Mideast ammonia up $30/tonne on Qatar spot sale

24 September 2009 14:27  [Source: ICIS news]

LONDON (ICIS news)--Middle East ammonia prices have risen by $30/tonne (€20/tonne) from last spot business following a sale out of Qatar, market sources said on Thursday.

An official at Qatar Fertilizer Co (Qafco) said the company had sold 15,000 tonnes of ammonia to trader Mitsui at $300/tonne FOB (free on board).

Last done spot business out of the Middle East was at $270/tonne FOB between Kuwait’s Petrochemical Industries Co (PIC) and Mitsui for mid-September shipment.

Mitsui was expected to lift the cargo from Mesaieed, Qatar, in the second half of October, but a vessel has yet to be nominated, according to the Qafco official.

Sources said a destination had not been named yet, but would likely be India or possibly the Far East.

Middle East ammonia prices have been rising on the back of tight availability and strong demand, sources said.

($1 = €0.68)

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By: Rebecca Clarke
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