The market is currently in a state of flux. Having seen a period of weakness in the Americas complimented by a period of stable pricing in India, a reversal in trend is now starting to emerge. There are clear signs that the bottom may have now been reached in Brazil with reports of growing demand and firmer prices. Although much of this is supplier led with Russian producers now quoting far less aggressive numbers, there seems little doubt that the market is finally on the turn. Eurochem and Phosagro are indicating numbers above $460/mt FOB Baltic for new business with Phosagro claiming to be sold out to June on the back of extensive selling in India. The sharp depreciation in the Russian Rouble in recent months has actually pushed both Russian producers to the bottom of the cost curve in terms of production costs, below even Saudi Arabia, according to CRU's most recent cost analysis.
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