30 August 2013 18:03 [Source: ICIS news]
HOUSTON (ICIS)--The benchmark Tampa ammonia contract has settled at $485/tonne (€369/tonne) CFR (cost & freight) for September loadings market sources said on Friday.
The settlement between Oslo-headquarter fertilizer giant Yara and its customers was agreed at a $15/tonne increase from August's price level of $470/tonne CFR and marks the end of a steady decline in recent pricing for the US market.
The increase is in line with the current market sentiment of producers that there would be an upswing in the market as there is expected to be an increase in demand as distributors and US farmers inch closer to the commencement of the refilling period for fall applications.
A source said on Friday that the settlement would be viewed as overall positive for the ammonia market and should help ignite demand for fall purchasing.
($1 = €0.76)
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