Fresh large-scale NPK sales made to India

Sales totalling 100,000t of key NPK grades have been made to India, including 10-26-26 at a steady price of around $420/t cfr duty unpaid.

The Russian-produced material will be delivered to two receivers.

One buyer is to receive 30,000t of 10-26-26 and 30,000t of 12-32-16, while another will take 20,000t each of the two grades.

The 10-26-26 sales at around $420/t cfr duty unpaid were unchanged on previous levels.

The current premium over 10-26-26 for 12-32-16 puts the fresh sales of the latter grade at around $440/t cfr duty unpaid.

The rise in market activity has been helped by the Indian government's announcement of nutrient-based subsidies for the upcoming kharif season.

The subsidies for all complex fertilizers were raised, relative to the rabi season. This included increases of over 19pc for 10-26-26 and almost 20pc for 12-32-16.

By David Maher