03 September 2012 10:32 [Source: ICIS news]
The company reduced its 57% white MOP offers to yuan (CNY) 2,690/tonne ($424/tonne) on 1 September, down by CNY160/tonne compared with 31 August, the company source said.
At the meantime, offers for 60% white MOP from the company were lowered to CNY2,950/tonne on 1 September, down by CNY170/tonne compared with 31 August, the source added.
Other producers, such as SDIC Xinjiang Luobupo Potash, are expected to cut offers in tandem with the cutbacks, a market player said.
However, traders seem to be remaining on the sideline even with the new offers and demand failed to pick up, according to Chemease, an ICIS service in
Buyers will continue to adopt a wait-and-see attitude given high stock levels, which are likely to last until the end of this year, traders said.
($1 = CNY6.35)
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