Di Ammonium Phosphate prices are continuously declining as the spot supply in the regional market was average recently. Downstream companies' buying sentiments remained sluggish as the market's price trend was stable. Currently, Di Ammonium Phosphate consumers are not seeing many new orders. Most of them use a wait-and-see strategy, and most downstream procurement activities only involve a small amount.

The Di Ammonium Phosphate price in China dropped to between 630-640 USD/tonne on a FOB Qingdao basis, and it remained constant in the South Asian market. The stable price of Upstream Natural gas, which is now reported at about USD 17 MMBtu, is causing a decline in raw material Ammonia production cost.

In all major import markets, including the US, Europe, and India, prices for processed phosphate are declining due to a shortage of demand. Di Ammonium Phosphate prices in the US were quoted at USD 584-590/MT FOB, which is less than the USD 650/MT FOB from December 2022. 2022 saw the lowest amount of Di Ammonium Phosphate imports into the US since 2015 at 1.4 million MT, a 47% decline from the previous year. With decreased gas costs and prices for raw materials like Ammonia and Sulphur, the prospects for Processed Phosphates also dimmed. In anticipation of decreasing pricing, buyers are awaiting new orders.

In Brazil, the price in the domestic market is practically unchanged from the previous week at $655-660/ton CFR. At the same time, the Middle Eastern, Russian, and Asian markets (located east of Suez) are weak. Likewise, the market east of Suez was poor due to the Lunar New Year holidays in China and Southeast Asia. In the meantime, the Di Ammonium Phosphate price is steady west of Suez (in the USA, Brazil, and Europe).

Although the FOB price of USD 635-650 per tonne was roughly assessed in the quotations in the Southeast Asian market, the price of Di Ammonium Phosphate dropped to USD 630 per tonne. The most recent indications indicate that the price of Di Ammonium Phosphate in India is 660 USD/ton CFR.