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Brazil's P2O5 stocks rose through 2024 even as MAP imports fell 13% year on year in January-October. Imports of other lower-grade phosphates such as TSP and SSP increased, while inland demand lagged.
Brazil's total P2O5 imports are projected at 5.1Mt for 2024.
Heavy phosphate inventories and weak demand for higher-grade products cap upside for Brazilian MAP prices. Buyers have room to negotiate, although current prices are holding.
profercy.comChris YearsleyNov 15, 2024Not enough comparable past events yet for a historical read.
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.
