India's GSFC receives offers in tender to buy DAP

Indian importer GSFC likely received offers from two trading firms ranging in the high-$510s/t cfr to around $520/t cfr, under its 8 May tender to buy 100,000t of DAP.

The tender sought offers for 50,000t of natural-coloured DAP and 50,000t of "coffee-brown" DAP for delivery to Kandla or Munda on India's west coast at the end of June or in early July.

Fellow importer NFL has scrapped its 6 May tender to buy 50,000t of DAP for delivery by the end of May. It had received one offer from a trading firm.

Another importer Smartchem on 8 May issued a counterbid of $479/t cfr against the six offers received in its 6 May tender. The initial offers had ranged from the low-$510s/t cfr to the low-$520s/t cfr.

Smartchem gave the companies which had offered until close of business on 9 May to accept. The tender had sought 60,000t of DAP in two 30,000t cargoes for delivery by the second half of June.

Importer Hindalco earlier this week awarded its 1 May tender to buy 40,000-45,000t of DAP to a regional trading firm at around $508/t cfr, initially reported as around $509/t cfr.

By Tom Hampson