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Indian DAP stocks down, despite lower sales

  • Mercados: Fertilizers
  • 19/01/26

Indian domestic DAP sales fell further than expected in December to 869,000t, according to latest government data. This is likely because farmers focused their attentions on securing nitrogen.

Provisional data in early January had estimated offtake last month at 955,000t.

But DAP stocks still fell because of lower imports, as DAP importers retreated to the sidelines on seeing the domestic market enter its off-season.

Latest government data for domestic DAP production and imports last month are 350,000t and 407,000t, respectively — broadly in line with expectations.

This implies a net stock draw (production plus imports minus sales) of 112,000t through December.

DAP sales in April-December totalled 7.99mn t, lagging the same period in 2024 by 4pc. But combined DAP and TSP offtake of 8.56mn t in April-December was broadly in line with around 8.61mn t over the same period in 2024.

TSP imports slipped to just 34,000t in December, according to Argus lineup data, bringing imports in April-December to 959,000t. Sales of TSP over the same period reached 570,000t, according to the latest government data.

This implies that India's TSP inventory grew by 389,000t since April, since India does not produce TSP domestically.


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