IFFCO buys more DAP to meet strong India demand

14 July 2008 12:13  [Source: ICIS news]

LONDON (ICIS news)--The Indian Farmers’ Fertilizer Cooperative (IFFCO) has bought a further 90,000 tonnes of imported phosphate fertilizers following on from its 27 June tender, trader sources in India confirmed on Monday.

In the latest round of purchasing, IFFCO bought two 30,000-35,000 tonne cargoes of diammonium phosphate (DAP) from trading company Transammonia at $1,268/tonne (€799/tonne) CFR (cost and freight).

Traders said the source of the material was open but Transammonia was understood to have US product loading in the Mississippi River.

IFFCO additionally bought 30,000 tonnes from Groupe Chimique Tunisien (GCT) at $1,274.75/tonne CFR for July shipment.

This brought IFFCO’s total purchases under its tender to 430,000-480,000 tonnes of DAP.

Healthy monsoon rains, plus a lack of domestic DAP production due to feedstock supply issues, were expected to boost DAP import demand in India to around 4m tonnes in 2008-09, sources said, 500,000 tonnes more than initial forecasts.

($1 = €0.63)

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By: Mike Nash
+44 20 8652 3214

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