IFA ’10: Engro buys Moroccan DAP cargo at $510/tonne

02 June 2010 12:43  [Source: ICIS news]

PARIS (ICIS news)--Engro has bought a cargo of Moroccan diammonium phosphate (DAP) at a price marginally up from recent business, a source with the Pakistani fertilizer importer and marketer confirmed on Wednesday.

The source said that 40,000 tonnes had been purchased for prompt shipment from Office Cherifiens des Phosphates (OCP) at $510/tonne (€418/tonne) CFR (cost and freight).

The source was speaking on the sidelines of the annual International Fertilizer Industry Association (IFA) conference in Paris, France.

On 31 May, another Pakistani fertilizer importer, Fauji Fertilizer Co, was understood to have bought Chinese DAP at $508/tonne CFR.

Other recent business was recorded in the $500-505/tonne CFR range.

Engro said the cargo was needed for the current season due to delays in DAP shipments from China, which have lasted for around two weeks because of port congestion.

This latest deal brings Pakistan's total DAP imports for the year to around 450,000 tonnes.

IFA takes place in Paris from 31 May-2 June.

($1 = €0.82)

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By: Mike Nash
+44 20 8652 3214

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