China NPK Statistical Update

Chinese DAP/MAP/TSP exports got back on their typical seasonal track in August after an uncharacteristic July dip. August exports of the three phosphate products approached 1.2 million tonnes, 15% ahead of last year. However, YTD volumes of 5.2 million tonnes are down about 1.6 million (23%) from 2015 as Chinese producers reportedly continue to curtail output in the face of lower netbacks in key export markets, notably India and Brazil. After another slow month, cumulative MOP imports of 3.9 million tonnes are now down 31% or 1.7 million tonnes this year compared to 2015.

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