Indian DAP stocks build in July, import demand firm

: Fertilizers
25/08/19

A surge in imports lifted Indian DAP stocks by 326,000t in July, according to Fertilizer Association of India data. But importers will need to keep pace to maintain the stock build.

DAP imports leapt to 1.01mn t in July, the highest monthly deliveries since June 2023. This broadly balanced domestic sales also around 1.01mn t, with 333,000t of domestic production leading to a stockbuild in the month.

India imported 1.98mn t of DAP from the beginning of Kharif in April to the end of July, striding ahead of the average for the period over the previous three years by 12pc.

The country produced 1.37mn t of DAP in April-July, lagging the 2022-2024 average for by 6pc.

The lack of available DAP in the market, pushing some buyers to take more NPs to cover their phosphate demand, has held domestic DAP sales back compared to previous years. DAP offtake for April-July totalled 2.57mn t, which is 19pc behind the 2022-2024 average for the period.

This has allowed national DAP stocks to build by 782,000t so far in Kharif. Argus estimates DAP stocks at the beginning of August at around 1.75mn t.

The last time India's DAP inventories stood above 2mn t was this time last year. Reduced imports and production because of negative margins then allowed stocks to fall to a nadir of around 1.10mn t at the beginning of 2025.

Importers have so far lined up 1.21mn t of DAP for import over August-September, according to Argus line-up data.

If domestic DAP production and offtake in August-September match previous years, importers will need to add more than 500,000t to the lineup for the country to begin the rabi season in October with 2mn t in stock. If achieved, this would bring August-September DAP imports to 1.8 times the average for 2022-2024.

India's TSP stocks are now around 3.5 times higher than they were at the beginning of kharif.

April-July imports totalling 309,000t — of which 199,000t arrived during July — have far outweighed sales of 127,000t, leaving inventories at 253,000t at the beginning of August.

Around 98,000t of TSP is expected to arrive in India over August, according to Argus line-up data. So far no TSP is lined up for arrival in September.

By Tom Hampson

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25/12/18

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CBAM documents outline preliminary ammonia values

25/12/17

CBAM documents outline preliminary ammonia values

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Mosaic halts SSP production in Brazil

25/12/16

Mosaic halts SSP production in Brazil

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Mosaic pauses Esterhazy potash mining after fatality

25/12/15

Mosaic pauses Esterhazy potash mining after fatality

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US-Belarus potash trade may soften MOP pricing outlook

25/12/15

US-Belarus potash trade may soften MOP pricing outlook

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Without access to the US and EU markets, Belarus has leaned heavily on markets such as Brazil, China and southeast Asia, often pricing aggressively to maintain market share. The reopening of US trade offers a chance to reduce dependence on these regions. The lifting of the sanctions will also make it significantly easier for companies to trade Belarusian potash around the world, except in the EU and the UK, where sanctions remain on Belarus. Importers that had previously stopped taking Belarusian MOP may now be open to trading with Belarus again. By having an additional supply option, buyers may find they have a stronger negotiating position with existing suppliers, which could put downward pressure on prices. Conversely, markets where Belarus has a strong presence could see a reduction of Belarusian volumes if product shifts toward the US, potentially making those regions less competitive. The policy change also comes at a time when Belarusian MOP capacity is increasing capacity, with the 2mn t/yr Nezhinsky MOP project scheduled for commissioning in the second quarter of 2026, and underscores Belarus' commitment to continue growing its footprint in the global potash market. By Julia Campbell and Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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