The Diammonium Phosphate (DAP) market in China has undergone a dramatic shift throughout April xxxx. After a period of controlled stability due to government export restrictions, a wave of change has swept through the industry. Previously, the Chinese government maintained a tight grip on DAP exports, effectively controlling the market within the country. However, in April xxxx, a significant development occurred after the Chinese government loosened its export restrictions. This move, affiliated with ample supply, unleashed a surge of Chinese DAP onto the global market.
The sudden influx of DAP has created a situation of oversupply compared to current global demand. As a result, the market has experienced a potential price correction by a drop of x.xx to settle at USD xxx/MT, DAP, FOB Qingdao, China during the week ending xxth April xxxx. Offers from traders in recent tenders have already reflected this increased competition, driving down...
