Central Florida:
Central Florida DAP trucks stretched $10/st at the top of the range, to $570-$580/st FOB from $570/st FOB at last report. MAP lifted to $620-$680/st FOB from last week’s $620/st FOB, returning the product to a $100/st premium to DAP. North Florida MAP postings remained at $650/st FOB.
US Gulf:
NOLA phosphate traders reported a focus on DAP barges during the week. DAP prices narrowed to $550-$553/st FOB, near the top of last week’s $540-$555/st FOB, while a trade for just 500 mt was reported at $555/st FOB. MAP barges were unchanged at $635-$640/st FOB, tightening the DAP/MAP price differential to an average $86/st during the week.
US Exports:
DAP exports continued at $550/mt FOB for the latest business. With no public spot transactions reported in recent months, MAP cargoes continued at the last-done $570/mt FOB level.
Eastern Cornbelt:
The DAP market was reported at $595-$610/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. Recent offers in Illinois included DAP at $597/st FOB Ottawa and LaSalle. MAP slipped slightly to $687-$700/st FOB in the region, with the low reported at Ottawa.
Western Cornbelt:
DAP was steady at $585-$610/st FOB in the Western Cornbelt, with the St. Louis market quoted in the $585-$595/st FOB range. The latest DAP offers FOB Caruthersville, Mo., were pegged at the $600/st FOB level, down $10/st from last report. MAP remained at $680-$700/st FOB in the region, with the low again confirmed at St. Louis.
Southern Plains:
DAP was reported at $600-$615/st FOB in the Southern Plains, with MAP at $690-$710/st FOB.
South Central:
DAP was quoted at $590-$615/st FOB in the South Central region, down from $600-$625/st FOB at last report, with the low confirmed at Memphis and the high in Arkansas. Pricing in Kentucky was pegged at the $597/st FOB level during the week.
Southeast:
Reference prices for MAP at Aurora, N.C., and White Springs, Fla., remained at $650/st FOB during the week.
Benelux:
DAP business in Benelux remained limited, with indications unchanged in the €620-€625/mt FCA range. Due to an appreciating euro against the US dollar, however, this reflects a higher US dollar price of $690-$695/mt FCA.
Baltic:
DAP prices in the Baltic were stable this week at $520-$615/mt FOB. PhosAgro is reportedly down for a planned turnaround in September, which is expected to limit spot activity loading ex-Baltic.
There were no changes to MAP prices in the Baltic, which remained stable at $585-$595/mt FOB. Brazil’s import season is waning, with limited changes expected to Brazilian netbacks.
Morocco:
Moroccan DAP FOB levels moved up sharply, reflecting netbacks from India, where OCP sold 500,000 mt of DAP at $620/mt CFR in conjunction with TSP. With returns from sales into Europe reflecting the high end of the range, Moroccan DAP strengthened to $575-$625/mt FOB.
China:
Sources elaborated on the government’s decision to begin restricting phosphate exports. Rather than shut down the whole inspection process, sources now say the processing period has moved from 14 days to 40-70 days, depending on the product and destination.
Few players will be willing to commit to a deal with such a long time frame before it is even known whether the tons can be exported, said one source. The move, he said, has effectively stopped all phosphate exports without explicitly halting shipments.
Even before the new extended inspections were put into place, sources had noticed few approvals for DAP shipments to India. No shipments to India have been allowed in the past couple of weeks, players reported.
Some tied the move to political maneuvering between the two countries, while others view the denial of DAP exports to India as a way to default on earlier fixed-price sales now seen as too low by producers.
The restrictions on phosphate exports have effectively closed the export market, replacing actual business with speculation for price discovery.
India:
No new DAP purchases were reported this week, leaving the market at the $620/mt CFR level achieved by OCP in its recent large deal with India. Indian buyers continue to look for product, sources noted, as the country’s DAP stockpiles were reported to remain at uncomfortably low levels.
Brazil:
MAP Imports were unchanged at $635/mt CFR, with players citing limited offseason interest. Some inquiries have reportedly begun to surface for October shipments, however.
Following several weeks of firm prices due to limited availability, MAP prices stretched to $760-$790/mt FOB at Rondonópolis, reflecting seasonal softening ahead of the soybean planting season. Demand for product has remained low, contributing to price flexibility in the market and allowing suppliers to adopt different pricing strategies.
Despite grain market fluctuations that have threatened the MAP barter ratio, prices have remained relatively stable over the past month.
Argentina:
OCP/Morocco dominated MAP sales to Argentina in January-June, according to Trade Data Monitor, accounting for 77% of the country’s 297,000 mt of total imports during the period, while China added 47,000 mt. First-half imports were up 9% from the 272,000 mt received in January-June 2023.
June MAP imports totaled 110,000 mt, down 20% from the year-ago 138,000 mt, and second-quarter imports of 235,000 mt were up 8% from the 217,000 mt received in April-June 2023.