Central Florida:
Central Florida phosphate truck prices continued at $630/st FOB for DAP and $655/st FOB for MAP. North Florida MAP postings were unchanged from the week-ago $650/st FOB level.
US Gulf:
NOLA DAP barge prices were reported at $610-$660/st FOB, narrowing from last week’s $600-$690/st FOB, while an upriver barge was noted trading at $675/st FOB. MAP prices pulled back to $620-$640/st FOB, off from the prior $640-$650/st FOB range. Prompt and loaded barges traded at the top of both the DAP and MAP ranges, sources said.
US Exports:
No new DAP or MAP spot business was reported out of the US Gulf, leaving the market unchanged at $570/mt FOB.
Eastern Cornbelt:
Tight supply and the prior week’s rapid hike in NOLA barge prices pushed new DAP references to a broad $685-$760/st FOB in the Eastern Cornbelt, depending on location and time of delivery, up sharply from last week’s $675-$685/st FOB. While the low end of the range was quoted out of spot Illinois River terminals for April tons, prompt pricing at Cincinnati reportedly jumped to $735-$760/st FOB during the week.
MAP was quoted at $685-$725/st FOB in the region, with the low again reported on the Illinois River for April tons. The Cincinnati MAP market was pegged at $695-$725/st FOB at mid-month, up from last week’s $685-$690/st FOB range.
Western Cornbelt:
DAP and MAP prices continued to strengthen on limited prompt availability. DAP firmed to $680-$730/st FOB in the Western Cornbelt, with both the high and low reported at St. Louis, depending on time of shipment. MAP was quoted at $675-$720/st FOB in the region, with the low confirmed at St. Louis for April availability and the high for prompt tons at that location.
Southern Plains:
Phosphates were fetching a large premium for very limited prompt tons, with prices dropping for April business. DAP in the Southern Plains surged to $750-$760/st FOB Catoosa/Inola for prompt tons, with reports of April offers falling to $685/st FOB at the port. MAP was pegged at $770-$780/st FOB Catoosa/Inola for prompt and $695/st FOB for April.
South Central:
DAP pricing in the South Central region was quoted at $700-$720/st FOB, up from the prior $660-$680/st FOB range, with the low confirmed in Kentucky and the high in Arkansas. The Memphis DAP market was pegged at the $710-$715/st FOB level at mid-month.
Southeast:
Nutrien’s MAP postings at Aurora, N.C., and White Springs, Fla., were unchanged at $650/st FOB in mid-March.
Morocco:
Limited new Moroccan DAP business was reported into Europe, with netbacks range-bound at previous levels. No further spot business was heard from Tunisia, but theoretical netbacks on par with Morocco were described as workable by several sources.
Benelux:
Benelux DAP prices strengthened this week on reports that major Moroccan and Russian suppliers are committed through April, with weather improving significantly after several weeks of rain. With renewed buyer demand and limited restocking options, distributors with product on hand have raised offers to $655-$670/mt FCA, up $10/mt at the low end of the range.
Baltic:
With Russian availability tight, Lithuanian DAP prices firmed to $615-$620/mt FOB, reflecting values achievable in Western Europe. Baltic DAP prices were assessed in a wide range at $540-$615/mt FOB, with the low end reflecting Russian netbacks from non-European destinations and the high reflecting the low end of Lithuanian prices for Northwest Europe.
Baltic MAP prices also edged $5/mt higher at the low end of the range, reflecting Brazilian netbacks.
China:
The process to allow DAP and MAP exports has quietly begun, sources said, though no concluded deals or price levels have yet been reported. The export paperwork is expected to take up the rest of the month, allowing the first shipment of phosphates to release during the first week of April.
India:
A DAP sale was rumored to conclude at $585/mt CFR, sources said. If confirmed, the deal would reflect a $10/mt drop from the last business done into India.
Indian buyers would welcome a lower price. Even at this new level, however, the price remains in excess of India’s breakeven level, based on the government’s maximum price allowed for product and the subsidy price for DAP.
Brazil:
The landed MAP price was unchanged at the week-ago $565-$570/mt CFR level. Multiple inland deals have been reported equivalent to $540/mt CFR, with discounts tied to the volume being purchased.
Companies entered the market with aggressive bids during this week’s Farm Show in Primavera do Leste. MAP trading fell to the $665-$685/mt FOB ex-warehouse range at Rondonópolis, down from $670-$700/mt FOB last week, with the price declines reportedly coming on small-volume trades. Inland SSP and TSP prices have also been discounted, increasing competition in the phosphate markets.
January-February MAP imports softened 44% year-over-year, Trade Data Monitor reported, to 401,000 mt from 712,000 mt. Russia sent 347,000 mt, for 87% of the total, followed by Morocco with 47,000 mt. February MAP imports were pegged at 257,000 mt, down 21% from 325,000 mt in February 2023.