Nosediving dollar hits CSBP fertiliser prices

31 Oct, 2000 03:00 PM
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THE continuing deterioration in the Australian dollar relative to the US dollar has prompted CSBP futurefarm to raise fertiliser prices effective from November 11. "We regret having to raise prices at a difficult time for our customers," Wesfarmers CSBP Ltd managing director Peter Knowles said. "However, we established our prices this year assuming an average exchange rate well above current levels. "With the Australian dollar's continued weakness against the US dollar, we have no choice but to partly offset our higher import costs with higher prices to customers. "Our new prices have increased on average by 3.5 per cent. The price rises range from less than 3pc for our domestically manufactured products such as Super Phos to just more than 5.5pc for fully imported products such as urea. "This does not fully recover the impact of the falling Australian dollar, which will increase our import costs by significantly more than this. "More than 70pc of CSBP's costs relate to the purchase of imported commodity fertilisers and the imported raw materials for our locally manufactured products." Mr Knowles said the company had also decided to extend the cut-off for the first part of the Fertiliser Supply Agreement to November 10, which would enable customers to minimise the impact of this price increase through the price protection mechanism contained in the current offer. Customers should talk to their CSBP futurefarm area manager or distributor and finalise their fertiliser nominations as soon as possible, or freecall 1800 808 728.

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