OCP has yet to agree new second-quarter phosphoric acid contracts with buyers in India. Indian buyers are seeking a significant drop in price with hopes among some for a $115/mt P2O5 reduction on the current $715/mt P2O5 CFR contract. This follows a recent cut in India's DAP nutrient-based subsidy for 2016/17 and recent declines in the DAP import price. OCP is believed to be targeting a much smaller decline and may not have been willing to cut the price far below $650/mt P2O5 CFR, according to some sources.
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