Russian companies have ceased offering fertiliser such as di-ammonium phosphate (DAP) to India at discounted prices due to tightening global supplies after becoming the biggest suppliers to the country last year, three industry sources told Reuters.
The move in August by Russian companies to instead offer fertilisers at market prices could increase India's import costs and subsidy burden amid a rally in global prices, as a top exporter,"There are no discounts," said a New Delhi-based senior industry official involved in the negotiations with overseas suppliers.
India's fertiliser imports from Russia surged 246% to a record 4.35 million metric tons in the 2022/23 financial year ended on March 31 as suppliers gaveRussia's aggressive selling last year eroded the Indian market share of other fertiliser exporters including China, Egypt, Jordan, and the United Arab Emirates."Russian companies were offering DAP at discounts of as high as $80 . However, now they are not offering discounts of even $5," said another Indian company official.
Global fertiliser prices have been surging over the past two months, making it challenging for Indian companies to accumulate stocks for the upcoming winter season when demand for DAP rises for the wheat crop, said an official from a Mumbai-based fertiliser company.
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