Central Florida:
Sources noted Central Florida DAP postings steady at $620/st FOB for the week, unmoved from the previous report. Truck-loaded MAP was also flat, with prices reported at $655/st FOB. MAP trucks were offered at $640/st FOB out of North Florida, a $20/st increase on the week-ago $620/st FOB.
U.S. Gulf:
Last-done phosphate barge pricing at NOLA took a breather for the week, sources reported, with few confirmed sales leading to similar week-over-week valuations.
DAP barges continued to see sales and offers at a $615/st FOB floor for domestically produced tons, steady from the prior report, while traders reported a second consecutive week of $620/st FOB offers failing to find buyers. A rumored early-week $625/st FOB transaction went unconfirmed on June 24.
Domestic MAP barges changed hands at a $650/st FOB low, steady from one week earlier, while sources pointed to highs continuing at approximately $655/st FOB.
A blockbuster deal with JPMC to bring up to 400,000 mt of Jordanian-produced phosphates to the U.S. was reported this week, although the buyer remained unconfirmed at press time. The agreement, set to run from July 2021 through February 2022, illustrated the market’s ongoing push to locate alternative sources of imported phosphates following the DOC’s determination to apply added duties to tons originating from both Morocco and Russia.
The nearby DAP barge market was quoted at $615-$619/st FOB for the week, rolling over from the prior report. MAP pricing was similarly unchanged at $650-$655/st FOB.
U.S. Exports:
Nothing new was reported on the week’s Gulf export phosphate markets. Last-done included a 6,000 mt DAP cargo, priced at $650/mt FOB and slated for delivery to a single-market destination in Latin America, as well as a 5,000 mt MAP load valued at $685/mt FOB, also bound for Latin America.
With no new business reported, the Gulf DAP export market continued at $650/mt FOB for DAP and $685/st FOB for MAP.
Eastern Cornbelt:
DAP prices edged up to $640-$650/st FOB in the Eastern Cornbelt, some $5/st higher at the low end of the range. The MAP market was quoted at $680-$695/st FOB in the region, with the upper end reported at Ottawa. The Cincinnati MAP market was pegged at $680-$690/st FOB in late June.
Western Cornbelt:
DAP firmed to $640-$650/st FOB in the Western Cornbelt, up another $5/st at the low end of the range. MAP was quoted at $685-$700/st FOB, with the low confirmed at Camanche and St. Louis. The St. Paul, Minn., market was pegged at $645-$650/st FOB for DAP and $690-$700/st FOB for MAP.
Southern Plains:
DAP prices were pegged at a firm $660/st FOB Houston and $645-$660/st FOB Catoosa/Inola, up another $10-$15/st from last report. The MAP market had reportedly jumped to $690/st FOB Houston and $690-$700/st FOB Catoosa/Inola.
“DAP and MAP are available, but reported to be in short supply,” said one regional contact at midweek.
South Central:
DAP prices firmed to $630-$655/st FOB in the South Central region, up $10-$15/st from last report, with the low confirmed at Little Rock and the high at Shreveport. The Memphis DAP market was pegged in the $640-$645/st FOB range in late June.
Southeast:
Nutrien’s DAP and MAP prices at Aurora, N.C., firmed to $640/st FOB, up $20/st from the previous week.
Saudi Arabia:
Pricing on the Saudi Arabia phosphate export market firmed to $555-$580/mt FOB in recent business, sources said, up from the previous $550-$565/mt FOB range.
China:
Sources reported DAP sales in the Asian region that moved the price in China up to the low-$580s/mt FOB. The move was not unexpected. There has been upward pressure on the price for some time, but few, if any, buyers were willing to step up.
Chinese DAP exports for January-May 2021 were up almost 56 percent, to 2.3 million mt from 1.5 million mt during the same period last year, according to Trade Data Monitor. The main buyers this year were India at 418,000 mt, Thailand at 334,000 mt, Vietnam at 226,000 mt, and Pakistan at 204,000 mt.
May DAP exports were up almost 250 percent, to 931,000 mt from 268,000 mt in May 2020. The main buyers this year were India at 381,000 mt and Pakistan at 102,000 mt.
January-May exports of MAP were also up, to 1.3 million mt from 1 million mt during the same period last year. The top buyers this year were Brazil at 495,000 mt, Australia at 311,000 mt, and Argentina at 156,000 mt.
May exports of MAP were up about 36 percent, to 363,000 mt from 232,000 mt in May 2020. The main buyers this year were Brazil at 222,000 mt and Argentina at 83,000 mt.
India:
Sources said neither GSFC nor NFL received any offers in their respective DAP tenders.
Bangladesh:
The Ministry of Agriculture awarded a total of 850,000 mt in its recent DAP tender. The awards are for a number of companies each offering lots of 22,500 or 40,000 mt.
Sources said the prices awarded in this tender are now too low for the current Chinese market. One international trader noted that the offering firms may have a hard time securing their awarded tonnage.
| Offering Company | Origin | Quantity (‘000 mt) | US$/mt CFR Bulk |
| Bango Traders Ltd | China | 40.0 | 585.89 |
| Asia One Trading Co. | China | 40.0 | 588.13 |
| Daily Trading Co. Ltd | China | 40.0 | 589.16 |
| Direct Trading Co. Ltd | China | 40.0 | 589.85 |
| Euro Asia Trading | China | 40.0 | 590.53 |
| OF Enterprise | China | 40.0 | 593.40 |
| Nazneen Enterprise | China | 40.0 | 599.25 |
| Uttara Trade Ltd | China | 40.0 | 595.25 |
| Rafiqul Islam | China | 40.0 | 598.25 |
| NH Trade International | China | 40.0 | 598.40 |
| Mosharaf & Brothers | China | 40.0 | 598.67 |
| Araiging Trade International Ltd | China | 40.0 | 598.90 |
| Sunsing Ltd. | China | 40.0 | 598.90 |
| Afroz Trade Agency | China | 40.0 | 599.00 |
| Desh Trading | China | 40.0 | 599.10 |
| Bulk Trade International | China | 40.0 | 599.20 |
| Asfak Enterprise | China | 40.0 | 599.30 |
| Millennium | China | 40.0 | 599.40 |
| Rafi Enterprise | China | 40.0 | 599.42 |
| Nipa | China | 22.5 | 599.90 |
| Alfa Star Agro Ltd | China | 22.5 | 599.95 |
| Venus Trade International | China | 22.5 | 599.95 |
| Six Season Traders | China | 22.5 | 599.95 |
Brazil:
The Paranagua MAP price showed a slight move up to $745-$760/mt CFR. Sources said demand is strong, but limited availability is pushing prices up. While the port market is showing movement, sources said MAP prices in Rondonopolis held even from last week at $843-$920/mt FOB ex-warehouse.
January-May MAP imports this year were down 13 percent, to 1.4 million mt from 1.7 million mt during the same period last year, according to Trade Data Monitor. The main suppliers this year were Morocco at 594,000 mt and Russia at 526,000 mt.
May imports were also down about 10 percent, to 322,000 mt from 357,000 mt in May 2020. The top suppliers this year were Russia at 145,000 mt and Morocco at 121,000 mt.