Saudi Arabian phosphates producer Maaden has sold 40 000 t of DAP to a trader at US$665 - 670/t fob Ras Al-Khair for loading in February and later shipment to Europe.
The price nets forward to the US$700s/t up to the US$720s/t cfr duty unpaid, depending on the location and number of unloading ports.
Argus Media has reported that the cargo will unload across multiple ports in western Europe, but the exact locations are unknown.
Europe is not a typical destination for Saudi Arabian DAP, discouraged by import duties of 6.5% and higher freight costs compared with many of its more usual destinations.
Maaden and fellow Saudi Arabian producer SABIC have also reported selling a combined 75 000 t of DAP at US$695 - 700/t fob for shipment to Latin America in late February through to early March in separate sales.
Read the original news release by Tom Hampson here.