FACT India scraps July ammonia tender after offers deemed too high

04 July 2013 13:20  [Source: ICIS news]

LONDON (ICIS)--India's Fertilisers and Chemicals Travancore (FACT) has scrapped its July ammonia tender after the three offers it received were considered too high amid plunging ammonia prices, market sources said on Thursday.

The company had sought a 7,000 tonne cargo for arrival at the west coast port of Kochi – formerly Cochin – in the first half of July.

However, FACT rejected the three offers it received from: international trader Transammonia at $555/tonne (€427/tonne) CFR (cost & freight), Qatar's Muntajat at $565/tonne CFR, and India's Kribhco, whose offer was made in Indian rupees and not disclosed.

Ammonia prices have fallen sharply in recent weeks as a result of softening demand from agricultural users in the vast US market and industrial buyers in Korea and Taiwan.

($1 = €0.77)

By: Richard Ewing
+44 208 652 3214

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