A higher operating rate than originally expected through recent weeks has left some Chinese producers with surplus product available for export for March shipment. As such two 35,000 mt DAP cargoes have been sold, by Wengfu, for March/April shipment, into India at $480/mt CFR with a third said to be on offer. This is a competitive price level and reflects this heightened availability at a time when the industry was thought fully committed with domestic sales. With freight from Beihei to EC India on vessels of this size estimated in the range of $13-15/mt, netbacks should be in the mid-upper $460s/mt FOB China.
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