25 March 2011 14:17 [Source: ICIS news]
Unplanned plant maintenance, new demand from metal-leaching projects and logistics problems caused by seasonal factors have led to tight supply, prompting spot prices to trend up since first quarter contracts were settled.
As a result,
“[$190/tonne FOB] is too low. Our idea is in fact closer to $210/tonne FOB because the market has moved up. Our customers also realised the tightness in the market,” a source close to Saudi Aramco said.
Smooth negotiations continue at Kuwait Petroleum Corp (KPC), a source at the company said. Meanwhile, Abu Dhabi National Oil Co (Adnoc) is understood to be close to finalising quarterly contracts, targeting as high as $220/tonne FOB.
Negotiations with Moroccan buyers are taking place in the $200-220/tonne CFR (cost and freight) range, according to a source with GPE. Discussions with customers in
“With the Brazilians, we are close to conclusions. The price will likely be higher than [prices proposed for]
A $230-240/tonne CFR China range would net back to the low-$200s to low-$210s/tonne FOB
($1 = €0.71)
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