PHOSPHATE MARKET SUMMARY

In India, Jordanian DAP traded at $407/t cfr net of credit, down $4-10/t on last week's Indian assessment. View the methodology used to assess sulphur prices at www.argusmedia.com/methodology. But equally, Chinese producers have very few export options. Something's gotta give Phosphate prices continue their descent east and west of Suez. Environmental curbs and low rock stocks in China have driven up prices. Brazil also has low stocks, and there is positive sentiment that it will be back at the Latin American conference in Mexico later this month. West of Suez, sales by EuroChem largely define the ranges. Theoretically Chinese DAP would obtain a slight premium but Aries' offers at $406-408/t cfr in the 100,000t NFL purchase tender have subsequently lowered price expectations. In company news, Mosaic signed a MoU with SinoChem for the supply of phosphate rock and finished fertilizers. The big question is whether Chinese producers are prepared to back these offers.