Egypt’s NCIC issues fertilizer sales tender

Egyptian fertilizer producer NCIC has issued a tender to sell 50,000t of fertilizers for loading by the end of August, closing on 26 July.

The breakdown of the products offered is as follows:

• 30,000t of DAP
• 10,000t of TSP
• 5,000t of CAN 27
• 5,000t of urea

The cargoes will be sold on fob basis. NCIC wants buyers to pay 30pc in advance, 40pc two days before the shipment date and 30pc in cash against documents. If paying through letters of credit, buyers can pay 30pc in cash in advance and the remaining 70pc by letter of credit.

NCIC did not issue a tender to sell July-loading product. It reported selling 40,000t of DAP at $562/t fob and 30,000t of TSP at $435/t fob under its tender to sell June-loading product at the end of May.

Since then, Egyptian DAP prices have risen to $610-620/t fob. NCIC reduced its DAP production rates to 80pc capacity last week because of low gas supplies. It had resumed DAP production earlier this month.

Argus assessed TSP prices in Brazil at $505-515/t cfr last week, netting back to the $480s/t fob up to the low $490s/t fob Egypt.

NCIC sold 5,000t of urea at $362/t fob and a further 5,000t at $367/t fob, reported last week. Argus understands NCIC stopped producing urea last week. There has been no indication that production has resumed.

By Tom Hampson