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India is expected to end July 2025 with about 2 million t of DAP in stock, up roughly 420,000 t from the start of the month. The build reflects imports of about 1.09 million t against expected domestic output of about 330,000 t and offtake of about 1 million t.
The government has urged importers not to buy above US$810/t cfr.
A larger Indian stock cushion and government pressure on import prices reduce urgency to buy, which could soften DAP prices. Import volumes also show Indian demand is being met for now.
worldfertilizer.comOliver KleinschmidtJul 25, 2025After 40 past bearish trade events, DAP moved a median -0.1% over 5 sessions (38% higher; middle half -3.7% to +0.5%), and -2.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
