13 August 2012 16:48 [Source: ICIS news]
LONDON (ICIS)--Indian manufacturer Paradeep Phosphates Limited (PPL) has issued a new sulphur tender for one cargo for September delivery to Paradeep, market sources said on Monday.
PPL is seeking one 35,000 tonne cargo for 15-18 September delivery to Paradeep, on the east coast of India.
The tender closes on 16 August and offers are requested to remain valid until 20 August.
The company last tendered on 19 June for 30,000-35,000 tonnes of sulphur for end of July arrival to Paradeep. An award was made to Dubai trader Swiss Singapore at around $212/tonne CFR (cost & freight) and the cargo was delayed slightly, loading last week on the Konstantinos in a two-port load at Shuaiba, Kuwait and Bahrain.
Latest spot sulphur business in India has ranged $202-209.97/tonne CFR. These prices imply a netback to the Middle East in the mid-$170s/low-180s/tonne FOB (free on board).
However, several Middle East sulphur producers have settled third-quarter contracts at over $190/tonne FOB, equating to a price around $216/tonne CFR India.
As a result, the outcome of PPL’s latest tender is awaited to give an indication of market direction.
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