Phosphate players are focused on developments in India this week following confirmation of a significant reduction in the country's nutrient based subsidy for DAP last week. Price levels in the first of a range of DAP tenders saw slight declines while Indian buyers continue to negotiate contract phosphoric acid prices for the second quarter. Contracted DAP imports are building in India after a very slow first quarter and buyers have now tendered for over 400,000 mt DAP for Q2 shipment. Still, average DAP imports reached 850,000 mt per month in Q2 2015 and with current high DAP stocks in India it is unlikely this level will be reached again this year. At the same time, high competition from suppliers as the Chinese domestic season comes to an end should limit any opportunity for price increases in the near term.
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