India's Kribhco scraps DAP tender on too high offer prices

19 August 2009 17:08  [Source: ICIS news]

LONDON (ICIS news)--Indian fertilizer cooperative company Krishak Bharati Cooperative Limited (Kribhco) has scrapped its 17 August tender for 190,000 tonnes of diammonium phosphate (DAP), citing offer prices as too high, fertilizer sources in the country said on Wednesday.

The company had received offers ranging from $385-405/tonne (€273-288/tonne) CFR (cost and freight) from a variety of traders and suppliers.

However, sources said they understood that Kribhco had deemed that prices were around $20-30/tonne higher than the calculated August import formula price on which the Indian government would pay subsidy. 

It was not known whether a new tender would be issued.

India is the main importer of DAP internationally, having estimated to have booked around 5m tonnes in 2009, mostly from the US and Russia

($1 = €0.71)

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