Central Florida:
DAP trucks loading from Central Florida were posted at $785/st FOB for the week, unchanged from the prior report. Sources called truck-loaded MAP even with DAP at $785/st FOB, also steady from one week earlier.
No changes were reported out of the North Florida MAP truck market, with posted prices holding at $780/st FOB.
U.S. Gulf:
NOLA DAP barge prices continued to push lower during the week, market players indicated.
Barges loading in January and February were reported at a $650/st FOB low, down from the week-ago $675/st FOB bottom. Sources quoted a $675/st FOB top for the Jan. 21-27 trading week for nearby loading, while March physical barge trades were pegged at $665/st FOB.
NOLA MAP fared better, rising $5/st from the week-ago $690/st FOB floor to $695/st FOB. Sources reported the weekly top at $705/st FOB, with the lion’s share of business heard transacting in the $695-$698/st FOB range.
The nearby NOLA DAP barge market was reported in a wide $650-$675/st FOB range for the period, falling from $675-$710/st FOB the week before. MAP barges were quoted at $695-$705/st FOB, shifting from $690-$730/st FOB at last report.
U.S. Exports:
Based on the last reported trades, phosphates exported from the U.S. Gulf continued to be priced at $810/mt FOB, unchanged from one week earlier.
Eastern Cornbelt:
A steadily weakening NOLA barge market contributed to another drop in DAP prices in the Eastern Cornbelt in late January. Sources pegged the terminal market at $740-$760/st FOB in the region, down from the prior week’s $755-$775/st FOB range, with the lower end reported at Cincinnati.
MAP prices also slipped in the Eastern Cornbelt. Terminal pricing was quoted at $770-$790/st FOB in the region, down from $785-$795/st FOB the week before, with the Cincinnati market pegged in the $770-$780/st FOB range. Michigan sources reported the Toledo MAP market at the $820/st FOB level for prompt tons.
Western Cornbelt:
The DAP market slipped to $725-$750/st FOB in the Western Cornbelt, down another $10-$25/st from last report, with MAP reportedly falling to $750-$775/st FOB, depending on location. Sources reported Catoosa/Inola pricing down to $710-$715/st FOB for DAP and $740-$750/st FOB for MAP as the week progressed.
Northern Plains:
DAP pricing slipped to a broad $740-$760/st FOB St. Paul during the week, with MAP quoted at the $760-$790/st FOB level at that location in late January.
Northeast:
Phosphate pricing FOB East Liverpool, Ohio, was quoted at $765/st for DAP and $795/st for MAP, down $20-$25/st from last report. The upper end of the regional MAP market in the Northeast was pegged at the $815/st level FOB Fairless Hills in late January.
Eastern Canada:
The MAP market was steady at C$1,160-$1,220/mt FOB in Eastern Canada, depending on location. DAP remained at C$1,180/mt FOB Montreal, also unchanged from last report.
Saudi Arabia:
Saudi Arabia phosphate values were heard firming to the $885-$905/mt FOB range, rising from $880-$900/mt FOB reported previously.
China:
Sources said talks between traders and DAP producers are being put on hold until late February. The upcoming Lunar New Year holiday, followed by shutdowns urged by the government during the Winter Olympics, will provide few opportunities to talk about securing cargo for shipment in April, when the export ban is lifted.
A purchase of 100,000 mt of DAP by RCF/India from OCP showed a calculated price to China in the $890s/mt FOB. Sources said this level is not reflective of the domestic price, which is reportedly much lower. The buildup of DAP and MAP reserves in China because of the export ban has driven down prices.
Sources said once February passes, a few tons might be allowed to leave before the April opening. These cargoes are reportedly related to existing long-term deals.
India:
A DAP tender by RCF for 100,000 mt closed on Jan. 24, with OCP/Morocco winning. The tender called for two 50,000 mt shipments, one to a West Coast port and one to an East Coast port.
The winning price was $925/mt CFR for West Coast delivery and $929/mt CFR for East Coast delivery.The prices reflect a steady increase that India is being forced to pay for its phosphate needs.
Brazil:
Prices for MAP in Brazil tightened to $860-$920/mt CFR as the market stabilized.
The seasonal drop in demand is not surprising to industry watchers. Farmers are watching closely where prices for their 2022/23 crops might go before committing to any large-scale purchases. Some are also keeping an eye on what will happen once China begins exporting material in April. Many seem to be hoping for softer prices.
While the MAP price spread in Rondonopolis widened, sources said the movement is not significant. The price is now put at $940-$1,043/mt FOB ex-warehouse, reflecting a slight increase on the upper end and a decrease on the lower end.