Views: 16 Author: Site Editor Publish Time: 2024-05-20 Origin: Site
DAP price rebound in China
Due to strong domestic demand and low plant construction in China, the offshore price of low-end DAP in China has increased by $5 per ton. This week, India imported only 45000 tons of Saudi DAP, indicating that traders lack the willingness to continue short selling the market.
Global trade is sluggish, and prices in other regions are generally stable. The industry is waiting for better market direction at next week's IFA meeting. Bangladesh purchased 35000 tons of DAP from Saudi Arabia and loaded them in June. Two 8000 ton DAP bids were completed in Thailand and the Philippines, with the former winning the bid at a price of $530 per ton of CFR. In India, NFL has released a new tender for 50000 tons of DAP, but the tender for GSFC and Smartchem may be cancelled as they receive higher quotes than the previous tender price.
In Central America west of the Suez Canal, Incofe completed a tender for 6500 tons of DAP. The Argentine market has performed quietly. Although Ma'aden sold 110000 tons of MAP in Brazil and will ship it in June, the Brazilian market price remains stable at $555-575/cfr.
In the United States, DAP prices have dropped to $505-520/s, while MAP prices remain unchanged at $520-530/s.
Short term support
The slight increase in DAP prices in China will be brief, and it is unlikely that there will be too much trading before next week's IFA as the market is assessing market sentiment. The Southeast Asian market has sufficient inventory, while South Asia is in a wait-and-see state. Bangladesh is expected to conduct private sector bidding later this month or in June, which may bring some changes to the market.
