With Brazil still on the sidelines and Indian buyers waiting final confirmation of the subsidy rates, the DAP market has seen little new business this week. Buyers continue to put pressure on prices on both sides of the globe with even Indian prices now starting to come under pressure as buyers seek lower prices for May. Nevertheless the DAP price range in India remains unchanged this week despite claims that one Chinese cargo has been sold in the $470s/mt CFR. This has been denied by the supplier, and as such the low end of the price range stays at $480/mt CFR until there is clear evidence that the market has indeed moved below this level. With almost 1 million mt already booked, Indian buyers are now in a more relaxed position as they move into Q2.
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