Central Florida:
DAP trucks loading from Central Florida continued to be quoted at $550/st FOB, unchanged from the previous week. Sources also reported MAP steady at the prior $580/st FOB level.
U.S. Gulf:
Prices for NOLA DAP and MAP barges edged lower for the week. Hope that late-April barges would still arrive at upriver locations in time for spring led to a wide price variance between nearby and 30-day loadings, sources said.
Prompt and loaded DAP barges were reported changing hands at a $560/st FOB high, slipping from the week-ago $563/st FOB top, while volumes trading at the bottom of the range were noted firming $8/st to $528/st FOB. Domestic barges were reportedly offered at $545/st FOB for April or May shipment.
Barges off an Egyptian DAP vessel unloading on April 26-27 were rumored to be offered at below-market prices, in the low-$500s/st FOB. Players attributed the discount to the product’s “goldish” color, as well as potential quality concerns.
MAP barges also suffered top-end erosion, slipping to a $570/st FOB ceiling from the week-ago $575/st FOB high. Pricing moved up at the bottom of the range, however, to $535/st FOB from the prior $525/st FOB low.
Sources noted no immediate market impact from reports that Mosaic will be forced to reduce second-quarter DAP and MAP production at its Faustina plant in St. James, La., in response to tight molten sulfur supply. Described by industry sources as a hangover from robust spring production runs, the cuts were projected to impact early summer fill volumes, but will likely resolve prior to the pre-fall fulfillment window.
DAP barges were reported in the $528-$560/st FOB range, moving from $520-$563/st FOB the week before. Sources quoted MAP barges at $535-$570/st FOB, shifting from the week-ago $525-$575/st FOB range.
U.S. Exports:
Low spot availability continued to result in a subdued Gulf export market, sources said. Recent business included a 7,000 mat DAP load sold into Latin America at $580/mt FOB. With no new transactions reported, Gulf phosphates continued to be called $580/mt FOB.
Eastern Cornbelt:
DAP was quoted at $600-$615/st FOB in the Eastern Cornbelt, up another $5-$10/st on reports of tight supply. The Ottawa market was pegged at the $605/st FOB level, with Cincinnati DAP pricing reported at $605-$610/st FOB. MAP remained at $620-$635/st FOB in the region.
Western Cornbelt:
DAP pricing in the Western Cornbelt continued to firm, with the market quoted at $585-$595/st FOB, up $5-$10/st from last report. MAP pricing, meanwhile, was down slightly at $610-$625/st FOB in the region, with inventories described as more readily available than DAP.
Southern Plains:
The DAP market had reportedly edged up to $585-$600/st FOB on reports of very tight supply in the Southern Plains, with the low confirmed in Houston and the high at Catoosa/Inola. MAP supplies were described as more plentiful than DAP, with MAP pricing pegged at $610/st FOB Houston and $625-$640/st FOB Catoosa/Inola.
South Central:
Warehouse DAP prices were quoted at $585-$605/st FOB terminals in the South Central region, up $5-$15/st from last report, with the lower end of the range reported at Memphis and the high at Shreveport. The market FOB Little Rock, Ark., was pegged firmly at the $600/st FOB level at mid-month.
Sources described heavy spring application volumes in the region, with supply and logistics issues starting to crop up on the river. “We are seeing pretty busy days,” said one regional contact. “Logistics are a concern, as vessels are facing berthing delays and barge pick-up times are longer than normal.”
Southeast:
Nutrien’s reference pricing for DAP and MAP at Aurora, N.C., moved to $580/st FOB during the week, up $10/st from the previous price. Nutrien’s MAP price at White Springs, Fla., was also confirmed at the $580/st FOB level.
Saudi Arabia:
Saudi Arabia DAP was reported firming to $530-$550/mt FOB, up from $520-$550/mt FOB one week earlier.
India:
Sources reported DAP deals in the $560s/mt CFR this week. Traders said buyers dealt directly with Chinese producers on deals that touched both the bottom and top of the $560s/mt CFR. At the same time, major suppliers from outside China have also been calling the market in the mid- to upper-$560s/mt CFR.
This new level could cause difficulties for sellers in the country. The government has given permission to only a limited number of companies to increase the price of their DAP. The companies have said they will be selling only the older, lower-priced DAP at first. Eventually, they will have to move the more expensive material to the local distributors.
The higher price for DAP is also working against phos acid buyers. Sources said the Moroccans are looking to match the nutrient price with what DAP costs in India. One trader said the Moroccans are looking at further increases if DAP prices keep going up.
China:
The DAP price remains stable in the upper-$530s/mt FOB. Sources said there is still some room to move the price up based on the Indian price, but not much more.
March exports were down 5 percent, to 518,000 mt from 548,000 mt in March 2020. The reduction did not dramatically affect first-quarter exports, which were reported by Trade Data Monitor at 918,000 mt, up 13 percent from 810,000 mt during the same period in 2020.
Brazil:
Weak demand is shifting prices downward. Sources reported the Paranagua MAP price at $605-$615/mt CFR. Buyers of alternative nutrient products appear to be part of the downward push on MAP as stockpiles build up.
Prices at Rondonopolis have not shifted, however, as sources said limited demand is balanced with limited supplies. The barter rates for 1 mt of MAP remained steady at 37 bags of soybeans or 100 bags of corn.