02 October 2008 17:06 [Source: ICIS news]
LONDON (ICIS news)--Prices of Russian and US phosphate fertilizer fell $130-260/tonne on latest deals into India, as demand elsewhere dried up with dealer inventories full globally, market participants said on Thursday.
In the latest round of business, trader company Ameropa was understood to have sold three Russian diammonium phosphate (DAP) cargoes at $975/tonne (€692m/tonne) CFR (cost and freight) with another trader, Helm, also reported to have sold a Russian cargo at similar levels.
The FOB (free on board) netback to Baltic ports was estimated to be around $840/tonne, a fall of $260/tonne on last business at around $1,100/tonne FOB.
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In the US, it also emerged that trader Oakley sold a US DAP cargo to India at $1,010-1,020/tonne CFR, netting back to $940-950/tonne FOB Tampa, a fall of $130/tonne on previous business at $1,080/tonne FOB.
Force majeure on the
The key DAP Tampa US FOB price has now fallen from a high of $1,230/tonne in April/May this year following a 17-month uninterrupted rise in prices due to strong commodity prices and farmer demand.
In a related move,
In the current bearish market, buyers continued to hold off from buying, sources said.
This was particularly evident in
($1 = €0.71)
($1 = €0.71)
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