Indian DAP demand a fllip for sulphur market

摘要

The international market is on hold as the Chinese Spring Festival gets underway. Attention is now fxed on the direction of the market for March/April. Opinion is divided. Producers are claiming the recent reduction in spot prices simply refects the recent Chinese slowdown, and predict this will be temporary. They point to the fact that Chinese sulphur port inventories have dropped to a record low of just 1 million tonnes. At the same time the Indian DAP market has kicked into life. Indian P205 stocks are low, buyers are back in the marketplace, phos acid contract volumes are being shipped on a much reduced provisional basis, P205 prices are rising and China producers - with no restrictive export windows - are perfectly placed to cover this pent-up demand, along with Saudi and Jordan. This week sales were made into India $10/t higher than last business done. This emerging scenario would suggest that Chinese sulphur end-users will be keen to ratchet up phosphate fertilizer production and replenish their very low sulphur inventory levels, once offces reopen after the New Year holidays....