Israel Chemicals Ltd.’s unions have further intensified sanctions and ordered a total export ban. The export ban went into effect at 6 am Israel time March 11. The export ban was in response to management’s decision to implement a recovery plan unilaterally in absence of talks with the union. Management also threatened a lock out if sanctions continue. In addition sanctions are continuing at ICL plants in Israel.
Rentech Nitrogen Partners LP posted a fourth-quarter loss of $17.4 million on sales of $54.6 million compared to a year-ago net income of $17.6 million on sales of $92.4 million. Rentech cited lower volumes due to scheduled and unscheduled downtime at its East Dubuque and Pasadena plants as well as weaker nitrogen prices. Full-year net income sank to $4.1 million on sales of $311.4 million down from the year-ago $107 million and $261.6 million, respectively.
Sources report that Indonesia’s Pusri settled its auction of 30,000 mt of granular urea with Indevco at $345/mt FOB. An optional sale of 30,000 mt was rejected. The price reflects a $20 bump in the selling price from Indonesia at a time when the rest of the urea market is softening.
One source speculated this purchase will be for a regional buyer. Many of the end users of Indonesian urea are usually often in the local area. They are also often willing to pay a few dollars more for the product because of its quality and ease of shipping.
The auction came just as MMTC/India announced a tender to close March 12. Area observers say the price paid in this auction is too high for the tonnage to be part of any serious offer to MMTC.
