12 January 2012 17:45 [Source: ICIS news]
LONDON (ICIS)--Indian fertilizer manufacturer Fertilizer and Chemicals Travancore Ltd (FACT) has issued its first ammonia purchase tender of the year, market sources said on Thursday.
FACT will close a tender on 17 January for 6,000 tonnes of ammonia for 5-8 February delivery to Cochin.
Offers are requested to remain valid until 23 January.
FACT last tendered on 1 November, but the tender was scrapped after the only offer from Kuwait’s Petrochemical Industries Co (PIC) at $700/tonne (€553/tonne) CFR (cost and freight) was considered too high.
Since then, prices in India have dropped to $445-476/tonne CFR on weak market conditions.
However, it remains to be seen whether these lower prices will prompt FACT to make a purchase, sources said.
It is noted that FACT tendered five times during 2011, but never once made a purchase.
($1 = 0.79)
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