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Indian, Pakistani buyers seek DAP amid tight supplyqrcode

−− Demand from Indian and Pakistani buyers has remained strong this week, while limited supply and increasing prices have led to a slowdown in liquidity.

Aug. 14, 2020

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Aug. 14, 2020

Indian government-owned importer NFL today extended until 13 August its tender to buy 100,000t of DAP after initial reports suggested it did not receive offers.

And state-owned importer GSFC this week reissued its tender to buy 100,000t of DAP after not receiving offers. The new tender is closing on 14 August.

It is likely both importers will only receive a few offers, as a new government rule on public procurement effectively bars Chinese producers and Chinese-owned firms from participating. But even trading firms without Chinese ownership did not submit offers under NFL's tender, referring to limited availability of DAP for September shipment.

Indications for DAP in India have risen to the mid-$330s/t cfr, but latest concluded business remains closer to $330/t cfr. No new business has been reported this week.

DAP demand strong in Pakistan

In Pakistan, importer Pakarab reissued its enquiry to buy 100,000t of DAP, closing tomorrow. Pakarab originally closed the tender on 17 July, but did not conclude a sale. It is seeking half of that product for loading by 15 August, the other half by 15 October, which is unchanged from the original tender.

Fertilizer producer and importer Fauji also issued an enquiry to buy 40,000-50,000t of DAP, closing on 15 August. Fauji operates Pakistan's only DAP production facility, the Bin Qasim plant, which is producing around 70,000 t/month of DAP. But it usually seeks additional product for Pakistan's main demand season, which is slowly gaining momentum.

Several other Indian and Pakistani importers were also enquiring for fresh sales over the past week. Chinese producers are focusing on their domestic market and are willing to wait for prices to rise further before selling the few remaining September-loading vessels. Several Chinese producers withdrew offers this week for September shipment, and the remaining indications have risen to the high/mid-$320s/t fob. But confirmed sales have not increased beyond $320/t fob yet. Argus yesterday assessed Chinese DAP at $322-325/t fob in its daily phosphates report.

Other recurring sources of DAP for Indian and Pakistani buyers, including Moroccan, Jordanian, Tunisian and Russian producers, are also reported to have very limited availability for September shipment, with discussions now moving to October-loading vessels.

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