China aims high, India stagnant

摘要

Chinese DAP prices remain high due to supply-side factors despite softening demand in Pakistan. Producers in China are justifying their offers by a cut in production rates and high production costs. India continues to lie dormant due to high stocks, concerns over the monsoon, cash issues and a strong dollar. The prospects for Indian phosphate demand are bleak. Ma'aden has met the remaining Pakistani demand at around $320/t cfr and has secured two more shipments to Oceania and East Africa. Australian demand is set to pick up in the new year following healthy rainfall. Brazilian MAP remains stagnant at $330-335/t cfr and US DAP barge prices fell marginally but liquidity improved.