NFL tender defines India cfr but Chinese resist

摘要

The phosphates market is divided east and west of Suez and between DAP and MAP. The west is clearly stable-tofirm due to tight MAP availability for August and stretching into September. Traders are struggling to procure tonnage. Only one vessel of Russian MAP is understood to be in trader hands for September shipment. Talk of the low-$350s/t cfr in Brazil has disappeared with $355/t cfr thought to be the minimum available. 'Traditional' suppliers clearly hope that Chinese MAP will not be so readily available after September as it may arrive too late for Safrinha, giving a last hurrah to MAP prices in early 4Q.