Indian fertilizer importer and producer Coromandel International (CIL) and Jordanian producer JPMC have agreed a price of $1,360/t P2O5 cfr India with 30 days credit for the second quarter.
This is up by $70/t P2O5 from the first-quarter price of $1,290/t P2O5 cfr, likely driven by firm DAP and sulphur prices, but tempered by high prices and tight availability of ammonia.
Earlier this week, an Indian importer bought 15,000t of DAP at $865/t cfr for shipment in April, raising the Indian DAP price to 29pc above the level at the beginning of January.
Over the same period, prices for dry bulk sulphur — a key raw material for phosphoric acid production — delivered to Indian ports have risen by almost 30pc.
But availability of ammonia — a key raw material for DAP production, with phosphoric acid — is tight in India. And prices for ammonia delivered to Indian ports have risen by almost 41pc at the midpoint since the beginning of January.
No settlements between other Indian buyers and global suppliers have yet emerged.
