LONDON (ICIS)--The phosphates market was dominated this week by news of the new Indian budget for the next year.The government said the budgetary allocation towards fertilizers subsidies has increased by nearly Indian rupees (Rs) 100bn ($1.45bn). Now buyers and importers are waiting to see if the maximum retail price (MRP) will change, which stands at Rs26,000/tonne for diammonium phosphate (DAP). Also, market players are worried about the progress of the monsoon, which has been below average in June-July.
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