already been sold into the Indian market.


Last sales from Kisan at around $1,275/tonne CFR (cost and freight) had previously established a relatively low ceiling price compared with offers of US material above $1,300/tonne CFR.

By: Mike Nash
+44 20 8652 3214

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