Oversupply weighed on sentiment in the global NPK market over the past week, particularly in the east. In China, imported NPK port stocks are estimated to be around 400,000t with further cargoes lined up. In India, domestic producers are expected to continue opting to produce NP/NPKs over DAP at least until the second- quarter phosphoric acid price has been settled between OCP and its Indian buyers, despite relatively high NP/ NPK stocks of around 2mn t. In southeast Asia, stocks are building as contract cargoes continue to move to the region. Little movement is expected inland until the rainy season begins.
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