Why is China restricting DAP exports and how does it affect global prices?

Why is China restricting DAP exports and how does it affect global prices?
China has been informally limiting phosphate fertilizer exports since spring 2024, without any official ban announcement. This has tightened global supply and pushed up prices in key importing markets like India and the US. Brazil, India, Pakistan and the US are all major buyers feeling the pressure. International buyers now look to Morocco's Maghreb capacity as a future alternative source. China typically exports more fertilizer during its domestic off-season, and the market expected higher volumes from April onward, but the tap has remained shut. This policy uncertainty has become a key price driver for DAP globally, and any shift in China's stance will likely trigger immediate market reactions.