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Shortly after announcing September shipment offers to India with $10/ton increased from last month, the producer conceded to quantity discount of the same amount and reportedly sold out all available quantity at $990/ton CIF India, LC AS term.

Demand is not very great in India this month due to a confluence factor of monsoon season and the steep depreciation of the Rupee, “however, availability is only 80 of the usual quantity, therefore, the off-take rate is still acceptable,” a trader said. 

Market sentiment is expected to slowly come back in September as the monsoon might end by the beginning of quarter four, players added.