Indian fertilizer importer India Potash Limited (IPL) has scrapped its buy tender for 593,500t of sulphur.
Offers were valid until 27 May.
The tender, on behalf of eight Indian companies, requested 527,500t and 66,000t for June-August delivery to the east and west coasts of India, respectively.
The tender received offers for the east coast at $1,1,70-1,295/t cfr for June-July shipment, and $1,065-1,098/t cfr for August. No full cargoes were offered to the west coast, while two 3,000t cargoes were offered at $1,400/t cfr.
While the lowest offer received was for a total of 593,000t at $565/t cfr, its legitimacy was unclear and was widely thought to have been disqualified at an earlier stage.
Offers quoted in this tender came in above prevailing market indications, with Argus-assessed granular sulphur cfr India prices at $1,000-1,100/t cfr as of Thursday. IPL was understood to have entered price negotiations with traders, but the tender was subsequently scrapped.
