Central Florida:
DAP trucks loading from Central Florida were posted at $550/st FOB, steady from one week earlier. Sources reported MAP postings rising to $580/st FOB, up from $565-$580/st FOB in the prior report.
U.S. Gulf:
With the spring application window quickly narrowing, sources reported softening values for DAP and MAP barges loading from NOLA.
Prompt and loaded barges continued to draw a significant premium to those releasing in May, with trades quoted up to $563/st FOB, a decline from the week-ago $578/st FOB. Trading for first-half May was noted slipping to a $520-$522/st FOB floor, down from $525/st FOB one week earlier. Offers for domestic barges loading in April and May were posted at $545/st FOB.
Sources reported a quieter MAP market, with offers and trades softening to $575/st FOB at the top of the range. Trading was quoted up to $582/st FOB in the prior report.
The nearby DAP barge market was pegged in a wide $520-$563/st FOB range for the week, falling from $525-$578/st FOB in the prior report. MAP barges were quoted at $525-$575/st FOB, down from last week’s $525-$582/st FOB range.
U.S. Exports:
Sources described a quiet Gulf spot export market. Last-done included a 7,000 mt DAP load selling into a Latin American destination, with pricing pegged at $580/mt FOB. With no new trades reported, Gulf phosphate exports remained at $580/mt FOB.
Eastern Cornbelt:
DAP pricing was quoted at $595-$605/st FOB in the Eastern Cornbelt, with the low reported at Ottawa and reflecting a $10/st increase from last report. The Cincinnati DAP market remained at a firm $595-$605/st FOB in mid-April on reports of tight supply.
“Logistics are a bit of a mess everywhere, creating delays in product arriving,” said one source. “There are lots of outages on the Ohio River.”
MAP was pegged at $620-$635/st FOB in the region, with the low confirmed at Cincinnati. The Ottawa MAP market was pegged firmly at the $630/st FOB level at mid-month.
Western Cornbelt:
DAP pricing firmed to $575-$590/st FOB in the Western Cornbelt, depending on location. The St. Louis DAP market was quoted at a firm $585-$590/st FOB in mid-April, up $10-$15/st from last report. MAP was unchanged at $615-$630/st FOB in the region, with St. Louis pricing pegged in the $615-$625/st FOB range.
The Catoosa/Inola market strengthened to $585-$590/st FOB for DAP, with MAP steady at $625-$640/st FOB.
Northern Plains:
DAP pricing FOB St. Paul was reported at a firm $590/st FOB for prompt tons, with MAP quoted in the $625-$645/st FOB range at that location. Delivered MAP in western North Dakota remained at $670-$680/st from Western U.S. shipping points.
Great Lakes:
Sources reported tight phosphate inventories out of Michigan warehouses, with DAP quoted at a firm $600-$605/st FOB and MAP at $630-$640/st FOB, where available. Multiple locations were out of product in mid-April, however, including Webberville and Essexville.
Northeast:
DAP pricing was quoted at $605/st FOB East Liverpool, Ohio, in mid-April, up $10/st from last report. MAP was pegged at $630/st FOB East Liverpool, with Fairless tons quoted at $620/st FOB for April-June offers.
Saudi Arabia:
Recent Saudi Arabia phosphate pricing moved to $520-$550/mt FOB, sources said, a change from $500-$560/mt FOB at last report.
China:
Sources said more DAP buyers are accepting the Chinese price of $530-$540/mt FOB. Deals in India and Pakistan are now showing netbacks that reflect this range.
Producers had allowed some sliding in the price to allow major buyers such as India and Pakistan to move up their landed price. Now that an equilibrium seems to have been found, however, sources said they expect to see the producers hold even at this level.
Pakistan:
Sources said two DAP cargoes were purchased at $570/mt CFR. According to a trader, one cargo was secured some time ago for delayed delivery, while the second cargo was only recently negotiated and accepted.
India:
Sources are reporting that Indian buyers are accepting higher prices for DAP. Reportedly, a deal was struck at $567-$569/mt CFR for a cargo.
The government has still not settled on a maximum retail price for DAP, and sources said buyers will remain hesitant to buy until a new nationwide price is set. So far, the government has only set a price for the state of Karataka and for IFFCO. Other companies and other states are still operating under the old fiscal year pricing.
Russia:
Exports of DAP in February 2021 were down 17 percent, to 142,000 mt from 172,000 mt in February 2020, according to Trade Data Monitor. January-February 2021 exports totaled 264,000 mt, down about 25 percent from 350,000 mt during the same period last year.
Despite the year-over-year drop so far this year, exports on an average monthly basis are ahead of 2020. Average monthly exports in 2020 were about 127,000 mt, compared with 132,000 mt so far in 2021.
Brazil:
Prices for MAP at Paranagua softened a bit at the upper end of the range, to $610-$620/mt CFR. Traders noted the absence of Chinese MAP in the market as a stabilizing price influence.
The Rondonopolis price showed a tightening in the range, to $730-$755/mt FOB ex-warehouse. Sources said the absence of MAP at inland distribution centers is helping strengthen regional prices.
The barter rate in Rondonopolis and Sorriso for 1 mt of MAP remains steady at 37 bags of soy or 100 bags of corn. The rate at Southern Goias shifted slightly to 37.3 bags of soy and 65.2 bags of corn.