Phosphate Chemicals Export Association: Strong international market fundamentals.
Yesterday, in a review on Israel Chemicals Ltd. (TASE: CHIM), Citi noted the booming global phosphates fertilizer market and predicted a further rise in prices.
The Phosphate Chemicals Export Association Inc. yesterday announced a new contract with a key Indian customer for the supply of 500,000 tons of Diammonium Phosphate (DAP) fertilizer during 2008 at the current spot market price of $570 per ton. "This contract reinforces the continuing demand for DAP in India and is a reflection of the overall strong international market fundamentals," it said. <
In a separate development, Potash Corporation of Saskatchewan Inc. (NYSE; TSX:POT) filed with the US Securities and Exchange Commission (SEC) a shelf prospect for the raising of $2 billion in debt. BMO Nesbitt Burns analyst Mark Steele earlier noted that the company was traded at record prices and that it might raise debt to finance an acquisition.
Published by Globes [online], Israel business news - www.globes-online.com - on December 13, 2007
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