India prices DAP;Pakistan buys;US/Europe firm short-term;Latin America buys 11-44 MAP

摘要

Indian DAP cargoes for April shipment have begun to settle in the mid/high-$450s/t cfr,in line with expectations.This paves the way for more April/May cargoes to ship.The pos-sibility remains Chinese cargoes may be priced lower when the export tax window opens in May and supply improves. The Indian subcontinent also saw Pakistan buy Saudi DAP at$485/t cfr,unusually high relative to India,and several sources frankly find the number hard to believe,suggesting the price was closer to$470/t cfr.