India’s DMAPA market softened in January as demand cooled after the year-end rush and buyers reduced inventories. Early in the month, local producers kept ex-works offers steady amid routine operations and stable gas supply. Mid-month, formulators trimmed spot purchases to clear December stock and offset delayed GST credits, while late-month trading showed renewed interest in imported cargoes as domestic availability tightened. Overall, sellers struggled to pass higher upstream costs, leaving Mumbai quotes under downward pressure. Sector dynamics weighed on demand: personal-care purchases eased for shampoos and liquid soaps, while agrochemical intake remained weak amid a post-harvest lull and pre-Kharif procurement. In contrast, pharmaceutical synthesis and water-treatment applications provided a base level of consumption. Upstream economics and logistics dominated margins, with imported feedstock costs rising slightly, adding cash-cost pressure that vendors attempted to pass through but faced buyer resistance.
