Central Florida:
Central Florida DAP dropped to $600-$630/st FOB, with the bottom of the range set by railed product. MAP remained stable, with truck prices unchanged at $655/st FOB. North Florida MAP postings continued at $650/st FOB.
US Gulf:
NOLA DAP prices traded slightly lower, losing $5/st on the bottom of the range to settle at $525-$550/st FOB during the week. Sources reported DAP paper for May at $475/st FOB and June paper in the $455-$485/st FOB range.
NOLA MAP barges plummeted 12.3% as sellers revised offers lower during the week, with new trades falling to $480-$485/st FOB from last week’s $550/st FOB.
US Exports:
With no new spot business reported, the US Gulf DAP and MAP export markets continued at $570/mt FOB.
Eastern Cornbelt:
DAP slipped to $660-$680/st FOB in the Eastern Cornbelt, with the low reported out of spot Illinois River terminals. Most Illinois terminals were pegged in the $665-$675/st FOB range at mid-month, while the Cincinnati DAP market dropped to the $665/st FOB level for new business, down significantly from the prior $685-$710/st FOB range.
MAP was pegged at $680-$710/st FOB in the region, with the low again reported out of spot Illinois River terminals. MAP pricing at Cincinnati was quoted at $690-$695/st FOB.
Western Cornbelt:
DAP was reported at $655-$695/st FOB in the Western Cornbelt, down $5-$10/st from last week, with MAP quoted at $675-$710/st FOB in the region. St. Louis offers slipped to $670-$680/st FOB for DAP and $690-$700/st FOB for limited MAP tons.
Northern Plains:
DAP was quoted at $680-$690/st FOB St. Paul, with MAP reportedly down to $700-$710/st FOB at the Cities, below the prior $715-$725/st FOB range.
Great Lakes:
MAP was pegged at a firm $710-$720/st FOB in the Great Lakes region for prompt tons, with limited DAP offers reported at the $695-$708/st FOB level.
Northeast:
The DAP and MAP markets in the Northeast were quoted at $695/st FOB and $700/st FOB, respectively, with rail-DEL pricing pegged at the $725/st level for MAP.
Eastern Canada:
MAP pricing in Eastern Canada was unchanged at C$985-$995/mt FOB, with DAP remaining at C$945/mt FOB Montreal.
Benelux:
DAP prices in Benelux were stable this week at €600-€610/mt FCA, with no new deals reported at the tail end of the spring season. However, with the US dollar appreciating close to 1% against the euro, the nominal US dollar prices for DAP have shifted lower to $637-$650/mt FCA.
Baltic:
Baltic DAP prices moved lower this week, to $485-$595/mt FOB, with the low end reflecting Indian netbacks on Russian product following a decline in India prices to $548/mt CFR in the recent National Fertilizers Ltd. (NFL) tender. The higher end of the range was based on Lithuanian DAP netbacks from Northwest Europe.
China:
The rumored restrictions on urea exports could also affect DAP and MAP exports from China. The reports coming out of China mentioned a restriction on fertilizer exports in general, sources said, rather than on one specific type of fertilizer.
So far, said one trader, only urea producers have been approached about the possibility of limiting exports. Phosphate producers are already in the process of clearing tons for shipment, with some material reportedly ready for loading at ports.
No new spot deals were reported. Sources looked to the NFL tender results from last week as a guide to DAP pricing at China. Even though the NFL cargo will most likely originate from Russia, sources estimated the China-equivalent netback at $528-$530/mt FOB.
India:
NFL has issued an award in its tender for 45,000-50,000 mt of DAP, sources said, with the final price reported at $548/mt CFR for May shipment. The product will reportedly come from Russia.
Another tender, held by Gujarat State Fertilizers and Chemicals Ltd. (GSFC), closed on April 18, an extension on the planned closing date. While the tender reportedly shows a lower price of $542/mt CFR, the buyer is said to be seeking an even bigger discount.
Brazil:
The landed MAP price in Brazil increased by $5/mt, settling at $570-$575/mt CFR. Significant soybean season demand is expected in the weeks ahead.
MAP prices slipped in Rondonópolis, however, to $705-$720/mt FOB from $710-$720/mt FOB at last report. While some noted a feeling of stability in the market, others are awaiting the return of Chinese product and expect prices to drop going forward.