Central Florida:
DAP trucks loading from Central Florida firmed to $605/st FOB, up from $595/st FOB one week earlier. MAP postings lifted to $645/st FOB, rising from the week-ago $630/st FOB.
U.S. Gulf:
NOLA barge phosphate prices continued to ratchet higher, sources reported.
DAP barges were quoted lifting above the $600/st FOB mark to $605/st FOB on sales of domestically produced material, increasing from the week-ago $590/st FOB high. Most players pegged the bottom of the range at $595/st, a $15/st lift compared to $580/st FOB reported previously, with the bulk of trading landing in the $597-$600/st FOB range. Early-week trading rumored as low as $590/st FOB went unconfirmed on June 10.
Barges of MAP also pressed higher, driven in part by ongoing supply uncertainty in both the import and domestic markets. Sources noted domestic postings lifting to $640/st FOB for the period, up from the prior $630/st FOB low, while limited tons were quoted changing hands up to $660/st FOB. Rumors of $630/st FOB offers went unconfirmed for the week.
The NOLA DAP market was reported at $595-$605/st FOB, firming from last week’s $580-$590/st FOB. MAP barges lifted to $640-$660/st FOB, up from $630-$645/st FOB at last report.
U.S. Exports:
Sources reported a 7,000 mt DAP transaction into a single-market destination in Central America. Set for loading in late June or early July, the cargo was priced at $605/mt FOB.
Based on reported transactions, the Gulf phosphate export markets firmed to $605/mt FOB, up from $590-$595/mt FOB published previously. Offers for the next round of business were heard moving up to $650/mt FOB based on rapid firming in a number of Latin American markets.
Eastern Cornbelt:
DAP was reported at $635-$650/st FOB in the region, with the Cincinnati market quoted at $635-$645/st FOB. MAP pricing edged up to $660-$690/st FOB, up $10/st at the high end of the range, with the Cincinnati market pegged at $665-$685/st FOB.
Western Cornbelt:
DAP pricing firmed to $630-$640/st FOB in the Western Cornbelt, up another $10/st from last report, with the low confirmed at St. Louis and Camanche. MAP was quoted at $670-$685/st FOB in the region, up $10-$20/st, depending on location and time of the week. The St. Louis MAP market was pegged firmly at the $685/st FOB level as the week progressed.
The St. Paul market was reported at $640-$645/st FOB for DAP and $685/st FOB or higher for MAP, with the Catoosa/Inola market pegged at $635-$640/st FOB for DAP and $675-$685/st FOB for MAP.
Southeast:
Nutrien’s prices at Aurora, N.C., firmed to $620/st FOB for both DAP and MAP, up $15/st from the previous week.
California:
MAP prices in California firmed on June 10 to $750/st rail-DEL or FOB French Camp, Helm, Richvale, Dixon, and El Centro, up $20/st from pricing at the beginning of the week.
Pacific Northwest:
MAP prices started the week at $717/st FOB Aurora, $720/st DEL in Washington, Oregon, and Nevada, and $710/st DEL in Idaho, Utah, and Montana. Posted prices firmed another $20/st on June 10, however, to $737/st FOB Aurora, $740/st DEL in Washington, Oregon, and Nevada, and $730/st DEL in Idaho, Utah, and Montana.
Western Canada:
MAP pricing in Western Canada was quoted at C$930-$955/mt FOB and C$940-$990/mt DEL, depending on location, up from the last reported range of C$950-$960/mt DEL.
Saudi Arabia:
Sources noted Saudi Arabia phosphate prices at $550-$565/mt FOB, firming from $545-$565/mt FOB in the prior report.
India:
The Mosaic Co. President and CEO Joc O’Rourke on June 7 said India’s DAP price at a CFR level is gradually increasing following the resolution of the phosphate subsidy, and put the current CFR DAP price at $575/mt. O’Rourke was presenting at the Exane BNP Paribas 23rd European CEO Virtual Conference.
China:
Sources reported that DAP producers are turning down bids at $590/mt FOB. However, the netback from the Bangladesh tender last week shows a range of $550-$560/mt FOB. Sources said producers are gearing up to fill the orders in that tender, leaving other buyers to deal with higher pricing ideas.
Traders said the producers will most likely cover the awards into Bangladesh but will occasionally offer a cargo or two on the spot market in an effort to move up the price. One trader noted that the producers could rightfully argue they are fully covered by contracts and that any spot tons would have to be sold at a premium.
India:
New pricing indications from India for DAP are at $580/mt CFR and up. Sources said there have been no new sales into the country, but buyers seem nervous because of the steady rise in prices out of China and the Middle East.
Brazil:
Prices for MAP rapidly hit $700/mt CFR and then kept going. Sources reported sales by the end of the week at $710-$730/mt CFR, with a strong emphasis on the upper end of the range.Reportedly sellers are now saying they will accept nothing less than $750/mt CFR. Some traders outside Brazil said they would not be surprised to see that level by next week.
The inland price at Rondonopolis also showed stronger prices, with sources reporting new levels at $810-$920/mt FOB ex-warehouse. The higher price is being put off to limited quantities as well as the strong global phosphate market.