Pakistan’s Engro buys Tunisian DAP under tender

27 November 2009 17:52  [Source: ICIS news]

LONDON (ICIS news)--Pakistan’s fertilizer producer and importer Engro has purchased two cargoes of Tunisian phosphate fertilizer under its 24 November tender, a source at the company confirmed on Friday.

Trader companies Transammonia and ICEC, who supplied the lowest bids at $364.97/tonne (€241/tonne) CFR (cost and freight) and $367.9/tonne CFR respectively, will supply the cargoes of diammonium phosphate (DAP) from Groupe Chimique Tunisien (GCT) during January.

Engro would not confirm the actual price paid and other Pakistani trader sources reported that the deals had been concluded at closer to $360/tonne CFR.

Despite high stocks and a sluggish domestic market, Pakistan’s fertilizer importers have come to the market in response to a substantial rebound in international DAP prices, fuelled by the unexpected importation of over 0.5m tonnes of DAP by China and a recovery in the key US domestic market.

This has seen the key Tampa DAP reference price climb $25/tonne in a week to $320/tonne FOB (free on board) Tampa.

($1 = €0.66)

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