Views:12 Author:Site Editor Publish Time: 2021-04-21 Origin:Site
This week, India and Pakistan signed agreements on the import of DAP, which shows that demand in South Asia is emerging. A Chinese company sold two ships of DAP to Pakistan at a high price of US$560/ton CFR.
An Indian importer purchased 45,000 tons of DAP at a median price of US$560/ton CFR, which was scheduled to be shipped in April. India has recently faced pressure from rising domestic prices. Since then, the rupee has depreciated, putting further pressure on the import economy. The price of DAP in China fell to US$534-540/ton FOB, down US$2/ton from last weekend. The price of MAP in Brazil fell to US$610-615/ton CFR.
Insufficient demand in Latin America may further affect the CFR price, and then increase buying. Prices in India and Pakistan may remain stable in the short term, reflecting the squeeze in the profits of Indian importers.