Phosphate prices soften as NBS confirmed

摘要

Players in the market noted a return to DAP activity in India this week as the government officially announced its nutrient based subsidy rates but granular phosphate prices generally weakened amid building competition for sales and waning demand in other markets. India's Department of Fertilizers (DoF) announced the DAP NBS rate for 2016/17 at INR 8,945/mt ($134/mt), a 28% decline due partly to recent declines in DAP import and inland prices. After a very slow first quarter due to high DAP stocks, including just 30,000 mt DAP imports during February, buying activity is now beginning to build as importers seek to purchase cheaper DAP to average out sales from higher priced stocks.