06 September 2011 12:39 [Source: ICIS news]
LONDON (ICIS)--Abu Dhabi National Oil Co (Adnoc) has posted a $5/tonne (€4/tonne) increase to its September sulphur official selling price compared with the previous month, a source with the company said on Tuesday.
The September price – applicable to the Indian market only – is set at $220/tonne FOB (free on board) Ruwais, and reflects a delivered price in the mid-$240s/tonne CFR (cost and freight) India, depending on freight rates.
“$5/tonne is not a very aggressive jump, and Adnoc wants this price to be reflective of the market,” said the source.
The price rise is in line with market expectations of a rollover to a $5–10/tonne increase, because Indian prices have picked up in recent weeks on higher demand.
Indian phosphates producers have returned to the market to replenish their sulphur stocks, following a flurry of tenders in the past few weeks.
The latest purchases, by Indian Farmers Fertiliser Cooperative Ltd (IFFCO), Fertilizers and Chemicals Travancore Ltd (FACT), and Paradeep Phosphates Ltd (PPL), were concluded in a mid-to-high-$230s/tonne CFR range.
($1 = €0.71)
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