India's NP/NPK stocks rose in February as slow sales since the start of 2019 and the unrestricted flow of stocks inland from ports continued to drive up inventories, according to provisional government statistics.
Indian NP/NPK stock levels are estimated to have reached 1.52mnt at the end of February, up by 66.7pc on the year, and 120,000t higher than levels at the end of January. Preliminary statistics show that domestic production continued rising despite growing inventories, with output up by 13.2pc in February to 744,000t. In the same month, sales fell by 58.7pc on the year to 626,760t, following a 32.5pc year-on-year decrease in January.
The government's decision to free up the flow of port stocks in the country comes as the Direct Benefit Transfer (DBT) scheme was introduced in more Indian states throughout the course of 2018.
Indian DAP sales rose sharply year on year in February, by 54.3pc to 416,240t, with output rising by 17.9pc on the year to 383,800t, according to provisional statistics.
Demand for NPKs still remains healthy in the country overall, with sales volumes in the April 2018–February 2019 period estimated at 8.13mnt, up by 5.8pc compared with the same period a year before, with domestic production at roughly 8.39mn t, up by 9.4pc.
India has entered into its import season and its near-term appetite appears strong with a number of tenders issued by NFL and RCF for grades such as 20-20-0+13S, 12-32-16 and 10-26-26 to be shipped in March and April.
