Central Florida:
DAP trucks loading from Central Florida were firmed to $785/st FOB, an increase from $780/st FOB in the prior report. Truck-loaded MAP values moved up accordingly, to $785/st FOB from the week-ago $780/st FOB.
MAP trucks were quoted holding steady at $780/st FOB when loaded from North Florida.
U.S. Gulf:
DAP barges at NOLA pushed higher for the week, players indicated, notching $750/st FOB highs, a $5/st increase over the prior week’s $745/st FOB top. Early-week offers of domestically-produced material lifted from $740/st to $745/st FOB on Nov. 29, sources said.
MAP barges continued to be heard at a $770/st FOB top, steady from week-ago levels. Domestic tons offered at $760/st FOB at the start of the trading week reportedly strengthened to $765/st FOB on Nov. 29, signaling likely firming in the next round of business.
The NOLA barge DAP market was quoted at $740-$750/st FOB for the week, up from $740-$745/st FOB in the prior report. Sources called MAP barges steady from prior-week levels at $760-$770/st FOB.
U.S. Exports:
No new spot sales were reported on the U.S. Gulf phosphate export market. Recent trading included a 10,000 mt DAP cargo sold into northern Latin America. Priced at $810/mt FOB, the tons were projected to load in January 2022. A small amount of MAP included with the trade was valued at $830/mt FOB.
With no new business reported, the Gulf DAP and MAP export markets continued to hold at $810/mt FOB, unchanged from the prior report.
Eastern Cornbelt:
Sources continued to report fall spreading of dry tons in the Illinois market. DAP pricing strengthened to $775-$785/st FOB in the Eastern Cornbelt, up another $10-$15/st, with the upper end confirmed at Cincinnati. MAP firmed to $800-$820/st FOB in the region, with the Cincinnati market pegged solidly at the $810/st FOB level.
Michigan warehouse pricing was up $20-$25/st, sources said, to $800/st FOB for DAP and $845/st FOB for MAP.
Western Cornbelt:
Phosphate prices inched higher in the region, with reports of new DAP offers firming to $770-$775/st FOB St. Louis, up from the prior week’s low of $760/st FOB. The upper end of the regional DAP range was reported at the $780-$785/st FOB level at midweek. MAP remained at a solid $800-$820/st FOB in the region, depending on location.
Northern Plains:
DAP had reportedly firmed to $780-$795/st FOB St. Paul, with MAP quoted at the $810-$830/st FOB level. The last delivered green MAP offers were pegged at the $870/st level or higher in central North Dakota.
Northeast:
Phosphate pricing FOB East Liverpool, Ohio, was quoted at $800/st for DAP and $825/st for MAP, with the DAP price up $15/st from last report. Sources also confirmed MAP pricing at $825/st FOB Lancaster in early December, with the last MAP offers FOB Fairless Hills reported at the $835/st FOB level.
Eastern Canada:
The MAP market firmed to C$1,160-$1,285/mt FOB in the region, depending on location, up from C$1,100-$1,180/mt FOB at last report. DAP pricing was higher as well, to C$1,180/mt FOB Montreal, up from C$1,120/mt level FOB in mid-November.
Morocco:
The Moroccan FOB price range has moved up to reflect the Nov. 23 award in the BCIC, Bangladesh, DAP tender (GM Nov. 26, p. 11), with the top end of the range reflecting the estimated FOB net back for the tons awarded and also prices reported for small volume sales in Europe (see also this week’s Bangladesh DAP section).
Saudi Arabia:
Recent phosphate cargoes loading from Saudi Arabia were heard firming to the $795-$875/mt FOB range, increasing from $770-$785/mt FOB in the prior report.
China:
Reports circulated that two DAP cargoes of 5,000-6,000 mt each were cleared for shipment to Japan and Thailand. The offered price reported for the Thai cargo showed a netback of $900-$920/mt FOB.
Sources said the price is not out of the range of discussion, given the restrictions the government has placed on wholesale DAP exports.
Russia:
Reports are circulating that Russia will soon raise the tax on phosphate rock. No further details were available at press time.
International traders were also dealing with rumors that DAP and MAP may face export limitations similar to what happed to nitrogen fertilizers. So far there has been no comment on these rumors from the Russian government.
India:
Buyers stand ready to buy DAP, even with prices constantly on the rise. The lack of new spot deals into India has traders estimating the current price. The most recent price of $900/mt CFR is based on a sale to Pakistan. Local media are reporting the price is closer to $870/mt CFR.
Brazil:
The delivered price of MAP has shifted upward to $850-$935/mt CFR, depending on the discharge port.
Delays getting into the ports in Brazil have led some buyers to look at alternative – but smaller – ports to avoid demurrage costs and to get the MAP into the supply pipeline sooner.
The price range in Rondonopolis spread out a bit from last week. Sources now peg the market at $970-$1,021/mt FOB ex-warehouse. Sources said some of the softness in pricing came because some buyers are holding off in the hope that prices will soon drop.
The barter rate in Mato Grosso is still pegged at 120 bags of corn for 1 mt of MAP.