PhosChem to supply about 1 million tonnes of diammonium phosphate to two large Indian customers for sales through March 2012, as part of three-year supply deal for 2 million tonnes/year
September 1, 2011
– Phosphate Chemicals Export Association, Inc. (PhosChem) has priced an agreement to supply approximately one million tonnes of diammonium phosphate (DAP) to two large Indian customers for sales through March 2012. This transaction is part of a three-year supply agreement for two million tonnes per year that was previously agreed to between the parties. The second half price will be $677 per tonne, CFR India, reflecting an increase of $65 per tonne over the first half shipments, due to strong market conditions.
"This agreement demonstrates our commitment to serving the growing demand for phosphates in India. We are pleased to reach this agreement and look forward to continuing to serve the Indian market and our Indian customers in the years ahead," said Gordon McKenzie, President of PhosChem.
PhosChem was founded in 1974 in accordance with the provisions of the Webb-Pomerene Act and is the export marketing association for its members. The Act was created to promote U.S. exports. PhosChem is the largest exporter of concentrated phosphate from North America. Its member companies include Mosaic Crop Nutrition, LLC, a wholly-owned subsidiary of The Mosaic Company (NYSE:MOS - News), and PCS Sales (USA), Inc., an indirect, wholly-owned subsidiary of Potash Corporation of Saskatchewan Inc. (TSE and NYSE: POT).