09 February 2011 13:38 [Source: ICIS news]
LONDON (ICIS)--Ammonia prices in the Middle East have risen another $7.50/tonne (€5.48/tonne) following a fresh sale out of Saudi Arabia amid reduced availability for March and good demand, market sources said on Wednesday.
SABIC said it had sold 15,000 tonnes of ammonia to trader Transammonia at $457.50/tonne FOB (free on board) for shipment from Jubail in the first half of March.
Last business out of the Middle East was concluded at $450/tonne FOB.
A higher price had generally been expected given that availability in Asia will be reduced in March because of planned shutdowns and demand levels remain good.
Qatar Fertilizer Co (Qafco) will have a 3-4 week turnaround at one of its ammonia units in March, while Petronas’s ammonia plant in Kerteh, Malaysia, will close in late February for a month-long maintenance outage.
Iranian prices also look set to rise, with reports of buying interest around $450/tonne FOB for a mid-March cargo. Last business from Iran was concluded at $407/tonne FOB.
($1 = €0.73)
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