# DAP and MAP: Trading

Why India's purchases set the world's DAP price

Source page: https://www.materialinsights.org/chemicals/dap_map/trading/

Why India's purchases set the world's DAP price What this tab covers How it is bought and sold: buyers and sellers, price benchmarks and who publishes them, exchanges, contract types, traders, how Indian buyers price it, recent price points, and good sources to follow.

#### Who buys, and where

- Indian importers (IPL, NFL, Chambal, IFFCO) buying cargoes CFR India
- Brazilian distributors buying MAP CFR Brazil
- US co-operatives and dealers at NOLA barge prices
- Pakistan and Bangladesh state tenders

#### Who sells, and from where

- OCP from Jorf Lasfar and Safi
- Ma'aden from Ras Al Khair
- PhosAgro and other Russian sellers from Baltic and Black Sea ports
- Chinese producers during export windows
- Mosaic and Nutrien in North America

#### Price benchmarks

| Benchmark | Publisher | Basis |
|---|---|---|
| **DAP spot FOB US Gulf** | World Bank Pink Sheet (from Green Markets / Bloomberg) | monthly average |
| **DAP bulk CFR India** | CRU, Argus | spot, weekly |
| **MAP granular CFR Brazil** | CRU, Argus | spot, weekly |
| **DAP FOB NOLA barge** | CRU, Green Markets | spot, $ per short ton |

#### Exchanges

| Venue | Contract | Notes |
|---|---|---|
| **No Indian exchange contract** | none | prices set by tenders and controlled MRP |

#### Contract types

- Spot cargoes CFR India or FOB Morocco/Saudi
- Long-term supply agreements and offtake from Moroccan and Jordanian joint ventures
- Quarterly phosphoric acid contracts
- Indian retail at controlled MRP with NBS subsidy per kg of N and P2O5

#### Traders and distributors

- OCP (direct)
- Indian Potash Ltd
- Ameropa
- Keytrade

#### How Indian buyers price it

- Import parity CFR India: $699-709/t in mid-November 2025 (CRU), $814/t peak in August 2025
- NBS subsidy per tonne of DAP: a theoretical rise from Rs 27,800/t ($313) to Rs 29,805/t ($336) for rabi 2025-26 (CRU, Nov 2025); Kharif 2026 P&K subsidy budget about Rs 41,534 crore (Cabinet, Apr 2026)
- Farm MRP held at about Rs 1,350 per 50 kg bag with special packages on top of NBS (indicative, press reports 2024-25)

#### Recent price points

| Date | Price | Basis | Source |
|---|---|---|---|
| Sep 2026 | **$800.6/t** | spot FOB US Gulf, monthly average | World Bank Pink Sheet (Oct 2026) |
| 2025 average | **$685.2/t** | FOB US Gulf | World Bank Pink Sheet |
| 13 Nov 2025 | **$699-709/t** | CFR India | CRU |
| Aug 2025 | **$814/t** | CFR India (peak) | CRU |
| 13 Nov 2025 | **$645-650/t** | MAP CFR Brazil | CRU |

#### Good sources to follow
[World Bank Commodity Markets (Pink Sheet)](https://www.worldbank.org/en/research/commodity-markets)free research site · World Bank Prospects Group

monthly DAP, rock, TSP and urea prices
[Fertilizer Daily](https://www.fertilizerdaily.com/)free newsletter · independent fertiliser news site

India tenders, subsidy and import costs
[farmdoc daily](https://farmdocdaily.illinois.edu/)free blog · University of Illinois

DAP affordability versus crop prices
[CRU fertiliser insights](https://www.crugroup.com/)freemium research site · CRU Group

DAP/MAP price commentary and outlook
[IFA (International Fertilizer Association)](https://www.fertilizer.org/)freemium research site · global industry body

world supply, demand and capacity

## Other sections

- [Summary](https://www.materialinsights.org/chemicals/dap_map/index.md)
- [Overview](https://www.materialinsights.org/chemicals/dap_map/overview/index.md)
- [Correlation](https://www.materialinsights.org/chemicals/dap_map/correlation/index.md)
- [Production route](https://www.materialinsights.org/chemicals/dap_map/routes/index.md)
- [Production](https://www.materialinsights.org/chemicals/dap_map/production/index.md)
- [Feedstocks](https://www.materialinsights.org/chemicals/dap_map/feedstocks/index.md)
- [Cycles](https://www.materialinsights.org/chemicals/dap_map/cycles/index.md)
- [Movement](https://www.materialinsights.org/chemicals/dap_map/movement/index.md)
- [Regulation](https://www.materialinsights.org/chemicals/dap_map/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/chemicals/dap_map/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/chemicals/dap_map/emissions/index.md)
- [Relationships](https://www.materialinsights.org/chemicals/dap_map/links/index.md)