Values have weakened further led by recent business fixed in the Far East where scarce demand is compounded by ample supply. It remains unclear whether a floor in pricing has now been reached in the Far East following Yara’s sale to Namhae at $433/mt CFR, down $16/mt on previous regional trade. In India the sentiment is of a possible further softening in values through May with a $10/mt fall to $400/mt CFR not out of the question. The vast majority of maintenance shutdowns across Indian fertilizer companies have now come to an end though, and given regular phosphoric acid shipments to the country, ammonia demand will likely be stimulated from mid-June
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