China’s Qinghai Salt Lake cuts MOP offers on poor demand

03 September 2012 10:32  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Qinghai Salt Lake Potash, the biggest domestic muriate of potash (MOP) producer, has reduced its MOP prices on 1 September on the back of weak demand, a company source said on Monday.

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 China.

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)

By: Elly Zong

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