Indian fertilizer importer and producer IPL has issued letters of intent securing 1.315mn t of DAP at $930-935/t cfr in a tender that closed on 7 May.
Suppliers are to deliver 550,000t of DAP to India's east coast and 765,000t to the west coast.
The delivery schedule is not yet available, but IPL had specified shipment from loading ports by 15 August in the tender.
The quantity secured is above the 1.2mn t that IPL had sought in the tender. It received offers for 2.325mn t of DAP before asking all suppliers to match the lowest offers submitted at $935/t cfr east coast and $930/t cfr west coast India.
The suppliers for the east coast are as follows:
- Indagro: 40,000t from the US
- Ameropa: 15,000t from South Korea
- Samsung: 50,000t, open origin
- Sun International: 40,000t from the US
- Maaden: 60,000t from Saudi Arabia
- Hexagon: 50,000t, open origin
- Fertistream: 50,000t from Russia
- Agricommodities: 245,000t, open origin
The suppliers for the west coast are as follows:
- Indagro: 30,000t from Egypt
- Ameropa: 50,000t from Morocco
- Agrifields: 45,000t from Jordan
- VB Venture: 40,000t from Saudi Arabia
- Sun International: 40,000t from the US
- Maaden: 110,000t from Saudi Arabia
- Quest Group: 50,000t from Russia
- Agricommodities: 190,000t from Saudi Arabia
- Oasis: 150,000t from Russia
- Midgulf International: 60,000t, open origin
Agricommodities had initially accepted IPL's counterbid prices for up to 600,000t of DAP from Saudi Arabia. But Argus understands that IPL wanted Agricommodities to load all of its cargoes from Red Sea ports, rather than from Ras al-Khair in the Mideast Gulf.
IPL had also sought 400,000t of TSP in the tender. Argus understands that IPL has countered Moroccan producer OCP at $710/t cfr for TSP. Talks with OCP for DAP and TSP are reportedly ongoing.
