1. India’s DAP Support Keeps Import Demand Firm - but Weather Adds Uncertainty India continues to shield farmers from high international DAP prices through a heavily subsidized domestic market. The government has maintained DAP at an MRP of INR 1,350 per 50 kg bag, while a special provision of INR 3,500/MT has been used to compensate producers and importers for logistics, GST-related costs and reasonable margins. For Kharif 2026, the government further increased the overall b

Nitrogen prices are correcting as risk premiums fade. Phosphates remain constrained by sulfur shortages and limited tradable volume. Brazil is seeking emergency supply from Russia, China and Morocco. Thailand’s full import dependence is increasing farmer cost pressure. U.S. tariff relief on Moroccan phosphates shows rising supply-security concerns. QatarEnergy raised July sulfur FOB price to USD 890/t.