Central Florida:
Sources noted steady Central Florida DAP truck pricing for the week, with postings continuing to be heard at $785/st FOB. MAP trucks were called even with DAP at $785/st FOB, also flat from the prior report.
MAP trucks loading from North Florida were posted at $780/st FOB, unmoved from one week earlier.
U.S. Gulf:
Players described a busy week on the NOLA barge phosphate markets, with prices for both DAP and MAP bouncing from week-ago lows.
DAP barges loading in the 30-day window were noted at a $675/st FOB floor early in the trading week, rising from the week-ago $650/st FOB floor. February loadings were reported firming to $702/st FOB in the course of the trading period, with $710/st FOB offers reported on Feb. 3 expected to add further upside pressure in the short term. All-March barges were quoted trading in the $690-$710/st FOB range.
MAP barges moved higher as well, with players noting early-week sales at a $698/st FOB low. Most saw the top of the nearby market at $713/st FOB, up from the prior $705/st FOB ceiling.
DAP barges were quoted firming to the $675-$702/st FOB range, up from $650-$675/st FOB reported previously. NOLA MAP barges were quoted at $698-$713/st FOB, players indicated, an increase from $695-$705/st FOB at last report.
U.S. Exports:
Sources noted the Gulf export phosphate markets was unchanged for the week, with last-reported spot trading holding at $810/mt FOB, flat from the prior report.
Eastern Cornbelt:
DAP pricing continued to edge lower, with new offers reported at $730-$750/st FOB in the Eastern Cornbelt, down from the prior week’s $740-$760/st FOB range. Illinois terminals were commonly reported at the lower end of the range, while the Cincinnati market ranged broadly from $735-$750/st FOB, depending on supplier and time of the week.
MAP was pegged at $750-$785/st FOB in the region, with both the high and low confirmed in the Cincinnati market, depending on supplier. The Ottawa MAP market was quoted at the $775/st FOB level. Michigan sources reported the Toledo MAP market unchanged at the $820/st FOB level for prompt tons.
Western Cornbelt:
The DAP market reportedly slipped to $710-$730/st FOB St. Louis in early February, with Iowa terminals reported at $720-$740/st FOB. Some said prices were likely to firm, however, with predictions that near-term offers would rebound to the $745-$750/st FOB level.
MAP was pegged at $735-$750/st FOB St. Louis and $755-$765/st FOB in the Iowa market, down roughly $10-$15/st from the prior week. Sources quoted the St. Paul market at $735-$750/st FOB for DAP and $755-$770/st FOB for MAP.
Southern Plains:
Sources reported a broad range of pricing for DAP. Pricing at Catoosa/Inola reportedly started the week as low as $710-$715/st FOB before firming to $730-$735/st FOB, with some speculating that $745-$750/st FOB is likely in the near term. The market FOB Houston was pegged at a solid $740/st FOB at midweek.
A similar path was reported for MAP, with the Catoosa/Inola market firming from a low of $750/st to a high of $760-$780/st FOB during the week, depending on supplier. The Houston MAP market was quoted at $770/st FOB.
South Central:
DAP terminal pricing in early February included $730/st FOB river terminals in Kentucky, $740/st FOB in Arkansas, and $745-$750/st FOB Memphis.
Southeast:
MAP remained at $780/st FOB Aurora, N.C., with reports of limited quantities of DAP also at the $780/st FOB level at Aurora. A DAP vessel is rumored to arrive at Wilmington at mid-month, with unconfirmed reports that the price may be in the $750-$760/st range.
Saudi Arabia:
Phosphate cargoes loading from Saudi Arabia were heard firming to the $890-$905/mt FOB range, up from $885-$905/mt FOB at last report.
Ma’aden on Feb. 1 said it has renewed a fertilizer supply agreement with Bangladesh Agricultural Development Corp. (BADC) to supply phosphate fertilizers for the 2022/23 year. No further details were provided on the volume of DAP to be supplied or when shipments would begin.
China:
Rumors circulated during the week that some MAP might be available for export by the end of March, one month before the export ban is lifted for all other products. Sources said it appears to the customs officials that China has enough MAP and NPKs on hand to let at least one cargo go. Others may follow.
Similar discussions are taking place for DAP, said traders. The domestic demand for DAP does not appear to have been as strong as earlier government estimates. The extra material, if allowed by customs officers, will most likely find a home in India.
Prices remain steady in the mid-$890s/mt FOB based on calculations related to the current Indian price from deals with other suppliers.
India:
Aggressive buying seems to have taken a break. Sources said there were few inquiries for DAP this week. Domestic producers appear to be ready to take a few plants down for routine maintenance turnarounds.
Brazil:
Holders of MAP remained anxious to sell their product. The movement dropped the lower end of the range to $820/mt CFR, while older deals left the upper end untouched at $920/mt CFR.
The Rondonopolis price experienced only mild fluctuations to settle at $950-$1,043/mt FOB ex-warehouse. Reportedly, sellers are anxious to move product out of their warehouses in anticipation of more material arriving soon.