"China’s imposition of a 100% export duty on DAP, MAP and TSP over and above the existing duty will, provided it is applied for the rest of the year, take 3-3.5m tonnes from DAP/MAP export supply in 2008. Global DAP/MAP trade in 2007 reached 17.7m tonnes, hence the announcement could equate to a 20% cut in worldwide availability."
This is a big cut in global export trade and will keep prices high, even if there is some demand destruction.
It appears that China is hoarding DAP in order to shore up its own food security.
