Central Florida:
Central Florida DAP trucks were posted at $590/st FOB, steady from the previous week. Truck-loaded MAP remained at $615/st FOB.
U.S. Gulf:
DAP and MAP barges loading from NOLA continued to press higher in recent trading, sources reported.
Barges of DAP slated for loading in a wide May-September window were heard trading up to $585/st FOB, unchanged from week-ago levels, while values at the bottom of the range firmed about $3/st to $580/st FOB. Sources said domestic producers largely abstained from the market for the week.
MAP cargoes, seen in tighter overall supply than DAP, saw a more pronounced upward move, with tons slated for a wide summer loading window quoted as high as $635/st FOB. Sources continued to see the bottom of the range even with the week-ago $610/st FOB, while a rumored $640/st FOB trade went unconfirmed on May 27.
Most cargoes were projected to load later in May-September window, sources said, noting that the largest share of material as likely to release from NOLA between July and September.
NOLA DAP barges were quoted in the $580-$585/st FOB range, up from $577-$585/st FOB reported one week earlier. MAP pricing lifted to a wide $610-$635/st FOB range, up from $610/st FOB reported previously.
U.S. Exports:
No new business was reported on the week’s Gulf phosphate export markets. Last-done included a 6,000-7,000 mt cargo priced at $583/mt FOB and scheduled to load in May. Firming values in the Latin America markets suggested higher Gulf values should new business conclude today.
With no new reported trades, the Gulf phosphate export markets continued to be noted at $583/mt FOB.
Eastern Cornbelt:
Phosphate prices continued to firm in the Eastern Cornbelt, with DAP in particularly tight supply. DAP was quoted at $630-$640/st FOB in the region, up another $10/st from last report, with the Cincinnati market pegged at $630-$635/st FOB in late May.
MAP was reported at $660-$670/st FOB, also up $10/st, with the low at Cincinnati and the high reported at Ottawa. The East Dubuque MAP market was pegged at $665/st FOB for May-June tons.
Western Cornbelt:
DAP and MAP prices continued to edge higher in the Western Cornbelt. The DAP market was pegged at $615-$625/st FOB St. Louis and $620-$625/st FOB Dubuque, Iowa, up $5/st at the lower end of the range.
MAP was quoted at $650-$665/st FOB, also up $5/st from the previous week, with the high confirmed at Dubuque and Camanche for May-June tons. The St. Louis MAP market was reported in the $650-$660/st FOB range.
Sources reported the Catoosa/Inola, Okla., market at $615-$625/st FOB for DAP and $650-$665/st FOB for MAP.
Northern Plains:
DAP pricing FOB St. Paul was reported in the $625-$630/st FOB range, up another $5/st from the previous week and a full $25-$30/st above early-May offers. MAP was pegged at $650-$665/st FOB St. Paul and $690-$720/st DEL in central and western North Dakota, reflecting an increase of $20-$40/st in North Dakota.
Great Lakes:
Phosphate prices were moving up, with MAP quoted in the $670-$690/st FOB range in the Great Lakes region, up $20-$30/st from last report. DAP was in extremely tight supply, with warehouse prices pegged at $640-$660/st FOB in the region – provided any tons could be sourced.
Northeast:
Phosphate prices were edging higher in the Northeast amid reports of tightening supply. The market FOB East Liverpool, Ohio, was quoted at $635/st for DAP and $665/st for MAP, up $15-$25/st from early-May levels. Sources reported no MAP inventory or pricing offers out of Fairless Hills for the remainder of the spring season.
Nutrien’s prices at Aurora, N.C., remained at $605/st FOB for both DAP and MAP. The company confirmed that Aurora is currently on an annual acid plant turnaround from late-May into June, which is normally done in advance of a June liquid program.
Saudi Arabia:
Ma’aden took an ammonia plant offline as a precautionary measure following a May 20 fire, Arab News reported. The company reported no immediate impact to phosphate production or fulfillment resulting from the incident, and offered no projected timeline to restart the unit.
Sources described phosphates loading from Saudi Arabia unchanged in the $545-$565/mt FOB range for the week.
China:
The DAP price in China is holding steady in the upper-$540s/mt FOB. Sources said the lull in price increases is deceiving, however. Traders said there is no material available for June, so no new sales can be cited to move the price.
Sources expect talks to start next week for July shipments. Some producers will have a few cargoes available for export at that time, but it will not be enough for the expected demand, especially from India and Pakistan. The limited material, at a time when buyers are looking for product, is expected to move the price up next month.
Chinese DAP exports for January-April 2021 were up 14 percent, according to Trade Data Monitor, to 1.4 million mt from 1.2 million mt during the same period last year. Buyers were spread out, but the top four were all in the Pacific. Thailand took 248,000 mt, Vietnam took 177,000 mt, Japan took 154,000 mt, and Australia took 107,000 mt.
April exports were up 15 percent, to 455,000 mt from 397,000 mt in April 2020. Thailand and Brazil were the top two April buyers with 113,000 mt and 60,000 mt, respectively.
India:
Sources said demand for DAP will step up in June and into the third quarter. For now, however, the price remains stable in the $560s/mt CFR.
An increase in the phos acid price could increase DAP imports even more than normal, said sources. The rising cost of acid makes it difficult for the government to justify subsidies to the domestic producers when it would be cheaper to support imports.
Brazil:
Sources put the MAP prices at Paranagua at $640-$650/mt CFR, with buyers anxious to buy tons. As the week closed, a deal at $650/mt CFR signaled that higher prices are still to come. Suppliers are now talking $700/mt CFR, but buyers do not appear to be that anxious to secure tons.
Rondonopolis is now pegged at $730-$760/mt FOB ex-warehouse. Sources said a few deals were done at the lower end of the register, but most business was closer to the $760/mt level as the week drew to a close.
The increase in prices at the ports and inland in just one week shows that demand is stepping up. Paranagua moved up $10-$15/mt and Rondonopolis shot up $30/mt. The soybean barter rate for 1 mt of MAP also shifted to 32.78 bags from 37 bags last week.