10 February 2014 11:26 [Source: ICIS news]
LONDON (ICIS)--Moroccan fertilizer producer Office Cherifien des Phosphates (OCP) is understood to have settled first-quarter phosphoric acid prices with its joint venture partners in India at $680/tonne CFR (cost and freight), market sources said on Monday.
The settlement is $71/tonne up from the $609/tonne CFR settlement announced in the fourth quarter of 2013.
Producer price ideas were understood to have been originally around $685-700/tonne CFR based on rising sulphur prices and with Indian buyers asking for $645/tonne CFR, but neither party looked willing to compromise following weeks of negotiations.
However, Indian buyers seemed not to be in a rush to buy due to high diammonium phosphate (DAP)/nitrogen phosphorus potassium (NPK)/phosphoric acid inventories and demand not expected to pick up beforethe second quarter of the year.
Other suppliers are now expected to follow suit. OCP's joint venture partners - that jointly import phosphoric acid from Morocco to India - include Tata Chemicals, Zuari and Paradeep Phosphates.
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