23 October 2008 23:53 [Source: ICIS news]
HOUSTON (ICIS news)--The November ammonia contract price out of Tampa appeared set to be reached on Friday, sources said on Thursday, at was seen as one of the biggest one-month price decreases ever.
The decrease was the single biggest month-to-month drop since at least 1994, according to global chemical market intelligence service ICIS pricing.
A buyer and a producer each said negotiations were honing in on a price near $575/tonne (€449/tonne), which would represent a $356, or 38%, decrease from the October price level of $931/tonne.
“It’s awful, I’m sick over it,” one producer said.
A confluence of factors are hitting ammonia prices in the US, with cheaper corn values, weakness in the energy sector and decreased demand all applying downward price pressure in advance of this month’s negotiations.
Major players in the US ammonia industry include Terra, Yara, Transammonia and Koch.
($1 = €0.78)
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