China: Action slow as producers assess VAT impact

摘要

With the introduction of 13% VAT and devaluation of the RMB being assessed by Chinese exporters, sales of DAP from China have largely been frozen this week. Traders continue to report DAP cargoes on offer to the Americas are available around $455/mt FOB from China but Indian suppliers have not managed to pull down Chinese DAP prices from the low-mid $460s/mt FOB.