Brazilian buyers extend wait until nearer to main import season

摘要

The Brazilian market remains very quiet with buyers preferring to wait until the traditional start to the season. As buyers prevaricate in Brazil, the market remains weak. With no new business to report, prices for DAP/MAP 11-52-0 remain in the range of $475-480/mt CFR but still untested by large volumes. Russian cargoes are under discussion at $450/mt FOB which with a trader margin and a freight of around $22/mt would equate to the upper $470s/mt CFR Brazil.