Central Florida:
DAP trucks loading from Central Florida continued to be quoted at $620/st FOB, unmoved from one week earlier. Truck-loaded MAP maintained a premium to DAP at $655/st FOB. North Florida MAP trucks saw posted pricing unchanged at $640/st FOB.
U.S. Gulf:
What began as a slow week on the NOLA DAP and MAP barge markets was seen accelerating as the trading period wore on.
Loaded DAP barge sales late on July 7 were reported in the $624-$635/st FOB range. Sources noted early-week lows at $605/st FOB, a $10/st bump from the week-ago $595/st FOB floor.
Some argued for the bulk of market sentiment falling in the $605-$624/st FOB range for the week, with the $635/st FOB portrayed as unrepeatable on July 8.
MAP saw a smaller increase, with most noting the top of the range firming to $655/st FOB from $650/st FOB in the prior report. Offers posted at $650/st FOB for loading in the July-September window set the bottom of the week’s range, unmoved from one week earlier.
The NOLA DAP market was quoted in a wide $605-$635 st range, rising from $595-$615/st FOB at last report. MAP barges firmed to $650-$655/st FOB, up from $650/st FOB.
U.S. Imports:
July-May DAP imports were noted at 1.21 million st, rising 21.2 percent from the year-ago 1.00 million st. May imports dipped 73.2 percent, however, to 19,470 st from 72,696 st in the prior year.
With no new imports logged from any of the market’s top importers in May, Saudi Arabia continued to lead fertilizer year-to-date imports with 534,149 st, up 486.2 percent from the year-ago 91,117 st. Jordan’s 284,013 st and Australia’s 181,817 st contrasted with zero tons imported from either country in the year-ago period.
July-May MAP/Other imports softened 42.6 percent year-over-year, to 978,386 st from 1.70 million st. Totals were down 42.5 percent in May, to 66,758 st from 116,071st.
Mexico led July-May MAP imports with 361,018 st, up 415.3 percent from 70,064 st in the same year-ago period. Saudi Arabia’s 201,323 st was up 105.6 percent from the year-ago 97,940 st July-May total, while 85,070 st from Russia was down 64.0 percent from the prior-year 236,156 st.
U.S. Exports:
May DAP exports softened 64.5 percent, to 35,056 st from the year-ago 98,781 st. July-May exports slid 33.1 percent, to 694,182 st from the prior-year 1.04 million st.
MAP/Other exports slipped 19.8 percent in July-May, to 2.18 million st from the year-ago 2.72 million st. May totals were down 15.2 percent year-over-year, to 235,020 st from 277,029 st.
Mosaic reported a 10,000-plus mt DAP transaction priced at $660/mt FOB during the week. Set for loading in late July or early August, the cargo was slated to ship into a single-market destination in Latin America.
No new MAP transactions were reported. Recent spot business included a $685/mt FOB load weighing in at 5,000 mt, set for shipping in July or August.
Based on reported transactions, DAP exported from the U.S. Gulf firmed to $660/mt FOB from the prior $650/mt FOB level. MAP values were unchanged at $685/mt FOB.
Eastern Cornbelt:
DAP remained at $645-$650/st FOB in the Eastern Cornbelt. MAP was quoted at $677-$700/st FOB in the region, with the low reported at East Dubuque. The Cincinnati market was unchanged at $645-$650/st FOB for DAP and $690-$700/st FOB for MAP in early July.
Western Cornbelt:
DAP remained at $645-$650/st FOB in the Western Cornbelt in early July. MAP was steady at $677-$700/st FOB, with the low reported for the last offers out of Camanche. Sources continued to quote the St. Louis and Catoosa/Inola MAP markets at $690-$700/st FOB in early July.
Northern Plains:
DAP pricing FOB St. Paul remained in the $645-650/st FOB range, unchanged from last report. MAP was pegged at $690-$700/st FOB St. Paul, with delivered tons reported in the $700-$725/st range in central and western North Dakota.
Northeast:
DAP prices in the Northeast strengthened to $655/st FOB East Liverpool, up $5/st from last report. The MAP market at East Liverpool remained at a firm $710/st FOB in early July. Pricing for DAP and MAP at Aurora, N.C., was unchanged at the $640/st FOB level.
Saudi Arabia:
Recent Saudi Arabia phosphate pricing continued to be heard at $565-$580/mt FOB.
China:
Sources continued to report limited DAP supply for export, coupled with higher prices. Traders are now calling the DAP market $585-$590/mt FOB. This new price level makes selling to India even more difficult because of the limits the Indian government places on what can be charged for the product, even with subsidies.
India:
Sources said the maximum retail price allowed for DAP sales means that a trader could lose about US$2 million with every panamax brought in from China. Officially, the price remains in the $570s/mt FOB, but the lack of any new deals makes it hard to nail down a price that matches with what the Chinese and Arab producers are demanding.
To make matters worse for producers, the new phos acid price pushes their break-even price above the maximum retail price set by the government.
Bangladesh:
Sources said some of the traders given awards in the BCIC DAP tender from last month may have to default. Sources said the DAP price moved so quickly that the awarded price is no longer viable.
Brazil:
The MAP market at Paranagua was relatively steady at $755-$770/mt CFR, with the low end of the range up $5/mt from last week. Hesitancy to buy product inland has led to a softer price at Rondonopolis, where sources quoted the market at $867-$880/mt FOB ex-warehouse.
Sources said many of the MAP sales are taking place with other fertilizers such as MOP to help balance nutrient needs and to not commit to large orders as prices fluctuate.
January-June MAP imports for 2021 were down about 7 percent, to 2 million mt from 2.1 million mt during the same period last year, according to Trade Data Monitor. June imports were up about 14 percent, however, to 557,000 mt from 489,000 mt in June 2020.
Second-quarter imports were down 22 percent this year, to 1.1 million mt from 1.4 million mt during the same period in 2020.