Iran spot ammonia prices rise $25/tonne on sale to Mitsui

02 September 2010 13:53  [Source: ICIS news]

LONDON (ICIS)--Iranian spot ammonia prices have risen by $25/tonne (€19.50/tonne) from the last completed business amid expectations of price increases following higher prices in other regions, market sources said on Thursday.

Mitsui purchased a 23,000-tonne cargo from Iran-based seller Petrochemical Commercial Co (PCC) at $370/tonne FOB (free on board) for late-September shipment, according to sources.

Petrochemical Commercial had been targeting a price of $375/tonne FOB during negotiations, sources said.

The price was up by $25/tonne from Petrochemical Commercial’s last sale, which was also to Mitsui, at $345/tonne FOB.

Prices in the Middle East had been expected to rise in new business following higher prices in Yuzhny, Ukraine, which recently reached $365/tonne FOB.

The latest offers from Middle East-based producers under a tender out of India this week reflected prices around $375/tonne FOB.

($1 = €0.78)

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By: Rebecca Clarke
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