Another week has passed without a deal in China and with ample stocks but weak domestic offtake, an agreement in the short-term is unlikely. By contrast, Indian contract talks have now started and all the early signs suggest the first contract could be concluded by the end of the month. Supplier delegations visited India this week and others talk of being in constant communication with Indian buyers. Putting the thorny issue of price aside, a contract will be positive for the market as it represents a key global benchmark to which others can realign themselves. Despite a delayed start, the monsoon is forecast to be healthy and demand for MOP should be robust, boosting the need for further imports.
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