26 June 2008 18:04 [Source: ICIS news]
LONDON (ICIS news)--The ammonia price for July contract deliveries to Tampa has been agreed up $70/tonne (€45/tonne) over June on the back of higher prices in Yuzhny and following a spot sale late last week into the US Gulf, market sources said on Thursday.
Supplier Yara said it had agreed the contract price at $580/tonne CFR (cost and freight).
Buyers had originally been looking for a rollover based on a purchase by Mosaic from Terra for first half July arrival at $510/tonne CFR.
However, a sale late last week by PCS to Yara at $585/tonne ?xml:namespace>
Suppliers were even suggesting that the $580/tonne CFR agreed was a bargain considering that recent prices in Yuzhny of $520-530/tonne FOB (free on board) would demand a price in
Yuzhny ammonia prices have rocketed over the past couple of weeks on the back of plant shutdowns which have tightened global supply and left traders struggling to cover their contract commitments.
($1 = €0.64)
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