China's 10% export tax window during June-July has seen the sales of Chinese DAP this week to Vietnam at $340-345/mt CFR, inclusive of 10% export tax, for a return at $320-325/mt FOB. Prices are above what has been reported into India under the RCF tender, where a total of 195-200,000 mt of DAP has been awarded to Swiss Singapore and Helm at around $325-330/mt CFR, putting the netback below the $300/mt FOB mark, which is below Chinese producers' breakeven costs (see China update further below).
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