Views: 6 Author: Site Editor Publish Time: 2022-07-27 Origin: Site
Market trading slows, continue to focus on East of Suez market
Market transactions slowed down this week, as Indian purchasing prices were at $950-960/t cfr, totaling more than 750,000 t DAP, confirmed to arrive in India in July-September, with another 150,000-200,000 t likely to be completed soon trade. Importers are currently pushing prices to $930/t cfr, but suppliers say the next round of purchases will be $970/t cfr. Offers for Tunisian products entering Pakistan have slipped to $975/t cfr, but no firm purchases have been made, pushing the rupee to a new low against the dollar. Meanwhile, Chinese DAP prices rose to $920-940/ton fob from $915-925/tonne fob last week, traded on producer sales to the Philippines.
MAP levels west of Suez in Brazil fell to $950-980/t cfr on signs of weakness. There are unconfirmed reports of prices at $960/t cfr. Activity in Argentina remained subdued due to lack of rain and a poor macro economy. A Mexican importer has tendered for 30,000-35,000 tons of MAP and is negotiating. In the US, Nola DAP prices fell by $10/st to $760-800/st FOB.
West of Suez stabilizes after weakness, eastern markets steady
DAP purchases are expected to be suspended after India's DAP purchases peak. The next peak procurement period is expected in August. Pakistan will also start purchasing next month. China's supply is tight and prices will remain firm. West Suez MAP prices remain weak.