SABIC’s May local urea price down to SAR 1136 a ton

Saudi Basic Industries Corp. (SABIC), nominated its May urea price at SAR 1136 a ton, SAR 75 less than April’s level, Industry sources said.

The price of Diammonium phosphate (DAP) fertilizer in May stood at SAR 2130 a ton for the 7th consecutive month.

SABIC, the Middle East’s largest company by market capitalization, produces urea and DAP through its subsidiaries including Saudi Arabia Fertilizers Co. (SAFCO),  Ibn al-Baytar National Chemical Fertilizer Company- a joint venture between SABIC and SAFCO- as well as al-Bayroni Fertilizer Company, a joint venture with Taiwan Fertilizer.

SABIC sells its fertilizers in Saudi Arabia at the international market price. International prices for urea and DAP stood at $390 and $410 respectively as indicated by data compiled by Argaam.