Madras Fertilisers to import 30,000 tons of phosphoric acid from Agrifields
Madras Fertilisers signed a Memorandum of Understanding (MoU) with Dubai-based Agrifields to import 30,000 tonnes of phosphoric acid solution every year. This will make sure that there are enough nutrients that don’t come from urea, even though there are a lot of unknowns in the world that cause prices to change.
The MoU says that for the next three years, Madras Fertilisers can buy raw materials from Agrifields. The Ministry of Chemicals and Fertilizers said in a statement that this is a big step toward making DAP and NPK fertilizers easier for Indian farmers to get.
In a statement, India’s fertilizer minister, Mansukh Mandaviya, said, ‘India’s partnerships with global suppliers to make sure Indian farmers have a long-term supply of fertilizers will also help stop international cartelization.’ The Ministry said that this amount of phosphoric acid will be used to make about 1.67 million tonnes of NPKs.
A big part
‘The MoU, which comes at a time when there are still a lot of unknowns about the supply of fertilizers, especially DAP and NPKs, will have a big impact on the fairness of economies. Instead of a few global players running things through cartels, everyone will be able to play by the same rules. Since phosphatic fertilizers have been going down in price on the international market, phosphoric acid and other raw materials used to make fertilizers should follow the same trend in the next three months, Mandaviya said.’
India is very dependent on importing raw materials and minerals for fertilizers. Because of this, the government has been making agreements with global producers and suppliers to make sure that P&K fertilizers are always available to Indian farmers.
The price of imported phosphoric acid (CFR) went up by 48 percent to $1,715 per tonne in August from $1,160 per tonne a year ago, while the price of imported DAP (CFR) went up and down between $641 and $945 per tonne over the past year before falling to $891 per tonne in August.