22 May 2013 14:24 [Source: ICIS news]
CHICAGO (ICIS)--Indian Farmers Fertiliser Cooperative (IFFCO) has signed a memorandum of understanding (MoU) with Ameropa to export diammonium phosphate (DAP) from India for one year, market sources said late on Tuesday.
Speaking on the sidelines of the annual International Fertilizer Industry Association (IFA) conference in Chicago, sources said the quantity is unspecified and tonnes will be shipped from Kandla or Paradeep, depending on destination. The price will be formula-based, and the signing of the MoU was confirmed by IFFCO.
Export is seen as an option, because of uncertainty in domestic prices and high stocks in the country. It is estimated that there are 2.9m tonnes in stock in the country, with India expected to buy 4.5m tonnes of DAP in 2013, mainly from China, following the extended opening of the low tax export window last week. Imports in 2012 were 5.7m tonnes.
The IFA conference runs from 20-22 May.
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