印度磷酸二铵销量、进口量双双下滑！

Core Viewpoint - The Indian fertilizer market has entered a low demand season for phosphate fertilizers, with a notable decline in both sales and imports of diammonium phosphate (DAP) in December 2025, leading to a decrease in inventory levels [1][2][3]. Sales Summary - In December 2025, domestic sales of DAP in India fell to approximately 955,000 tons, a significant drop from the seasonal peak of 1.4 million tons in the previous month [1][3]. - Total DAP sales for the year 2025 reached 9.03 million tons, which is below the average annual level of 10.3 million tons from 2022 to 2024 [1][3]. - The combined sales of DAP and single superphosphate remained relatively stable year-on-year, with total sales of 9.63 million tons in 2025 compared to 9.69 million tons in 2024 [1][3]. Production Summary - DAP production in December 2025 was reported at 350,000 tons, which is higher than the average monthly production of 300,000 tons from January to November [1][3]. - However, the total DAP production for the year 2025 was only 3.65 million tons, falling short of the average annual production of 4.31 million tons from 2022 to 2024 [1][3]. Import Summary - Due to increased congestion at Indian ports at the end of 2025, importers delayed market purchases, resulting in a drop in DAP arrivals to 414,000 tons in December, more than halving from 830,000 tons in November [2][3]. - Despite the decline in December, the total DAP import volume for 2025 reached 6.43 million tons, significantly exceeding the average annual import level of 5.91 million tons from 2022 to 2024 [2][3]. Inventory Summary - By the end of December 2025, DAP inventory in India was expected to be slightly below 2 million tons, a decrease from over 2.1 million tons at the end of November [2][4]. - Although domestic sales of DAP were low throughout the year, optimistic import levels allowed for a recovery in inventory from a low point of approximately 1.1 million tons at the end of 2024 [4].