India Books More Fertilizer Than Sought as DAP Prices Rising

India, the world’s top buyer of diammonium phosphate, has contracted larger-than-expected volumes of the crop nutrient, a sign of stockpiling as the conflict in the Middle East disrupts supplies and drives global benchmarks higher.

The country booked about 12% more than the 1.2 million tons sought in the tender that closed last week, according to people familiar with the matter. Indian Potash Ltd., which imports fertilizers for the government and other companies, will secure 705,000 tons for delivery on the country’s west coast at $930 per ton, said the people who asked not to be named discussing private information. Another 641,500 tons will be delivered on the east coast at $935 per ton, they said.