The market in Brazil appears to be be firmer with signs that both demand and price are improving. Price indications have moved up this week with $480/mt CFR seemingly the price indication of the moment although how much business, if any, has been done at this level is not yet clear. The reversal in trend is mostly due to a firmer stance out of Russia with both producers now quoting higher prices. Following the tonnes sold in the mid $440s/mt FOB Baltic, Eurochem is heard quoting $460/mt FOB for new business and PhosAgro is now at $470/mt FOB for June. A $460/mt FOB Baltic equates to the mid/upper $480s/mt CFR Brazil if sold via a trader thereby necessitating a trader's margin.
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