Latin American demand re- emerges; prices remain firm

摘要

The return of Latin American buyers to the international market has provided some clarity regarding price direction going forward, in the absence of much spot business elsewhere this week. With Russia DAP/MAP sales into Brazil and Venezuela occurring as high as $615/mt CFR for February business, it is evidence that spot prices are set to remain buoyant over the coming weeks. The mood at the Fertilizer Latin America conference in Lima, Peru this week was described as upbeat, with bullish market sentiment for forward business. India's DAP price negotiations in March will again create a two-tier global market between global spot values and the Indian contract with the latter expected to settle between $520-550/mt CFR.