China: Two-tier market in China as industry gets competitive

摘要

Wengfu's sale of a July panamax, allegedly in the mid $470s/mt CFR India would netback into the low/mid $460s/mt FOB China, well within the current price range as reported in Fertilizer Week. Panamax rates to India EC are close to $10/mt but this sale is for a 2 port discharge suggesting a slightly higher rate. A two-tier market is developing in India with Chinese product as traders struggle to compete with sales being concluded direct by the producers.