India’s DAP market remained cautious  with limited trading despite firm prices. Levels held at around $765–800/t CFR, while offers for Moroccan cargoes moved up to $815–850/t CFR and Saudi material was heard at $850/t CFR and above. However, transactions were scarce, with traders still unable to place April cargoes bought at roughly $800–805/t CFR.

Uncertainty over subsidies continues to weigh on demand. Importers are waiting for the government’s announcement of the nutrient-based subsidy (NBS) for the upcoming kharif season. Although an increase of around 10% is expected, the lack of clarity is keeping buyers on the sidelines.

At the same time, cost pressure is building. Higher ammonia and sulphur prices have raised production costs, leaving producers and importers increasingly reliant on additional government support beyond the NBS.

A tender from FACT for around 30,000t of DAP, closing on 9 April, points to underlying demand, but buying remains measured. For now, the market is holding steady, waiting for policy clarity to unlock activity.