China’s Qinghai Salt Lake Potash raises MOP offer on low stock
02 February 2012 08:00 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China’s Qinghai Salt Lake Potash, the largest muriate of potash (MOP) producer in China, has increased its MOP offer by yuan (CNY) 30/tonne ($4.75/tonne) because of its low inventory, a company source said on Thursday.
The company is offering 60% white potash at CNY3,100/tonne CPT (carriage paid to) east China following the announcement late on 1 February, the source said.
The company’s MOP inventory is low because its plants are still shut after turnarounds were started in November 2011, the source added.
However, market players are likely to resist the price increase as inventories in China are higher in January 2012 than the same period a year ago.
Some participants said the increase will not have a significant impact on market prices because of the current weak demand.
Buyers are losing confidence in the fertilizer market because of the uncertain global economic outlook, an industry source said.
($1 = CNY6.31)By: Cassie Zhang
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