Views: 10 Author: Site Editor Publish Time: 2022-10-12 Origin: Site
Market sentiment remains bearish and prices continue to fall. The overall activities are limited before the large industry conference to be held next week.
In the east of Suez, the level of DAP exported by China fell to 720-735 USD/ton FOB, which was sold to Southeast Asia and Pakistan in small quantities. A major buyer in Pakistan waited in line for DAP goods from Morocco, priced according to the plan, and loaded next week. Today, reports that China sold another deal to Pakistan were denied. As prices have continued to fall in recent weeks, the activities of Indian importers have been limited. Some participants expect the DAP subsidy to decrease slightly next month.
The price of DAP in Europe is still under pressure, the price in Romania fell, and other markets showed signs of weakness. Before the budget is determined next year, the possibility of increasing tariffs on Russian fertilizer exports seems to be growing.
To the west of Suez, the MAP price in Brazil weakened to 680-730 USD/ton CFR. Argentina's demand remains weak due to the continued drought. The DAP barge price of Nola is stable. Hurricane Ian's arrival in Florida on September 28 has little impact on domestic prices.
Overall, market sentiment remains bearish. Some residual DAPs' demand for rabi may increase their support to the east of Suez in the short term. However, on the whole, given the limited residual demand, prices will continue to decline. Australia and Ethiopia will provide some opportunities for suppliers in the coming months. The demand for DAP in Europe is weak and the price declines. China's export volume is crucial to the price trend.
