China bags Iranian tender; Pakistan still active; Latin America drops

摘要

Pakistan remains the most active market globally, taking another Chinese DAP cargo ex-Dongsheng at prevailing prices in the mid-$310s/t cfr but netting yet again lower in China (around $297/t fob). This is the first time Chinese DAP has ever dipped below $300/t fob. In India, Chambal bought a cargo of Saudi DAP below $320/t cfr - relating to a deal thought to have been concluded in September. In reality, bids are reported as low as $305/t cfr. Traders offering $320/t cfr have been rejected out of hand. With official stocks at over 1.3mn t (up over 50pc year on year) as of end September Indian demand is sidelined and prices notional. With the mid-$310s/t cfr at best achievable in Pakistan, India is somewhere between $305-310/t cfr.