Market quiet; short-term demand steady, prices hold

摘要

The spot market for finished phosphates was overall uneventful this week. Trading activity has yet to pick up following the summer lull in the northern hemisphere. Pakistani buying interest continues to be reported, with a US DAP cargo sold at $385/mt CFR. The latest sale is down on Incitec Pivot's deal last week at $395-400/mt CFR. The price downtrend suggests the import programme is drawing to an end, with importers' inventories reportedly at comfortable levels. Australia's Incitec Pivot, which has been the main supplier to Pakistan in recent weeks, has one DAP cargo on offer and is reportedly targeting a price at/above $400/mt CFR. However, current offers for US product are heard no better than $390/mt CFR.