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FERTILIZER WEEK
FOR GLOBAL MARKET INTELLIGENCE
October 13, 2009

Urea
FSU urea trading remains slow as the final outcome of negotiations in India is awaited. Producers are aiming for a minimum of $240/mt FOB while traders still seek cover at prices below $235/mt FOB to generate a margin on sales concluded. Other than the parcels already booked by Dreymoor for Pakistan and the direct sale by Gorlovka to STC, Black Sea tonnage still does not feature prominently in the sales made to date. Helm is expected to cover the quantity likely to be awarded by TCP in todays tender from sources outside the FSU. Keytrade is expected to load 50,000 mt from Yuzhnyy and a sale by Fedcominvest to STC as appears imminent is likely set to also load from Yuzhnyy/TIS. Fedcominvest has been in negotiations with a number of Ukrainian producers for cover, and is still expected to aim for awards for a total of 200,000 mt with STC. Product from the Baltic is also quoted at $240/mt FOB for October, but the highest sales recorded to date remain no higher than the $234/mt FOB sale concluded by Citco for October loading.

Middle East producers, Fedcominvest, and Dreymoor are still negotiating on price and terms, and further awards may ensue later in the day. Awards issued to date by STC are tabulated in the following:
STC AWARDS IN OCTOBER 8 UREA TENDER Quantity Price Supplier Origin '000 mt $m/t FOB 175 Trammo Open Gavilon Open Keytrade FSU/Open Indonesia/Open Toepfer Open Swiss Spore Open Amber China/Open Agora China/Open Stirol/Gorlov Ukraine 75 65 50 15 55 50 50 25 35 239 or 240 Price $/mt CFR 275 M 276 K 277 Pi/NM 278 Kp 279 V/T 275 M 276 K 277 Pi/NM 278 Kp 279 V/Pa 278 G 279 V/Pa 278 Kp 277 NM Loading port Shipment By Nov 30

By Nov 30

By Nov 30 By Nov 30 By Nov 30 By Nov 30 Yuzhnyy By Nov 30

Indian Subcontinent
Information contained in earlier Extra Updates today is repeated and updated in the following:

INDIA: Negotiations with STC still continue. Following the

latest revisions to the quantities awarded and the addition of a 35,000 mt sale by Stirol/Gorlovka at $239-240/mt FOB Yuzhnyy, the importer is now understood to have procured a total of 530,000 mt. As reported earlier, delivered prices awarded are at $275/mt CFR for Mundra, $276/mt CFR for Kandla, $277/mt CFR for New Mangalore/Pipavav, $278/mt CFR for Gangavaram/Krishnapatnam and at $279/mt CFR for Vizag, Paradip, Tuticorin and Kakinada. Gorlovka suggests that the FOB sale to STC is concluded at $240/mt FOB while STC suggests that the deal has been closed at $239/mt FOB.

Total 530 M=Mundra, K=Kandla, Kk=Kakinada, V=Vizag, Kp=Krishnapatnam, G=Gangavaram NM=New Mangalore, T=Tuticorin, Pi=Pipavav, Pa=Paradip

PAKISTAN: TCP received offers from seven participants

in the tender for 100,000 mt granular or prilled bulk urea that closed today, October 13. Firm offers were submitted for 350-510,000 mt. An additional 50-70,000 mt was offered as an optional position, for a grand total of 580,000 mt. Helm is expected to be awarded a minimum of 50-70,000 mt at the $289.71/mt CFR price submitted, up by about $2/mt on the $287.78/mt CFR awarded to Transfert via the October 10 tender. Offers listed below are valid through October 15, and cargoes offered are for shipment within two weeks from LC issuance:

BRITISH SULPHUR CONSULTANTS

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FERTILIZER WEEK
FOR GLOBAL MARKET INTELLIGENCE

TCP OFFERS IN OCTOBER 13 TENDER FOR 100,000 MT UREA Quantity Price Supplier Origin '000 mt $/mt CFR Helm 50-140 Open 50-70 289.71 50-70 s/o 289.71 Keytrade 50-60 Open 50-60 290.48 Multicommerce 50-70 Open 50-70 291.00 Trammo 50-70 Open 50-70 294.17 Amber 50 Open 50 294.70 Swiss Spore 50 Open 50 295.50 Dreymoor 50-70 Open 50-70 294.73 Total 350-580 Apt= As per tender s/o = sellers option

Validity Shipment Apt Apt Apt Apt Apt Apt Apt

Awards under the October 10 tender for 150,000 mt remain limited to the 50,000 mt booked by Transfert at $287.78/mt CFR. A recap of awards to date and upcoming tenders is listed below for easy reference:
TCP AWARDS AND STATUS IN OCTOBER 2009 TENDERS Tender number Tender date Supplier Quantity Quantity '000mt '000 mt 9-1/09 - 150 03 Oct Toepfer 50 9-2/09 - 150 06 Oct Dreymoor 70 9-3/09 - 150 08 Oct Trammo 100 9-4/09 - 150 10 Oct Transfert 50 9-5/09 - 100 13 Oct Helm (awards 50-70 pending) 50-70 s/o 9-6/09 - 100 15 Oct 9-7/09 - 100 17 Oct Total to date 270 Price $/mt CFR 298.94 288.81 283.77 287.78 289.71

s/o =at sellers option

TCP is still expected to issue two or three more tenders for 100,000 mt each, likely closing October 20-24.

BRITISH SULPHUR CONSULTANTS

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October 13, 2009 / Volume 23 / Number 27

FERTILIZER WEEK
FOR GLOBAL MARKET INTELLIGENCE

Phosphates
INDIA: RCF has scrapped its October 8 tender for
200,000 mt of DAP. Following an unsuccessful e-reverse auction October 12, RCFs counter-offer, now revealed at $350/mt CFR, has been rejected by all bidders, which submitted four offers as follows:
RCF: OFFERS IN OCTOBER 08 TENDER FOR 200,000 MT DAP Quantity Price Supplier Origin '000 mt CFR Transammonia 40.0 367.00 US Ameropa 25-50.0 378.00 CIS 25.0 25.0 s/o Wengfu 60.0 385.00 China Swiss Singapore 25-75.0 394.95 China 25.0 50.0 s/o TOTAL 150-225.0 Apt= As per tender; s/o =at sellers option JPMC sent regrets

Potash
RUSSIA: Local press reports suggest that Uralkali might
be able to use as much as 50-60% of the potash reserves that were believed to be lost at during the flooding of Mine1 at Berezniki in October in 2006. Uralkali was not available for comment at press time.

Shipment Apt Apt Apt Apt

Sulphur
SAUDI ARAMCO: The producer is looking to conclude
its Q4 contracts in the next 1-2 weeks with customers in China and India. A target price of $45/mt FOB looks unlikely now, and sources suggest that a price of $40/mt FOB will be likely settled, matching that reportedly agreed by Adnoc with its Chinese customers for the fourth quarter.

IRAN: PCC held an auction on the Iran Mercantile

Exchange yesterday, October 12. In the previous sale via the Exchange, held in September, PCC sold 30,000 mt at $44/mt FOB for shipment late October.

BANGLADESH: Honeybee has reportedly purchased

around 100,000 mt of Chinese DAP for 2H October through December loading in the mid $340s/mt FOB.

Indian Subcontinent
INDIA: MMTC has awarded its October 8 import tender
for 10,000 mt to Swiss Singapore at $66.45/mt CFR for arrival at Vizag late October.

YOU CAN ORDER ANY PRICE SERIES, IN EXCEL FORMAT

Ring Customer Services on +44 20 7903 2146 for more information.

Asia
TAIWAN: Formosa has issued a sales tender for its
usual quantity of 15,000 mt, closing October 15, loading from Mai Liao. In its previous tender, held September 11, Formosa awarded the same quantity at around $55/mt FOB.

BRITISH SULPHUR CONSULTANTS

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