Phosphates: Indian DAP stocks build in March

DAP stocks rose by the equivalent of 2-3 import cargoes in March, or nearly 86,000t, as imports and local production outstripped offtake.

Indian DAP production reached 218,900t in March, according to FAI data, down nearly 41pc on the same month in 2023. DAP imports reached 201,000t in March, down nearly 54pc on March 2023. Sales of DAP reached 334,200t, down nearly 12pc year on year. Stock draw/build, defined as production plus imports minus offtake, was plus 85,700t. This implies that stocks are still close to 2mn t of DAP, as estimated by the Indian government.

Full fertilizer year DAP production (April 2023-March 2024) reached 4.29mn t, down around 1pc year on year. Imports were down 15.4pc at 5.57mn t, mainly due to the loss of supply from China owing to customs inspections, with sales at 10.8mn t, up nearly 4pc year on year.

By Mike Nash