Central Florida:
Offers for Central Florida MAP trucks softened to $620/st FOB from $670/st FOB at last report, shrinking the spread between DAP and MAP to $50/st. Posted pricing for DAP trucks continued at $570/st FOB. MAP pricing was steady at $610/st FOB in North Florida.
US Gulf:
Players described a choppy trading week in the NOLA DAP market. Prices moved up early in the week before falling to the lower end of the range as affordability continues to limit demand. DAP barges were reported trading in the $540-$547/st FOB range, up $10/st from the week-ago floor, while MAP was steady at last week’s $635-$645/st FOB level.
US Exports:
DAP exports continued at $550/mt FOB for the latest business. With no spot transactions reported in recent months, MAP cargoes continued to be noted at $570/mt FOB.
Eastern Cornbelt:
The DAP market tightened to $595-$610/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati. MAP was quoted at $690-$700/st FOB in the region, with the low again confirmed at Cincinnati during the week.
Western Cornbelt:
DAP was reported at $590-$600/st FOB in the Western Cornbelt, with MAP quoted at $690-$700/st FOB. The lower end of both ranges was reported in the St. Louis market in early August.
Northern Plains:
DAP was unchanged at $595-$605/st FOB St. Paul in early August, with MAP reported at $695-$705/st FOB St. Paul.
Northeast:
DAP was steady at $610/st FOB East Liverpool, Ohio, with MAP reported at the $700/st FOB level at that location. No current prices were reported out of Fairless Hills during the week.
Eastern Canada:
MAP in Eastern Canada firmed to C$980-$995/mt FOB, up C$25/mt at the low end of the range, with DAP strengthening to C$960/mt FOB Montreal, above the prior C$925/mt FOB level.
Benelux:
DAP prices in Benelux were range-bound at $672-$682/mt FCA. Russian and Moroccan product availability remains tight, as deep-water markets continue to compete for volumes amid China’s limited exports. Reports of DAP making its way to Europe from more unusual origins could not be confirmed, but are in line with expectations of demand resuming in the second half of August.
Morocco:
Moroccan DAP netbacks from sales into Europe and Latin America were largely stable this week at $510-$625/mt FOB. Despite an increase in offers into India, the Moroccan producer is still reportedly reluctant to entertain sales into South Asia due to lower returns compared with more premium markets. Tunisian product is reportedly priced in the same range as Moroccan.
Baltic:
MAP prices in the Baltic were stable at $585-$595/mt FOB this week based on Brazilian CFR values, which were capped at $635/mt CFR due to affordability concerns.
India:
Traders continue to note that India needs DAP. Bids have continued to be issued in the $590s/mt CFR and are being quickly rejected. Sources reported a deal this week involving Saudi material at $605/mt CFR.
Sources said the Saudi deal fits with other reports that OCP/Morocco is offering material at $610/mt CFR. However, the Moroccan phosphate giant seems to be insisting that Indian buyers also consider purchasing TSP, sources said.
China:
There have been no reports that the Chinese government is ready to reimpose restrictions on phosphate exports. As a result, more tons are under discussion for export, with prices holding in the $590s/mt FOB. At this level, sources said no business is expected into India.
Brazil:
Landed MAP prices slid to $630-$635/mt CFR in Brazil amid a backdrop of high grain prices, interrupting the rally that began in May.
Domestic prices dropped $10/mt at the top of the range, settling at $760-$780/mt FOB Rondonópolis. The decrease was influenced by a belief that demand for the 2024/25 soybean crop has already been widely covered, sources said. Some players suggested the remaining balance might not arrive in time, and may not be used for the upcoming summer crop.
While the August vessel lineup indicates a substantial volume aimed at Brazil, the high volumes do not necessarily translate into strong availability, players noted, as many of these shipments may have been sold prior to arrival.