DAP slowdown in India

India has purchased 120000 tons of DAP and tendered an additional 210000 tons. The price continues to decline, with trading prices ranging from $515-519 per ton of CFR. Hindalco's bid price has dropped to $508 per ton of CFR, but the pace of price decline is slowing down. In other parts of South Asia, Pakistan purchased a Saudi DAP cargo ship according to the previous contract, and traded an additional 15000 tons at a higher price of $530 per ton/cfr.

Bangladesh has purchased 40000 tons of Chinese DAP under an intergovernmental agreement, with the high-end price range of Chinese DAP set at around $520 per ton and the low-end set at $515 per ton. The sales of traders in Thailand are below $530/ton/cfr.

The price west of the Suez Canal remains relatively stable. Brazil purchased MAP from Russia at a price of $570 per ton of CFR, with non Chinese products priced as high as $575 per ton of CFR, which is not attractive. The price in China is $555-560 per ton. It is worth noting that approximately 60000 tons of 19% superphosphate in Egypt were traded in the $192-197/ton CFR range, unchanged from last week. Argentina/Uruguay also ordered MAP and YPF from Russia, and Argentina purchased approximately 15000 tons of DAP/MAP in the market.

The eastern market trend is weak, while the western market remains stable

The landed price of diammonium phosphate in India is expected to continue to decline, but the rate of decline has slowed down. In the second and third quarters, OCP may shift to markets outside of the United States, which may put some pressure on these markets. Similarly, the United States will once again provide exports to other countries in the Middle East.