Pakistan and Indian demand muted

摘要

Demand in the east, in general, is weak. Pakistan continues to buy opportunistically with another Saudi cargo booked but requirements will be low until the kharif season starts. India is similar but buyers are reluctant to step into the market for large volumes prior to the subsidy announcement, expected March/April. Nevertheless, business has been concluded in the low-$480s/t cfr, essentially unchanged from last business.