Downward DAP/MAP price pressure to return in Q2

摘要

Increased DAP/MAP export availability in late Q1 from Morocco, Saudi Arabia, China, the USA and Russia, coupled with high stocks in key buying markets, is expected to halt recent price recovery and begin pushing prices back down somewhat during the second quarter. Key risk: UPSIDE that further DAP/MAP production curtailments, especially from China due to the coronavirus, support higher prices than forecast through the second quarter.