Central Florida:
Truck-loaded DAP remained posted at $785/st FOB from Central Florida, steady from the prior report. MAP trucks were also quoted at $785/st FOB, unmoved from one week earlier. North Florida MAP trucks were posted at $780/st FOB, sources said, steady from week-ago levels.
U.S. Gulf:
DAP barges loading from NOLA were noted softening amid another quiet week of trading, with sources describing “nominal” concluded sales volumes.
Trading of imported DAP loading in first-half February was noted sinking to a $710/st FOB low, falling from the week-ago $725/st FOB floor. Most put the top of the market around $715/st FOB, $20/st shy of the prior $735/st FOB top. Domestically produced tons continued to be posted at $745/st FOB.
Price ideas on MAP barges were noted holding steady, with most players calling the market flat at week-ago levels. Domestic postings were steady at $765/st FOB.
Nearby NOLA DAP barge pricing was reported at $710-$715/st FOB, softening from the prior week’s $725-$735/st FOB. MAP barges loading from NOLA were called even with the week-ago $750-$755/st FOB range.
U.S. Imports:
DAP imports for November were off 48.0 percent, to 79,068 st from the prior-year 151,938 st. Imports totaled 668,806 st in the July-November period, however, up 46.8 percent year-over-year from 455,698 st.
Australia led DAP imports with approximately 252,000 st in the July-November window, a 65.7 percent rise from the year-ago 152,100 st. Saudi Arabia followed with 129,740 st, a 15.9 percent decline from last year’s 154,300 st total. Tons originating from Jordan stood at 103,630 st, up 198.3 percent from 34,737 st in the prior year.
Imports of MAP/Other phosphates were up 28.7 percent in November, to 171,674 st from the prior-year 133,400 st. July-November totals firmed 40.6 percent, to 475,435 st from the year-ago 338,182 st.
Saudi Arabia topped July-November importers with 97,230 st, firming 55.9 percent from the year-ago 62,360 st, followed by 94,460 st from Jordan and 81,730 st from Tunisia. Jordan and Tunisia combined to send zero tons of MAP/Other to the U.S. through the same period one year earlier.
U.S. Exports:
DAP exports moved 167.2 percent higher in November, to 114,607 st from the prior-year 42,889 st. July-November exports pushed down 21.9 percent, to 277,402 st from the previous 355,300 st.
MAP/Other exports were up 10.9 percent in November, to 117,020 st from the year-ago 105,565 st. July-November exports softened 5.7 percent, however, to 836,816 st from the year-ago 886,996 st.
Nothing new was reported on the U.S. Gulf spot export phosphate markets for the week, leaving last-reported at $810/mt FOB.
Eastern Cornbelt:
DAP pricing reportedly slipped to $765-$775/st FOB in the Eastern Cornbelt, down $10/st from the previous week. MAP was lower as well, with the regional market pegged at $785-$800/st FOB, down $10-$15/st from last report. The Cincinnati MAP market was quoted in the $785-$795/st FOB range at midweek.
Western Cornbelt:
The DAP market slipped to $760-$775/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and reflecting a $5/st drop from last report. MAP pricing was unchanged at $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.
Southern Plains:
DAP pricing was down slightly at $760-$770/st FOB Catoosa/Inola and $755/st FOB Houston, while the MAP market had reportedly slipped to $790/st FOB Houston and $795-$800/st FOB Catoosa/Inola. Those levels reflected decreases of $5-$15/st from the previous week and $25-$30/st since mid-December.
South Central:
DAP pricing reportedly slipped to $770-$775/st FOB terminals in the South Central region, down $5/st from the previous week and $10-$25/st below mid-December levels.
Southeast:
MAP remained at $780/st FOB Aurora, N.C., with reports of limited quantities of DAP also at the $780/st FOB level at Aurora in early January. Rail-DEL DAP tons were pegged at the $800/st level in North Carolina.
Saudi Arabia:
Saudi Arabia phosphate prices were unchanged in the $865-$900/mt FOB range.
China:
Sources said some cargoes of DAP are being allowed to ship. These cargoes, however, are ones contracted before the October ban on exports took effect. Reportedly, the Chinese government is allowing the exports to take place on a case-by-case basis, and only for tons that were booked before the restrictions were put in place.
Sources said two cargoes of DAP will be shipped to India from an older, existing contract and at a price reflective of a much earlier time. The netback on the two cargoes was calculated at $840-$855/mt FOB. However, if the rest of the Indian business in the $920s/mt CFR is considered, the netback would be closer to $885-$890/mt FOB.
Part of the Chinese government’s argument for limiting exports was that it wanted to build up reserves to keep prices cheaper for the domestic market. The government wanted to shield domestic buyers from the upward pressure taking place in the global market.
India:
Sources said Indian buyers picked up about 450,000 mt of DAP in the past fortnight. Reportedly, one cargo will come from Australia at $915/mt CFR, with two and possibly three cargoes coming from OCP/Morocco at $920/mt CFR.
A Russian cargo was pegged at $925/mt CFR. At least one more cargo from Saudi Arabia is also said to have been procured. Two cargoes from China under older contracts were also allowed to be shipped out at $870-$890/mt CFR.
The move confirmed for traders that India not only needs the DAP, but is also willing to pay more for it. Earlier this month a deal was closed at $910/mt CFR. Higher prices are expected when more purchases are concluded later this month.
Brazil:
The price of MAP edged upward to $860-$890/mt CFR at the ports. Sources said the increase is the result of a pickup in demand for the coming season.The Rondonopolis price also showed upward movement to $980-$1,055/mt FOB ex-warehouse.
Imports for 2021 were up 7 percent from 2020, according to Trade Data Monitor. Imports were reported at 5.1 million mt in 2021 against 4.8 million mt in 2020. The main suppliers in 2021 were Morocco with 1.9 million mt, accounting for 38 percent of MAP imports, and Russia with 1.6 million mt for 31 percent of the Brazilian import market.
Imports of MAP from the U.S. fell 60 percent, from 466,000 mt in 2020 to 187,000 mt in 2021. The U.S. share of the Brazilian MAP import market dropped to 9.8 percent.
December 2021 imports of 423,000 mt represented a 61.8 percent jump from the December 2020 import total of 261,000 mt.