Central Florida:
Central Florida DAP trucks continued at $630/st FOB, sources said, while MAP was unchanged at $655/st FOB. North Florida MAP postings firmed to $650/st FOB, a $10/st increase from the prior $640/st FOB level.
US Gulf:
NOLA phosphate prices took a step down in a week of active trading, players reported. February DAP barges softened to $575-$590/st FOB, with March trades some $10/st lower, at $565-$580/st FOB. April business was reported in the $555-$558/st FOB range.
MAP barges tracked at $600-$630/st FOB, with firmer indications remaining unconfirmed for the week.
US Exports:
Nothing new was reported on the US Gulf export market, leaving DAP and MAP prices steady at $570/mt FOB.
Eastern Cornbelt:
DAP was steady at $635-$660/st FOB in the Eastern Cornbelt, with the low reported out of spot Illinois River terminals and the high on the Ohio River. MAP remained at $680-$695/st FOB in the region. The Cincinnati market was steady at $650/st FOB for DAP and $685/st FOB for MAP.
DAP was quoted at $635-$650/st FOB and MAP at $660-$690/st FOB in the Western Cornbelt, with the lower end of both ranges confirmed at St. Louis and the high in Iowa.
Southern Plains:
DAP was reported at $640-$660/st FOB in the Southern Plains, with both the high and low confirmed at Catoosa/Inola during the week, depending on supplier and time of shipment. MAP remained at $680-$690/st FOB in the region.
South Central:
DAP prices firmed to $645-$660/st FOB in the South Central region, up $10/st from last report, with the low confirmed at Memphis and the high in Arkansas and Kentucky.
Southeast:
Nutrien raised its MAP postings at Aurora, N.C., and White Springs, Fla., during the week, firming to $650/st FOB from the prior $640/st FOB level.
Iran:
Agricultural Support Services Co. (ASSC), a subsidiary of Iran’s Ministry of Jihad-Agriculture, has issued a tender for the purchase of two 30,000 mt cargoes of GMAP. The tender closes on March 2, and offers will be opened the following day.
China:
No new phosphate exports or deals were reported out of China. Though the restrictions on DAP shipments remain in place, sources expressed hope that some DAP and MAP exports could materialize in March, earlier than previously expected.
When DAP and MAP offers resume from China, sources said they expect to see competition for the available DAP, while the MAP will most likely be offered to buyers in Latin America.
India:
Despite efforts to find lower-priced DAP, Indian buyers are facing high prices.
An Indian buyer has reportedly signed a contract with OCP for 150,000 mt of DAP at $595/mt CFR, a price that buyers had previously resisted. At this level, said sources, the subsidies available for DAP are insufficient to ensure that sellers will not lose money on the deal.
There was no word on when OCP will ship the DAP. March is the most likely time in order to ensure the product is in place for the spring application season and for payments to be covered under the new budget, set to take effect on April 1.
January-November DAP imports to India softened 5%, to 5.9 million mt from the year-ago 6.2 million mt. China supplied 2.3 million mt, while Saudi Arabia shipped 1.7 million mt. November imports stood at 596,000 mt, slightly above the 574,000 mt received in the prior November.
Brazil:
The landed price of MAP edged lower, to $550-$560/mt CFR from last week’s $550-$565/mt CFR. There were persistent reports of inland MAP trades falling below the import-equivalent price, and other phosphate fertilizers were said to offer a more economical alternative to MAP.
Prices continued to weaken at Rondonópolis. Negotiations for 2024/25 soybean demand fell in the $670-$690/mt FOB ex-warehouse range, off from last week’s $680-$695/mt FOB. Replacement costs at the low side of the range tracked below the current $550-$560/mt CFR import price.
Argentina:
MAP imports to Argentina totaled 758,000 mt for 2023, Trade Data Monitor reported, a marginal decrease from the year-ago 793,000 mt. Morocco accounted for 416,000 mt, or 55% of the tonnage, followed by China with 197,000 mt. December purchases were put at 33,000 mt, rising from 19,000 mt in December 2022.