Middle East ammonia rises to $345/tonne on Iran spot sale

18 August 2010 15:08  [Source: ICIS news]

LONDON (ICIS)--Middle East ammonia prices have risen by $5/tonne (€4/tonne) from the last completed business in the region following a spot sale out of Iran amid a firming market, sources said on Wednesday.

An official with Iran’s Petrochemical Commercial Co (PCC) said it had sold a 23,500-tonne cargo to trader Mitsui at $345/tonne FOB (free on board) for second-half September shipment.

This was up from a sale in early August by Ruwais Fertilizer Industries (Fertil), also to Mitsui, at $340/tonne FOB for shipment in late August/early September.

The deal was also $25/tonne higher than Petrochemical Commercial’s last sale at $320/tonne FOB.

The deal comes as ammonia prices worldwide are firming as a result of tight prompt availability and good demand ahead of the autumn application seasons.

The Petrochemical Commercial official also confirmed that its Pardis I ammonia and urea units, which are located at Assaluyeh, were still shut down following an explosion on 4 August in a gas pipeline.

The plants are expected to be off line for at least a month.

The Pardis II ammonia and urea plants continue to operate, the official added.

($1 = €0.78)

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By: Rebecca Clarke
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