Views: 13 Author: Site Editor Publish Time: 2023-11-02 Origin: Site
The Indian Cabinet has finally approved a proposal to reduce the import subsidy for DAP from October to March, while more importers have purchased DAP. Due to limited short-term supply and weakened demand from major markets, the trading atmosphere in the market has been average this week.
Indian importers have purchased 95000 tons of Saudi DAP and 30000 tons of Russian products, mostly priced at around $590 per ton CIF, and will load next month. It is reported that China sells DAP at a price of $590 per ton.
DAP prices in Pakistan stabilized after another deal was reached late last week, and there were no new deals this week.
DAP quotations in Europe remain strong, but demand in most major markets is limited.
To the west of Suez, the MAP price for November shipments from Brazil remains at $560 per ton cfr, with a quote of $5 per ton higher than this level. The Argentine market continues to remain quiet. In the United States, due to the seasonal off-season, DAP and MAP barge prices have come under pressure, but DAP barge prices rose to $550 FOB per ton in later of last week.
The market is expected to be stability to weaken
In the short term, potential DAP demand from India and Pakistan will still support market stability. But there is limited interest in purchasing goods from December to January. If the prices of raw materials in the eastern region decrease, the prices of phosphate products will also be adjusted accordingly. The US market has remained quiet, while Brazilian importers continue to wait.
