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FERTILIZER WEEK
FOR GLOBAL MARKET INTELLIGENCE
October 12, 2009

Urea
INDONESIA: Kaltim received 18 responsive bids from
traders in the sales tender for a nominal 20,000 mt granular urea that closed today, October 12. Several bids were submitted substantially above the $250/mt FOB sales by Kaltim in the September 29 tender, with the highest coming from Bintang Baja at $258.25/mt FOB. The Bintang Baja bid was followed by D Trade, acting on behalf of Yara, at $257/mt FOB, and by Youngwoo at $255.50/mt FOB. Kaltim elected to award the full quantity available, and has sold the following for October-November loading from Bontang. Bintang Baja 50,000 mt granular $258.25/mt FOB DTrade/Yara 20,000 mt prills $258.35/mt FOB

TCP OFFERS IN OCTOBER 10 TENDER FOR 150,000 MT UREA Quantity Price Validity Supplier Origin '000 mt Shipment $/mt CFR 50 Transfert Apt Open 50 287.78 50-70 Trammo Apt Open 50-70 289.77 50 Gavilon Apt Open 50 291.00 50-70 Multicommerce Apt Open 50-70 291.15 50-70 s/o 291.15 50 Amber Apt Open 50 292.90 50-140 Helm Apt Open 50-70 294.35 50-70 s/o 294.35 50-105 Dreymoor Apt Open 50-70 294.73 25-35 294.73 50-60 Keytrade Apt Open 50-60 298.62 Total 300-530 Apt= As per tender s/o = sellers option

Indian Subcontinent
INDIA: STC is still in discussions with suppliers relative to
the October 8 tender. Contrary to indications over the weekend, Letters of Intent (LoI) are so far only issued for 160,000 mt for Trammo, 45,000 mt for Amber and 15,000 mt for Keytrade. Other LoIs remain pending as STC and suppliers are yet to formally agree on differentials in pricing and terms for the various discharge options contained in the tender. Most pending issues are termed minor however, and further LoIs are expected in the course of the day.

Awards under the October 8 tender for 150,000 mt are limited to the 100,000 mt booked by Trammo at $283.77/mt CFR. A recap of awards to date and upcoming tenders is listed below for easy reference:
TCP AWARDS IN OCTOBER 2009 TENDERS

Tender number Qty '000mt 9-1/09 - 150 9-2/09 - 150 9-3/09 - 150 9-4/09 - 150 9-5/09 - 100 9-6/09 - 100 9-7/09 - 100 Total to date

Tender date 03 Oct 06 Oct 08 Oct 10 Oct 13 Oct 15 Oct 17 Oct

Supplier Toepfer Dreymoor Trammo Transfert

Qty '000 mt 50 70 100 50

Price $/mt CFR 298.94 288.81 283.77 287.78

PAKISTAN: TCP awarded Transfert 50,000 mt at

$287.78/mt CFR as offered by the trader in the October 10 tender for 150,000 mt. Offers in the tender that were tabulated in an Extra Update issued on the date of tender are repeated below together with an update on awards issued to date:

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Given the relatively limited volume secured so far, TCP is expected to issue two or three more tenders for 100,000 mt each, likely closing October 20-24.

QATAR: Qafco has signed a Letter of Intent (LOI) for the

construction of its Qafco-6 project, with an estimated cost of $610 million. Qafco says an LOI has been signed with a consortium of the Italian company Saipem and the Korean company Hyundai for the EPC (Engineering, Procurement and Construction) of the Qafco-6 expansion project. Yara owns 25% of Qafco, the remaining 75% is owned by Industries Qatar. The project includes the construction of a 3,850mt/day urea plant, with the completion scheduled for Q3 2012. The consortium of Saipem and Hyundai is currently constructing the Qafco-5 project comprising two ammonia production trains with a total capacity of 4,600 mt/day, and a urea plant with a total daily production capacity of 3,850 mt/day. Completion is expected by the first quarter of 2011. The Qafco-6 project will bring the producers total annual production capacity to around 3.8 million mt of ammonia and 5.6 million mt of urea.

SRI LANKA: As reported in the October 9 Extra Update,

the Ministry of Agriculture, working jointly with CFC and CCF, received seven offers totalling 204,000 mt from traders in the tender today for 4 cargoes of 12,000 mt bagged urea each. The lowest offer was submitted by Wilson, offering Ukraine/Chinese material at $309.97/mt CFR with 180 days credit. Shipment of the four lots stretch through the first quarter of 2010. Offers submitted basis 180 days credit unless otherwise indicated were: MoA: OFFERS IN OCTOBER 9 UREA TENDER
Supplier Origin Wilson FSU/China Helm China Ameropa China Valency Qatar Toepfer Qatar Quantity 000 mt 48 4x12 24 2x12 12 12 12 12 48 12 12 24 24 2x12 36 3x12 204 Price Shipment $/mt CFR Remarks Including 180 days Apt 309.97 Lots 1-4 Apt 318.79 Two lots Apt 324.38 270 d Lot 3 Apt 323.38 Lot 3 Apt 326.86 Lot 1 329.89 Lot 2 330.91 Lots 3-4 Apt 328.85 Lots 1-2 Apt 399.73 Lots 1-3

Phosphates
INDIA: RCF opened the price offers October 10 under its
tender for 200,000 mt of DAP held October 8 and the lowest offer submitted is understood to be $367/mt CFR. The bidder which submitted the offer was unknown at press time. RCF is currently holding an e-reverse auction and the results of the auction will follow through an Extra Update once these are made available. Four offers were submitted under the import enquiry as reported in the October 8 Thursday Markets Report as follows:
RCF: OFFERS IN OCTOBER 08 TENDER FOR 200,000 MT DAP Supplier Quantity Shipment Origin '000 mt Ameropa Apt 25-50.0 25.0 CIS 25.0 s/o 25-75.0 Swiss Singapore Apt China 25.0 50.0 s/o 40.0 Transammonia Apt US 60.0 Wengfu Apt China TOTAL 150-225.0 Apt= As per tender; s/o =at sellers option; JPMC sent regrets

Blue Deebaj FSU/China Midgulf FSU/China Total Apt= As per tender

Ammonia
EGYPT: The EBIC plant has re-started and the Nijinsky
has been loaded with an unknown quantity, likely to be 15,000 mt, for Transammonia. The vessels destination has not been confirmed by the trader, although part of the cargo is understood to be heading to DSM, Netherlands.

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SRI LANKA: As reported in the October 9 Extra Update,

the Ministry of Agriculture, working jointly with CFC and CCF, received six offers totalling 72,000 mt TSP in a range of $276.70-325.67/mt CFR with 180 days credit under its October 9 tender for two lots of 12,000 mt of TSP each. Helm submitted the lowest offer at $276.70/mt. Offers were as follows: MoA: OFFERS IN OCTOBER 9 TENDER FOR 2x 12,000 MT OF TSP
Supplier Origin Quantity 000 mt Price $/mt CFR 180 days credit Delivery

SRI LANKA: As indicated in the October 9 Extra Update, the Ministry of Agriculture received four offers in its October 9 tender for 24,000 mt for delivery March 2010. The origin is unknown at press time. In its previous September 11 tender, the MoA awarded Dragon Asia Fertilizer to supply 12,000 mt MOP to CCF at $538/mt CFRLO with 270 days credit.
The offers are as follows:
MoA: OFFERS IN OCTOBER 09, 2009 TENDER FOR 24,000 MT BAGGED MOP Supplier Quantity Price Price Shipment Origin 000 mt $/mt CFR $/mt CFR with 180 270 days days credit credit ETA 586.67 Apt 12 DDP 12 Toepfer 525.97 Apt 12 Dragon 535.00 Apt Swiss 539.70 Apt 12 Singapore Total 48 DDP= delivered duty paid delivered to buyers warehouses, Apt= as per tender

Helm China Swiss Singapore China Valency China Blue Deebaj China Toepfer China Midgulf China/ Egypt Total
Apt = as per tender

12.0 12.0 12.0 12.0 12.0 12.0 72.0

276.70 277.50 281.44 297.48 306.97 325.67

Apt Apt Apt Apt Apt Apt

The tender committee is currently evaluating offers.

Potash
GERMANY: The newest member of K+Ss supervisory
board will be from EuroChem. In order to create a seat so that MCC/EuroChem can be represented on the board, Dr Uwe-Ernst Bufe has tendered his resignation. A court of registration has appointed George Spyridon Cardona, who is on EuroChems board of directors, as successor until the next K+S annual general meeting (AGM), which is in May 2010. The AGM will then decide on whether Mr Cardona will be re-elected.

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