14 July 2008 11:47 [Source: ICIS news]
LONDON (ICIS news)--Indian phosphate fertilizer importers have purchased Tunisian diammonium phosphate (DAP) for the first time ever despite the country's reliance on North African phosphoric acid, a feedstock for phosphate fertilizers, a trader source said on Monday.
In a surprising move, the Indian Farmers’ Fertilizer Cooperative (IFFCO) bought 30,000 tonnes of DAP fertilizer from Groupe Chimique Tunisien (GCT) at $1,274.75/tonne (€803/tonne) CFR (cost and freight) for July shipment, the source said.
Two reasons for the change of strategy were highlighted by market sources. Firstly, IFFCO had never bought phosphoric acid from GCT prior to this sale therefore traders deemed there was no fundamental conflict of interest.
Secondly, slow demand in ?xml:namespace>
Traders were unsure whether this sale was a one-off or represented the start of a more long-term arrangement between IFFCO and GCT.
($1 = €0.63)
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