Central Florida:
Central Florida DAP truck postings were steady at $785/st FOB, unmoved form one week earlier. Truck-loaded MAP was reported at parity with DAP at $785/st FOB, also unchanged from recent levels.
U.S. Gulf:
NOLA phosphate barge values drifted lower amid a quiet week of trading, players said.
Traders reported import pricing falling to a $725/st FOB low, down from recent quotes in the $730-$740/st FOB range. Tons produced domestically continued to be posted at $745/st FOB, with no sales reported for the week. Most players described prices topping out at $730-$735/st FOB, below the prior top.
MAP barge prices were also lower, with most calling sales and offers at a $750/st FOB floor. Domestic barge offerings held steady at $765/st FOB, sources said, although no transactions were reported at that level. Players typically reported the market topping out closer to $755/st FOB for the week.
With sources pointing both to uncertain spring demand and a seasonal market slowdown, DAP barges were noted softening to $725-$735/st FOB for the week, falling from the last published range of $740-$750/st FOB and the previous week’s reports of $730-$745/st FOB.
MAP barges were typically noted at $750-$755/st FOB, down from $755-$765/st FOB before the holidays.
U.S. Exports:
Sources continued to report a quiet Gulf phosphate export market, leaving the last spot business unchanged at $810/mt FOB.
Eastern Cornbelt:
DAP pricing remained at $775-$785/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. MAP was unchanged at $795-$815/st FOB in the region, with the low again reported at Cincinnati and the high in the Illinois market on a spot basis.
MAP pricing out of Michigan warehouses ranged from $845-$865/st FOB in early January, depending on location and time of shipment.
Western Cornbelt:
The DAP market was pegged at $765-$775/st FOB in the Western Cornbelt, down $5-$10/st from mid-December levels, with the low confirmed at St. Louis. MAP pricing slipped to $795-$805/st FOB in the region, depending on location, with the low again confirmed at St. Louis and the high in Iowa on a spot basis.
The Catoosa/Inola, Okla., market was quoted at $770-$775/st FOB for DAP and $805-$815/st FOB for MAP in early January.
Northern Plains:
DAP was pegged at $770-$775/st FOB St. Paul, down $10-$15/st from mid-December, with MAP quoted at the $800-$815/st FOB level, also reflecting a decline of $10-$15/st since last report.
Northeast:
Phosphate pricing FOB East Liverpool, Ohio, was quoted at $790/st for DAP and $815/st for MAP, down $10/st from last report. The upper end of the regional MAP market was pegged at the $850/st level FOB Lancaster in early January.
Eastern Canada:
The MAP market was pegged at C$1,160-$1,220/mt FOB in Eastern Canada, depending on location. DAP remained at C$1,180/mt FOB Montreal, unchanged from last report.
Saudi Arabia:
Recent phosphate business at Saudi Arabia was heard in the $865-$900/mt FOB range.
India:
Reports of a Jordanian sale of DAP to India at $910/mt CFR confirmed pricing levels first indicated by late-December purchases in Pakistan.The deal showed buyers are still willing to pay higher prices for DAP, but are not ready to add support to a campaign for higher prices.
More DAP purchases are expected. Sources said first-quarter talks for phos acid are showing indications there will be another price rise for the product. The higher acid price, combined with higher ammonia prices, makes buying DAP a better economic deal than producing the product at home, said one trader.
China:
Reports circulated this week that two cargoes from widely separated producers were in the works. Reportedly, the deals were worked out because regional supplies were high enough to satisfy local government officials. Also, the companies wanted to move out the tons before the Lunar New Year to avoid extra storage costs.
No details of the price or final destination were available at press time.
Plants are expected to begin shutting down at the end of January as part of the week-long Lunar New Year celebrations beginning on Feb. 1. Soon after those celebrations, many plants will remain down to avoid polluting the skies during the Winter Olympics.
Sources said even with the occasional release of tons, large-scale exports are not expected until the second half of the year. Besides concerns for the domestic market, sources said some export restrictions will come because of COVID-related regulations tied to incoming and outgoing vessels.
Indonesia:
The government is silent on the status of a DAP tender called in December. One trader speculated that the tender may eventually be scrapped because of the lack of participation by suppliers.
The Indonesian government released the November 2021 DAP import numbers this week. Trade Data Monitor reported January-November 2021 imports at 262,000 mt, down 21 percent from the 331,000 mt imported during the same period in 2020.November 2021 imports were reported at 1,000 mt, which appears to be normal for the month.
Brazil:
Demand for MAP remained steady in early January, as did pricing. Sources put the portside price at $850-$890/mt CFR.
Inland buyers showed some concern about reports that Morocco, Brazil’s main MAP supplier, is focusing more on DAP production than MAP. Sources reported Rondonopolis prices this week at $940-$1,055/mt FOB ex-warehouse.