Central Florida:
DAP trucks loading from Central Florida were posted at $945/st FOB, unmoved from one week earlier. MAP postings remained at $945/st FOB as well, also steady from the prior report.
MAP trucks loading from North Florida were posted at $890/st FOB, below the prior $890-$940/st FOB full-week range.
U.S. Gulf:
NOLA barge phosphate values bounced up from week-ago levels.
MAP barges led the charge, building on the prior $840/st FOB top with an $845/st FOB early-week low, players said, driven by the wide price variance between NOLA-loading tons and netbacks available to sellers with export capacity. Most cited prompt trades up to $885/st FOB, while a rumored $890/st FOB trade went unconfirmed on June 9.
Players also noted a rise in DAP barge values. Sources described the market’s weekly low even with the prior $750/st FOB bottom, registered on June 3 trades. Barge sales charted up to $795/st FOB on June 7-8, however, a $15/st week-over-week increase on the prior $780/st FOB top.
Traders typically termed the price rebound as a natural response to the market’s recent declines. The current $750/st FOB DAP low marked a 25.7% tumble from DAP’s recent $1,010/st FOB top on April 1.
DAP barges were seen pushing higher during the week, to $750-$795/st FOB from the prior week’s $750-$780/st FOB. MAP pricing was reported firming to the $845-$885/st FOB range, above the week-ago $780-$840/st FOB.
U.S. Exports:
Falling values in the Latin American markets were noted reducing available netbacks on DAP and MAP exported from the U.S. Gulf.
Sellers described current market indications in the $980-$1,070/mt FOB range, below $1,080-$1,100/mt FOB at last report, with most calling the market closer to $980-$1,000/mt FOB.
Eastern Cornbelt:
DAP pricing slipped again to $850-$890/st FOB in the Eastern Cornbelt, down another $20-$30/st from the prior week, with the low confirmed in Illinois. The MAP market increased to $900-$950/st FOB amid reports of tightening supply, with the low confirmed at Ottawa.
Cincinnati pricing was pegged at $870-$880/st FOB for DAP and $905-$925/st FOB for MAP.
Western Cornbelt:
The DAP market fell to $820-$875/st FOB in the Western Cornbelt, down from the previous week’s $875-$910/st FOB range. The St. Louis DAP market was pegged at $820-$850/st FOB, with Caruthersville pricing confirmed at the $850/st FOB level at midweek.
The regional MAP market was reported at $875-$950/st FOB, with St. Louis pricing quoted at $875-$900/st FOB.
Southern Plains:
DAP pricing was quoted in a broad range at $835-$890/st FOB Catoosa/Inola, depending on supplier, with Houston pricing pegged at the $815/st FOB level at midweek. MAP was pegged at $870-$910/st FOB Catoosa/Inola and $880/st FOB Houston.
South Central:
DAP prices were reported at $870-$900/st FOB terminals in the South Central region, with the low quoted out of spot river warehouses in Kentucky and the high at Little Rock. The Memphis DAP market was pegged at $880-$885/st FOB, with the Shreveport price reported at $890/st FOB at midweek.
Southeast:
Nutrien dropped its phosphate prices $50/st on June 2, with DAP moving to $840/st FOB Aurora, N.C., and MAP to $890/st FOB Aurora and White Springs, Fla.
Saudi Arabia:
Saudi Arabia phosphate values were noted in the $700-$1,000/mt FOB range for the week, softening from $700-$1,070/st FOB in the prior report.
China:
The DAP market remains quiet and steady. Sources said producers are still able to honor older contracts as well as some smaller deals, such as the offers made into the Bangladesh DAP tender.
India:
There are reports that some Russian DAP has made its way into China at $920/mt CFR. This is much lower than the $1,030/mt CFR reported earlier. Sources said the lower price could be a combination of discounts necessary to deal with the sanctions against Russia and what appears to be a general trend in softer phosphate prices.
Even Arab producers are said to have been offering material for June deliveries closer to $1,000/mt CFR.
Bangladesh:
A DAP tender for 700,000 mt closed on June 9. Sources said the country will most likely only buy half that amount. The reduced purchase, it is said, is a result of prices still too high to the buyer’s liking, and to limited tonnage being allowed out of China.
However many tons are finally awarded, sources said the publication of the results of the final amount will help lift some of the mist over DAP prices out of China.
Nepal:
The Nepalese and Indian governments signed an agreement that will send 30,000 mt of DAP to Nepal in July. The agreement also calls for 370,000 mt of DAP to be shipped from India during the next five years.
Brazil:
The landed price of MAP has softened to $1,030-$1,120/mt CFR. Sources said the lower price has made the product more attractive to farmers with a better barter rate. The potential increased demand for MAP could soon provide a floor to the pricing.
The Rondonópolis price tightened slightly to $1,190-$1,250/mt FOB ex-warehouse. Sales are still not fast enough for holders of MAP, however. Sources said some of the warehouse operators seem anxious to move out the product to make way for future incoming tons.
Lithuania:
Kėdainiai-based phosphate fertilizer producer and EuroChem Group AG subsidiary AB Lifosa is reported to be restarting production shortly after halting operations on April 10 after banks froze the company’s accounts (GM April 15, p. 1). Lifosa has a DAP production capacity of 1 million mt/y, and exported 398,881 mt of DAP last year.