Central Florida:
DAP trucks loading from Central Florida were posted at $800/st FOB for the week, falling from $840/st FOB at last report. MAP truck offers softened to $830/st FOB from the week-ago $850/st FOB. North Florida MAP trucks were quoted at $890/st FOB, steady from the prior report.
U.S. Gulf:
Prompt NOLA DAP and MAP barge prices moved lower amid a week of slow trading, sources said.
DAP was traded at a $737/st FOB low on Aug. 11, sources said, falling from the prior $755/st FOB floor, while most called the top of the range $755/st FOB, below the week-ago $770/st FOB. Offers for domestically produced DAP softened to $770/st FOB from $810/st FOB at last report.
Prompt MAP barges also fell, with trading reported at a $760/st FOB floor, off from the week-ago $785/st FOB. Pricing topped out at $775/st FOB, sources said, falling from the prior $810/st FOB high. Domestic tons were offered at $800/st FOB, below the prior week’s $850/st FOB.
The nearby NOLA DAP barge market was quoted in a wide $737-$755/st FOB range, softening from $755-$770/st FOB one week earlier. Sources pegged MAP barges in the $760-$775/st FOB range, below the week-ago $785-$810/st FOB.
U.S. Imports:
July-June DAP imports were down 19.8% year-over-year, to 1.05 million st from 1.30 million st. June imports stood at 57,984 st, off 36.8% from the year-ago 91,727 st.
Saudi Arabia topped the July-June import list with 432,285 st, followed by 251,973 st from Australia and 121,293 st from Egypt. No Australian or Egyptian cargoes were noted arriving in the US during the month of June.
June MAP/Other imports softened 19.8%, to 49,931 st from 62,251 st in the prior year. Imports moved 21.1% lower for July-June, to 821,800 st from the year-ago 1.04 million st.
Imports from Saudi Arabia climbed to 270,164 st in July-June. Russia added 121,493 st., while material originating from Jordan was noted at 94,461 st.
U.S. Exports:
June-July DAP exports moved 7.5% lower, to 682,259 st from the year-ago 737,286 st. Exports totaled 33,614 st for June, an 8.3% decrease from 36,661 st recorded in June 2021.
MAP/Other exports were up 5.1% in July-June, to 2.43 million st from the year-ago 2.31 million st. Exports were noted at 280,660 st for June, up 182.0% from the year-ago 99,517 st.
Nothing new was heard on the week’s Gulf export market, leaving pricing at the last $910-$925/mt FOB level. Based on recent softening in the Latin American markets, some expected the next round of Gulf business to break below the $900/mt FOB mark.
Eastern Cornbelt:
DAP pricing slipped to $810-$820/st FOB in the Eastern Cornbelt, with MAP pegged in the $850-$860/st FOB range, down from the prior week’s $860-$880/st FOB. The Cincinnati market covered both the high and low ends of both ranges in early August.
Western Cornbelt:
DAP slipped to $800-$830/st FOB in the Western Cornbelt, down another $10-$15/st, with the low confirmed at St. Louis and the high in Iowa. MAP pricing was quoted at $840-$860/st FOB in the region, with the low again reported at St. Louis.
Southern Plains:
DAP pricing was pegged at $810-$830/st FOB in the Southern Plains, with the low at Catoosa/Inola and the high confirmed at Houston. MAP pricing was quoted at $855/st FOB Catoosa/Inola and $865/st FOB Houston for the latest offers.
South Central:
DAP prices fell to $810-$830/st FOB in the South Central region, down from $850-$875/st FOB in mid-July, with the low confirmed in Kentucky and the high in Arkansas. Sources pegged the Memphis DAP market at $820-$825/st FOB at midweek.
Southeast:
The last postings at Aurora, N.C., included $840/st FOB for DAP and $890/st FOB for MAP.
China:
Sources noted some DAP deals in India that allowed them to calculate a China-equivalent netback. The estimated price in India is now put at $860-$865/mt FOB.The Indian deals involved Russia, Saudi Arabia, and Morocco at $890/mt CFR, but any Chinese producer looking to sell to India would have to match that landed price.
Sources said Chinese DAP continues to flow to India from direct negotiations between producers and buyers. Traders are more and more being eased out of any phosphate deals between China and India, said one trader.
India:
Sources reported a large sale of DAP from Russia to India at $890/mt CFR. Reportedly, Ma’aden and OCP soon matched that price with additional shipments.
Reportedly, the Russian deal was done rapidly in the hope that appropriate financing could be found just as quickly. Even though the US and Europe do not include purchases of fertilizers from Russia on the list of sanctioned goods, many banks are nervous that they could be caught in the middle of a policy shift that would leave them exposed.
Brazil:
The price range of MAP widened as some buyers got bargains and some sellers hooked higher prices. Sources put the landed price at $900-$950/mt CFR.
Sources said the shift in pricing is more toward softening values than an increase, however. Reportedly, some holders of Chinese MAP have been offering tons at a steep discount. If the tons are successfully sold, sources said Moroccan and Russian sellers will most likely follow suit.
Rondonopolis came down to $1,015-$1,040/mt FOB ex-warehouse on reduced demand. Reportedly, buyers continue to take only what they immediately need. No one seems willing to take a long position on MAP.
Imports during January-July 2022 were reported at 2.7 million mt by Trade Data Monitor. This is up slightly from the 2.5 million mt imported during the same period in 2021.The main suppliers of MAP were Russia with 1.2 million mt, Morocco with 721,000 mt, Saudi Arabia with 399,000 mt, and the US with 261,000 mt.
July 2022 imports were reported at 579,000 mt, up 26% from the 460,000 mt imported in July 2021. Four suppliers accounted for 99% of the July MAP imports.
| July 2022 MAP Imports | ||
| Supplier | Quantity (mt) | % of Import Market |
| Russia | 209,000 | 36 |
| Morocco | 138,000 | 24 |
| Saudi Arabia | 118,000 | 20 |
| United States | 108,000 | 19 |