The company this week said it noted the interim report of the Senate select committee inquiry into fertiliser pricing and supply arrangements did not identify any specific examples of improper conduct by Incitec Pivot.

Furthermore, it drew attention to the several requests made for any direct evidence to be provided for scrutiny and investigation.

"Instead, anecdote, innuendo and hearsay have continued to dominate proceedings," according to a statement from the company.

Incitec Pivot maintains there is substantial transparency in relation to fertiliser pricing – both internationally and domestically – and that the industry in Australia is highly competitive.

It says it will continue to cooperate with the Senate committee.

The issue continues to flare in the aftermath of lobby group AgForce recently sending new figures on fertiliser costing to the National Farmers Federation for presentation to the Senate select committee.

Principally, they detail how the price of urea on the world market, based on the price of the product in the Middle East, rose to US$880/t in August 2008, then slumping to around US$250/t over the past few weeks.

In a letter to Queensland Country Life, managing director and CEO of Incitec Pivot, Julian Segal, sets out why retail fertiliser prices have not tracked recent sharp falls in global benchmark prices.

He says sharply rising global prices created "unprecedented" pre-season demand late last year, resulting in temporary shortages as all fertiliser suppliers attempted to meet demand.

However, the combination of rain not meeting forecast levels and a softening global price trend saw Australian fertiliser usage to September 2008 dip some eight percent below a five-year average.

"This slowdown left the Australian fertiliser industry as a whole with large inventories acquired at high global prices," Mr Segal said.

"Much of this product – purchased at higher global prices – is still in sheds across the country."