Central Florida:
Central Florida phosphate prices were unchanged from last week, with DAP trucks reported at $580/st FOB and MAP posted at $600/st FOB. North Florida MAP truck postings continued at $630/st FOB.
US Gulf:
NOLA DAP barges traded at $505-$520/st FOB, players said, down from $505-$535/st FOB at last report. MAP barges lifted $5/st at the top of the range, however, to $520-$535/st FOB from last week’s $520-$530/st FOB, with some sellers targeting higher prices for June loading.
US Exports:
With no new spot business reported, the US Gulf DAP and MAP export markets continued at $570/mt FOB.
Eastern Cornbelt:
DAP pricing was pegged at $620-$660/st FOB in the Eastern Cornbelt, with the low in Illinois and the high in Ohio. The Cincinnati market was quoted at $650-$660/st FOB for DAP. In the Northeast, the latest East Liverpool DAP offers were reported at the $680/st FOB level, while delivered DAP in the Great Lakes region was quoted at $668/st for May tons.
MAP slipped to $665-$685/st FOB in the Eastern Cornbelt, with the Cincinnati market reported at $670-$685/st FOB during the week. In the Great Lakes region, delivered MAP offers were reported at the $693-$708/st level for May tons.
Western Cornbelt:
DAP slipped to $640-$660/st FOB in the Western Cornbelt, with MAP pegged at $660-$690/st FOB in the region. The St. Louis market was quoted at $640-$650/st FOB for DAP and $665-$680/st FOB for MAP at mid-month.
Southern Plains:
Phosphate pricing at Catoosa/Inola slumped to $635-$660/st FOB for DAP and $645-$675/st FOB for MAP at mid-month, with June-September offers quoted at $565-$575/st FOB for DAP and $595-$605/st FOB for MAP. Houston prompt pricing was reported at $640/st FOB for DAP and $675/st FOB for MAP during the week.
South Central:
DAP pricing in the South Central region was quoted in a broad range at $635-$670/st FOB, with the low confirmed at Memphis and the high in Arkansas. Kentucky sources also reported Ohio River terminal pricing at the $635/st FOB level for prompt tons.
Southeast:
The Aurora, N.C., MAP price remained at $650/st FOB, though Nutrien reportedly lowered its MAP posting at White Springs, Fla., to $630/st FOB in early May.
Benelux:
DAP offers into Northwest Europe slipped to €585-€595/mt FCA on reports of continued low demand, pushing the regional range down to $630-$640/mt FCA based on midweek exchange rates.
Morocco:
Moroccan prices for DAP were stable this week, with several sales reported within the wide $495-$600/mt FOB range. Downward pressure is being felt from India, however, where the latest CFR value was reported at $509/mt. Small sales into Europe continue to bring a premium, reflecting the high end of the range, but volumes are seasonally low.
Baltic:
With the downtrend in Indian CFR prices and lower offers reported in Northwest Europe, DAP pricing in the Baltic dropped to $460-$585/mt FOB for both Lithuanian and Russian exporters. Indian netbacks on Russian product reflected the low end, while European netbacks on Lithuanian DAP represented the high end of the range.
MAP prices in the Baltic were flat this week, with Russia suppliers able to hold Brazil at $570/mt CFR despite the increased availability of Chinese product.
China:
An Indian DAP purchase reported at $512/mt CFR translates to a China-equivalent price in the mid- to upper-$490s/mt FOB, sources said. The India deal does not appear to be for Chinese product, however, and sources stressed that no one is currently discussing Chinese deals below $500/mt FOB.
Sources reported bids to Chinese producers in the $490s/mt FOB being summarily rejected. With an estimated breakeven price in the upper-$480s/mt FOB, one trader previously noted that Chinese producers are loathe to allow prices to edge into the $490s/mt, fearing the possibility of a steeper decline.
When the Indian price was in the $590s/mt CFR, Chinese producers were willing to allow for some price reduction. In the end, the move to the $550s/mt CFR and $540s/mt CFR still allowed Chinese producers to enjoy a comfortable margin and move out significant tonnage under the restrictions imposed by the government. Now, said one trader, many of the producers are sitting back while other DAP-producing countries compete for the Indian business at much lower levels.
India:
Market sources noted a deal into India at $512/mt CFR. While players could not name the source, they were firm that the tonnage did not originate from China. Talks for subsequent business reportedly put the Indian market at $510-$512/mt CFR.
Indian buyers attempting to lean on Chinese producers to match that price have found their entreaties rebuffed. Other suppliers, however, seem willing to discuss business at this level.
Indian buyers will eventually have to step up their purchases, sources said. For now, however, the supply pipeline seems to hold enough material to keep inland distributors and growers happy. The pushback from Chinese producers, who refuse to sell below $500/mt FOB, may act as the support other sellers need to establish a price floor slightly above the market’s current level.
Brazil:
The landed MAP price edged higher, to $555-$570/mt CFR from last week’s $550-$570/mt CFR. Russian material continued at the top of the range, while Chinese tons set the low. NP 11-44 was quoted at $465/mt CFR.
The week brought stability to the Rondonópolis market, with some negotiations rising to $710/mt FOB ex-warehouse. Low-side prices softened to $685/mt FOB due to the stagnant market, however.