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Analysis of India's DAP import market notes that the government has refused to raise phosphate fertiliser subsidies. With current subsidies, the import breakeven is no more than $505 per tonne CFR, so importers are losing money.
Suppliers are still placing tonnes despite the weak economics.
Import margins that are squeezed below breakeven can reduce Indian DAP purchases, which weighs on global phosphate prices unless buying resumes.
fertilizerdaily.comJul 26, 2024After 50 past bearish policy events, DAP moved a median +0.9% over 5 sessions (62% higher; middle half -0.1% to +1.6%), and +0.9% 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.
