Central Florida:
Central Florida DAP truck postings firmed to $580-$590/st FOB, up from previous $580/st FOB level. MAP softened to $660-$670/st FOB, however, down $10-$20/st from last week’s flat $680/st FOB. North Florida MAP continued at $650/st FOB.
US Gulf:
NOLA DAP barges softened $3/st at the bottom of the range, sliding to $550-$560/st FOB from last week’s $553-$560/st FOB, with most business reportedly focused on the lower end of the range. Despite ongoing near-term supply limitations, MAP barges fell to $625-$635/st FOB from the prior $635/st FOB level.
US Imports:
July DAP imports softened 67.9%, to 62,355 st from 194,481 st in July 2023. Imports from Jordan were counted at 60,630 st, followed by 798 st from Mexico and 485 st from Canada.
July MAP/Other imports were 4,085 st, a sharp 94.7% decline from the year-ago 77,750 st. Mexico topped the seller list with 1,416 st, beating 863 st from Canada and 580 st from China.
US Exports:
DAP exports from the US Gulf continued at $610/mt FOB for DAP and $570/mt FOB for MAP, though MAP pricing is expected to move closer to DAP in the next round of business.
July DAP shipments rose 56.9%, to 41,695 st from 26,575 st in July 2023. US DAP sellers sent 21,042 st to Peru for the month, ahead of 6,612 st to Argentina, 5,765 st to Honduras, and 4,886 st to Colombia.
MAP/Other exports moved 74.8% higher in July, to 91,467 st from 52,327 st in July 2023. Canada received 74,595 st of MAP from the US, Brazil took 7,715 st, and Colombia received 4,792 st.
Eastern Cornbelt:
DAP was reported at $597-$605/st FOB and MAP at $687-$700/st FOB in the Eastern Cornbelt, with the lower end of both ranges confirmed on the Illinois River. The Cincinnati market was pegged at $600-$605/st FOB for DAP and $690-$695/st FOB for MAP during the week.
Western Cornbelt:
DAP continued at $585-$610/st FOB in the Western Cornbelt, with the low reported at St. Louis. MAP remained at $680-$700/st FOB in the region.
Northern Plains:
DAP was up $5-$10/st, to $600-$610/st FOB St. Paul, with MAP unchanged at the $695-$700/st level FOB St. Paul.
Northeast:
DAP was quoted at $620/st FOB East Liverpool, Ohio, with MAP pegged at the $705/st FOB level at that location. No current MAP prices were reported out of Fairless Hills in early September.
Eastern Canada:
The latest MAP offers in Eastern Canada firmed to C$980-$1,025/mt FOB, above the prior C$980-$995/mt FOB range. DAP remained at C$960/mt FOB Montreal in early September.
Benelux:
DAP activity in the Benelux region has yet to pick up in earnest, with buyers in no rush to secure product for the new season. Price indications around €620/mt FCA prevail, which equates to $683-$685/mt FCA at midweek exchange rates.
Baltic:
DAP prices in the Baltic were stable at $560-$615/mt FOB, with the low reflecting netbacks from at least two cargoes sold by a Russian producer into India. Netbacks from Latin America are estimated some $20/mt higher, with the $615/mt FOB high end confirmed by smaller sales into Western Europe.
Morocco:
Moroccan DAP FOB levels edged higher based on several sales into Europe, yielding a netback of $635/mt FOB. As a result, prices this week firmed to $575-$635/mt FOB, with the low end reflecting Indian netbacks and the high reflecting European sales.
China:
All phosphate exports remain prohibited from China. Beijing has indicated the restrictions will not be lifted anytime soon, sources reported.
India:
India remains desperately short of DAP, sources said. Three companies held tenders for DAP this week, with unsatisfying results.
Rashtriya Chemicals and Fertilizers (RCF) closed a tender for two lots of 10,000 mt, with only Midgulf reported offering tons at $650/mt CFR. The tender was scrapped and reissued, with the new tender set to close on Sept. 13. The buyer requested the lots to be shipped to both East Coast and West Coast ports by Sept. 30.
A second RCF tender for DAP or MAP will close on Sept. 14. The tender is for two lots of 20,000 mt each. The first lot is to be shipped within 30 days of the issuance of a purchase order, with the second to be shipped by Nov. 15.
NFL closed a DAP tender on Sept. 9 for two lots of 30,000-50,000 mt. Again, one lot was earmarked for an East Coast port and the other for a West Coast port. No details of this tender were available at press time.
Hindustan Fertilizers reportedly received two offers in its tender for two lots of 50,000 mt of DAP. Midgulf and Agrifields submitted offers in the tender, sources reported, but there was no word on the prices offered. Shipment for the two lots was requested by the end of September.
In the past, Indian buying houses have used DAP tenders to nail down prices for large DAP contracts. Just last month, however, India closed a large deal with OCP for DAP shipments into March 2025 at $620/mt CFR. Sources were not surprised to see reports of higher prices in the three recent tenders. The smaller amounts sought in each tender alone would demand a higher price, players said.
With China out of the phosphate export market, sources said India’s main options for product are Saudi Arabia, Jordan, and Morocco. India has already closed a deal with OCP/Morocco, leaving just the other two Arab Gulf producers. One trader noted that neither producer has any incentive to drastically lower prices, only to make India happy.
To satisfy some phosphate needs, FACT announced a tender for 30,000 mt of NPK 15-15-15 to close on Sept. 23. The company called for prompt shipment of the material.
Russian suppliers seem to be avoiding making a major play for Indian business. Instead, one source said the Russians seem to be concentrating on the Brazil MAP market for a better return.
Brazil:
Landed MAP prices softened for a second consecutive week, to $625-$635/mt CFR from $630-$635/mt CFR at last report, pressured by limited end-season demand.
In the domestic market, MAP offers were limited despite some last-minute purchases of high-concentration product. Concerns over potential delivery delays caused anxiety among growers awaiting favorable weather to begin planting the 2024-2025 soybean crop. Prices ranged at $780-$800/mt FOB at Rondonópolis, reflecting a $5-$10/mt increase.
August MAP imports firmed 6% year-over-year, to 570,000 mt. Morocco supplied nearly 200,000 mt, a 54% increase from August 2023, while Russia fell short of expectations with 180,000 mt. January-August imports were down 14% from last year, driven by reduced volumes from heavyweights Russia, Morocco, and Saudi Arabia. Russia remained the leading supplier with about 1.5 million mt, followed by Morocco with nearly 770,000 mt.