Central Florida:
Central Florida DAP trucks were posted at $945/st FOB, steady from one week earlier. Truck-loaded MAP was even with DAP at $945/st FOB, also unchanged from the prior report.
MAP trucks selling from North Florida continued to be posted at $1,025/st FOB, sources said.
U.S. Gulf:
Sources reported a precipitous drop in NOLA barge phosphate pricing during the week.
DAP pricing was typically noted softening to the $880-$910/st FOB range on April 28, following early-week reports of pricing at the $925-$950/st FOB level. Price indications on domestically produced DAP continued to be quoted at $970/st FOB, with no trades reported at that level.
NOLA MAP barges experienced a similar decline, with $900/st FOB offers reported early on April 28 followed by an $870/st FOB trade later the same day. Some believed that trade to be an outlier, however, pointing to subsequent $895/st FOB bids failing to gain traction.
Market sources largely disagreed on the likely impetus behind the falling values, with some pointing to ongoing slow planting and the decline in May ammonia pricing, while others speculated on a possible index play at work.
DAP barges were noted in a wide $880-$950/st FOB range for the week, a decline from $950-$970/st FOB in the prior report. Players described MAP at $870-$940/st FOB, falling from $960-$980/st FOB the week before.
U.S. Exports:
Players continued to note last-done DAP and MAP exports at $1,240/mt FOB.
Eastern Cornbelt:
DAP pricing reportedly slipped to $980-$1,010/st FOB in the Eastern Cornbelt, down another $10-$15/st from the prior week, with MAP pegged at $990-$1,015/st FOB. The lower end of both ranges was reported at Cincinnati during the week, while the Ottawa market was pegged at the $1,000/st FOB level for both DAP and MAP.
Western Cornbelt:
DAP pricing reportedly slipped to $975-$1,005/st FOB in the region, down $15-$20/st, with the high reported in Iowa. The St. Louis DAP market was pegged in the $975-$990/st FOB range, while pricing at Caruthersville landed at the $1,000/st FOB mark during the week.
MAP was quoted at $980-$1,015/st FOB in the Western Cornbelt, depending on location, also reflecting a $15-$20/st decline from the previous week.
Southern Plains:
DAP pricing in the Southern Plains slipped to $960-$1,000/st FOB in late April, down some $30-$40/st, with the low confirmed at Houston. Houston MAP pricing was pegged at the $970/st FOB level, down $15/st from the previous week. The Catoosa/Inola markets were reported at $975-$1,000/st FOB for DAP and $980-$1,000/st FOB for MAP.
“We may be on the edge of ‘let’s make a deal’ to get long positions out,” said one source about Catoosa/Inola phosphate pricing.
South Central:
DAP prices were quoted at $990-$1,015/st FOB in the South Central region, with the low reported in Kentucky and the high at Memphis. Most Arkansas River terminals fell in the $1,000-$1,010/st FOB range in late April.
Southeast:
Nutrien’s postings for DAP and MAP were steady at $1,025/st FOB Aurora, N.C., with MAP pricing at White Springs, Fla., also reported at the $1,025/st FOB level.
China:
Sources said Chinese authorities are allowing more small quantities of DAP and MAP to be exported. Besides shipments to regional buyers, sources reported at least one vessel of MAP is bound for Brazil.
Prices for DAP have not shifted from the estimated netback from the previous Nepal tender at $1,050-$1,100/mt FOB.
India:
The rising costs of producing DAP forced the government to increase the maximum retail price to Rs1,350 per 45 kg bag (US$17.60 per 45 kg bag). At the same time, the government also increased the subsidies to be paid for DAP to Rs2,015 per 45 kg bag (US$32.16 per 45 kg bag).
Sources said the high prices attached to phos acid, sulfur, and ammonia make importing DAP more economical than pushing for more domestic production.
Even with the demand for imported DAP, the purchases that seem to be taking place are mostly for Chinese tons booked late last year under contracts. Chinese authorities are allowing a limited amount of DAP to be shipped to fulfill these contracts, but at the older price.The lack of any spot tons is keeping the Indian price in the low-$920s/mt CFR.
Brazil:
The price of imported MAP softened a bit at the top, with sources quoting the market at $1,250-$1,300/mt CFR. Some Chinese MAP is reportedly in the current vessel line up. The tons represent some of the limited cargoes Chinese authorities are allowing to be shipped.
Rondonópolis is also softening, with sources reporting the price at $1,350-$1,470/mt FOB ex-warehouse. It seems that some suppliers are offering discounts for immediate shipments as a way to clear out their warehouses in anticipation of future tons coming in from overseas, sources said.