EABC wants more DAP, while India is counting on OCP

At the annual meeting of the Fertilizer Association of India held in Delhi, there were rumors in the market, but new DAP goods continued to evade the control of Indian importers. Due to the lack of quotes from legitimate suppliers, RCF has cancelled the bidding for the purchase of 200000 tons of DAP. There are reports that the Indian government has negotiated with OCP to deliver 1 million tons of DAP and TSP from January to March, in order to rebuild the DAP inventory that has been reduced to around 1.4 million tons. OCP reported several sales in multiple destinations in the East and West this week, but still avoided India. Although JPMC sold 50000 tons of DAP to Sun International at a FOB price of $617 per ton and shipped it to India in December, it may be shipped inland to Nepal. India's demand will compete with EABC's tender for another 611000 tons of DAP in Ethiopia, which will end on December 23rd. EABC has not yet clarified when the goods will be delivered, as there will be a greater reliance on non Chinese origin goods due to export restrictions in China. But it is still uncertain whether this will happen in January next year or close to April. The Chinese goods sold in the last EABC tender have not been confirmed as planned. Going further west, the European and Brazilian markets are relatively calm, with prices remaining stable, while barge prices in the United States have once again declined due to sellers meeting with buyers.

Basically stable

India's bargaining chip is that sellers have almost no other markets to sell. But Ethiopia's new demand and China's absence may tighten the market and prevent prices from falling. Both buyers and sellers have not pushed MAP up from $635/ton/CFR in Brazil, and European distributors are still waiting for the recovery of phosphate demand.