Asian DAP prices firm, other markets extend declines

摘要

Granular phosphate prices in some Asian markets firmed this week amid higher Chinese offers and limited prompt DAP availability. Still, West of Suez DAP prices continued their gradual decline on high supply and a seasonal slowdown in demand. Chinese DAP suppliers achieved some sales to Asian markets higher than $300/mt FOB this week as they attempted to offset higher costs through a cutback in production and increase in export prices. With demand lacking in India and no confirmation that the production cutback will take hold, attempts to sell higher than $305/mt FOB have failed. Current prices levels remain tentative, especially given the potential for a Chinese DAP export tax cut next month.