Prices peak as India/Pakistan run out of steam

摘要

The phosphates market has peaked, thanks in part to a) a lack of Chinese product to sell for October and b) cfr levels reaching unsustainable levels in India and Pakistan. These markets do still need substantial import volumes, but sentiment is now that India in particular will buy the bare minimum, then continue to buy in 4Q and 1Q 2018 in order to keep stocks replenished, at a time when the heat has gone out of the market and more supply from Morocco and Saudi Arabia is apparent.