All posts by hlancey@bloomberg.net

DAP/MAP

Baltic Sea, Bangladesh, Benelux, Brazil, Central Florida, China, DAP/MAP, Eastern Cornbelt, India, Market Watch, Morocco, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, Western Cornbelt

Central Florida:

Central Florida DAP trucks were reported at $570-$580/st FOB, stretching from last week’s $570/st FOB level, while MAP trucks softened to $610-$620/st FOB from $620/st FOB at last report. Sources put North Florida MAP postings at $650/st FOB, a $40/st increase from the prior $610/st FOB.

US Gulf:

NOLA phosphate prices tightened during the week, sources said. DAP barges traded at $540-$545/st FOB, off slightly from last week’s $540-$547/st FOB. MAP transacted at a flat $640/st FOB, at the midpoint of the week-ago $635-$645/st FOB range, while netbacks from terminal sales were reported at a $645/st FOB NOLA equivalent.

US Exports:

With no new spot business reported, the US Gulf export markets continued at $550/mt FOB for DAP and $570/mt FOB for MAP.

Eastern Cornbelt:

The DAP market remained at $595-$610/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. MAP was unchanged at $690-$700/st FOB in the region.

Western Cornbelt:

DAP was reported at $590-$610/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.

Southern Plains:

DAP at Catoosa/Inola was pegged at $600-$605/st FOB, depending on supplier, with the Houston market quoted at the $640/st FOB level for the last offers. MAP pricing was reported at $700-$710/st FOB Catoosa/Inola and up to $725/st FOB in Texas.

South Central:

DAP was reported at $600-$625/st FOB in the South Central region, with the low confirmed out of river terminals in Kentucky. The Memphis DAP market was reported at the $610-$625/st FOB level during the week, up $5-$15/st from mid-July.

Southeast:

Reference prices for MAP at Aurora, N.C., and White Springs, Fla., firmed to $650/st FOB during the week, up from the prior $630/st FOB and $610/st FOB levels, respectively.

Benelux:

DAP trade in the region is slow with demand seasonally muted. DAP offers of €620-€630/mt FCA were widely circulated, with no takers so far. At midweek exchange rates, these offers reflected around $678-$688/mt FCA. DAP in Benelux was reported at $672-$678/mt FCA this week, reflecting the last known confirmed business and the low end of new offers.

Morocco:

More than 50,000 mt of Moroccan DAP was reportedly sold this week, with netbacks range-bound. OCP is understood to be in discussions with India for phosphate supply of up to 500,000 mt as the South Asian country mulls a special subsidy for phosphates.

Moroccan DAP was unchanged at $510-$625/mt FOB. Tunisian and Egyptian DAP was reported near the higher end of the range at $620-$625/mt FOB.

Baltic:

MAP prices in the Baltic were unchanged this week at $585-$595/mt FOB, reflecting stable Brazilian CFR values in the absence of new sales.

China:

A DAP sale to Pakistan reported at $620/mt CFR will net back $595/mt FOB to China, sources said, fitting with the market’s previously reported $590-$600/mt FOB range. A reported $585/mt FOB transaction for a smaller quantity was discounted by market watchers as a one-off deal.

Sources said they are beginning to see more DAP and MAP being offered for export.

India: 

India’s DoF has reportedly concluded a deal with OCP/Morocco for much-needed DAP shipments at $580/mt FOB, roughly equal to $615-$620/mt CFR.

The talks started with OCP offering DAP at $575/mt FOB, but with the proviso that India also buy large quantities of TSP. The DoF countered with $560/mt FOB and no TSP. In the end, the two parties reportedly agreed on the $580/mt FOB price with no obligation to buy TSP. Sources noted freight costs from Morocco to India at $35-$40/mt, for a landed price of $615-$620/mt CFR.

The new price is significantly higher than India’s estimated breakeven level in the low-$480s/mt CFR that sellers are permitted to charge for DAP. There are reports that the Indian government will be providing a one-off extra DAP subsidy that could take the breakeven price into the $520s/mt CFR.

Even at that level, importers will be losing money. This is why only India’s state-owned entities are involved with the deal, one trader commented. No private-sector DAP importer could afford the loss.

Bangladesh:  

Some uncertainty exists as to how and when the letters of commitment will be issued in Bangladesh’s recent DAP tenders now that the government has changed hands. Some extra delays may be expected as the new administration gets a handle on the daily operation of the government agencies, sources said.

Brazil:

Landed MAP prices increased $5/mt at the bottom of the range, settling at a flat $635/mt CFR. Offers previously noted at $630/mt were no longer available, as affordability concerns remain a significant issue for market players. The domestic market reflected the firmer CFR price, rising to $770-$790/mt FOB Rondonópolis.

January-July MAP imports fell 18%, Trade Data Monitor reported, to 2.3 million mt from the year-ago 2.8 million mt, on lower receipts from Morocco and Saudi Arabia. Russia sent 1.3 million mt, followed by Morocco with 566,000 mt. July 2024 imports were 524,000 mt, a marginal increase from the 519,000 mt received in July 2023.

July imports totaled 500,000 mt, in line with the five-year average.

TSP

Brazil, Eastern Cornbelt, Market Watch, South Central, Triple Superphosphate, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA TSP barges were noted at $510/st FOB for the week, up from $500-$508/st FOB at last report.

Eastern Cornbelt:

TSP edged up to $555-$565/st FOB in the Eastern Cornbelt, depending on location, with the low confirmed at Cincinnati for tons arriving in September.

Western Cornbelt:

TSP was unchanged at $550-$560/st FOB in the Western Cornbelt, with the Caruthersville market quoted firmly at the $555/st FOB level.

South Central:

The TSP market remained at $550-$560/st FOB in the South Central region.

Brazil:

TSP prices pulled back $20/mt at the high side, settling at $510/mt CFR, with sources reporting limited availability and reduced demand due to low grain prices. TSP remained unavailable at Rondonópolis.

SSP

Brazil, Market Watch, SSP

Brazil:

Import prices for SSP 19-21 inched $5/mt higher, to $220-$250/mt CFR from $215-$245/mt CFR at last report.

Rondonópolis SSP fell $5-$10/mt during the week, to $350-$370/mt FOB, with strong supply partially offsetting the lack of availability seen for other phosphate products. In addition to improved domestic production, the barter ratio for SSP was increasingly favorable compared to high-concentration phosphates.

SSP-23 prices fell slightly at the low end of the range, to $380-$405/mt FOB Rondonópolis.

Phosphoric Acid

Eastern Cornbelt, Market Watch, Phosphoric Acid, Southern Plains, Western Cornbelt

Eastern Cornbelt:

Phosphoric acid reference prices for August firmed to $11.25/unit rail-DEL in the Eastern Cornbelt.

Western Cornbelt:

The phos acid market in the Western Cornbelt remained at $11.25/unit rail-DEL for August shipments.

Southern Plains:

The phos acid market was quoted at $11.25/unit rai-DEL for August tons in the Southern Plains, up $0.25/unit from July.

Muriate of Potash

Brazil, Eastern Cornbelt, Market Watch, Northwestern Europe, Potash Muriate, South Central, Southeast, Southeast Asia, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA potash barges remained at $265-$275/st FOB in a thinly traded market.

Eastern Cornbelt:

Potash slipped to $315-$335/st FOB in the Eastern Cornbelt, with the low reported out of Ohio River terminals on a spot basis. The Cincinnati market remained at $320-$330/st FOB during the week.

Western Cornbelt:

Potash was steady at $315-$330/st FOB in the Western Cornbelt, with the upper end confirmed at Caruthersville and in the Iowa market on a spot basis. The St. Louis market was reported at $315-$325/st FOB during the week.

Southern Plains:

Potash was reported at $320-$340/st FOB regional warehouses in the Southern Plains, depending on location and supplier.

The latest potash reference prices from Intrepid FOB Carlsbad, N.M., were $405/st for 60% white granular and $413/st for 62% white standard, down $55/st from the previous list price. The company’s postings at Moab and Wendover, Utah, dropped to $400/st FOB for 60% white standard and $405/st FOB for 60% white granular, also down $55/st.

South Central:

Warehouse potash pricing in the South Central region slipped to $315-$335/st FOB, down $5/st from last report, with the low confirmed in Kentucky. Most Arkansas warehouses were pegged at the $330/st FOB level during the week.

Southeast:

Potash was quoted at $315-$335/st FOB in the Southeast, depending on grade and location, with rail-DEL pricing reported at the $332-$348/st level in the region.

Northwest Europe:

Seasonally low demand continues to be reflected in flat potash prices across Northwest Europe. Buyers remained disinterested and no updated offers were available from producers. Granular potash in Northwest Europe was unchanged at €330-€350/mt CIF, with standard priced at €315-€330/mt CIF.

Southeast Asia:

Despite expectations for price increases and renewed activity following the India and China potash settlements, market activity in Southeast Asia was largely muted this week, with small pockets of demand reported in Vietnam but no interest from the key markets of Thailand, Indonesia, and Malaysia.

Prices were flat as a result, with standard potash at $275-$290/mt CFR and granular at $330-$340/mt CFR.

Brazil:

Potash imports in Brazil slipped $5/mt at the top of the range, to $290-$300/mt CFR, with most higher offers reportedly disappearing due to the strong inventories.

Inland pricing softened $5/mt at the top of the range, settling at $420-$430/mt FOB Rondonópolis. The market’s firm supply and low prices have continued to support a favorable barter ratio for potash.

January-July potash imports in Brazil firmed 20% year-over-year, Trade Data Monitor reported, to 8.6 million mt. Rising imports from Canada, Russia, Uzbekistan, and Israel contributed to the higher numbers, while tons shipped from Germany fell sharply. Canada sent 3.2 million mt, Russia shipped 3 million mt, and Uzbekistan added 955,000 mt. July imports lifted 40% from July 2023, to 1.7 million mt.

Sulfur

ADNOC - Abu Dhabi, Alberta, Brazil, China, Market Watch, Qatar, Sulfur, Tampa, U.S. Gulf, Vancouver, West Coast

Tampa:

Third-quarter Tampa molten sulfur contracts were noted at $76/lt CFR, off 6.2% from $81/lt CFR in the second quarter.

US Gulf:

US Gulf sulfur lifted to $93-$98/mt FOB, with market players expecting further increases in response to the rising Brazil market.

Brazil:

New business into Brazil was reported at $135-$140/mt CFR, a jump from the last-done $119/mt CFR price.

Vancouver:   

Vancouver prills were steady at last week’s $95-$100/mt FOB level.

Alberta:

Alberta sulfur netbacks continued at (-)$39-$30/mt FOB, with molten tons contracted in the US market establishing the bottom of the range and Vancouver prices setting the highs.

West Coast:

West Coast solid sulfur continued in line with the Vancouver market at $95-$100mt FOB. Third-quarter molten contracts were noted at a flat $58/lt FOB, down $2-$4/lt from the second-quarter $60-$62/lt FOB level.

China:

Sulfur imported to China continued at $132-$137/mt CFR during the week. With Indonesian pricing recently noted at $145/mt CFR, players expect levels to continue rising at China in the short-term.

ADNOC:

Abu Dhabi National Oil Co. (ADNOC) sulfur was posted at $107/mt FOB Ruwais for August, up 30.5% from $82/mt FOB in July.

Qatar:

August Muntajat offers were reported at $106/mt FOB Ras Laffan, up $25/mt from July’s $81/mt FOB price.

Ammonium Thiosulfate

Amthio, Eastern Cornbelt, Market Watch, South Central, Southern Plains, Western Cornbelt

Eastern Cornbelt:

The ammonium thiosulfate market was reported at $270-$285/st FOB for the latest offers in the Eastern Cornbelt, with the low reported at Terre Haute, Ind., and the high at Cincinnati. In the Great Lakes region, inland warehouses in Michigan were quoted at the $335/st FOB level in early August.

Western Cornbelt:

Ammonium thiosulfate was pegged at $250-$275/st FOB in the Western Cornbelt, with both the high and low reported in Iowa during the week.

Southern Plains:

Ammonium thiosulfate prices continued at $235-$240/st FOB for the latest offers in the Southern Plains.

South Central:

Ammonium thiosulfate pricing was quoted at $300-$305/st FOB Memphis in early August.