Central Florida:
Central Florida DAP truck pricing was posted at $945/st FOB, steady from one week earlier. Players quoted truck-loaded MAP even with DAP at $945/st FOB, also unmoved from the prior report.
MAP trucks loading from North Florida were valued at $1,025/st FOB, unchanged from one week earlier.
U.S. Gulf:
Sources noted NOLA DAP and MAP barge prices taking a step back from week-ago highs.
Reduced demand stemming from cold, wet weather conditions in the Midwest saw the DAP low soften to $940/st FOB, falling from the prior $960/st FOB bottom. Early-week trading of domestically-produced product was quoted at $970/st FOB, down $40/st from the week-ago top $1,010/st FOB.
Players noted a fresh MAP floor at $970/st FOB, rising from $960/st FOB the week before. Pricing for the current period was described at a $990/st FOB high, off $25/st from the week-ago $1,015/st FOB.
Price guidance for domestically produced tons loading from NOLA in the second quarter was indicated at $970/st FOB for both DAP and MAP.
The NOLA barge DAP market was reported in the $940-$970/st FOB range for the week, softening from $960-$1,010/st FOB in the prior report. MAP barges were quoted at $970-$990/st FOB for the week, a shift from $960-$1,015/st FOB at last report.
U.S. Export:
No new business was reported on the week’s U.S. Gulf phosphate export market. The last reported spot deals included a DAP and MAP cargo comprised of roughly 5,000 mt each, with pricing quoted at $1,240/mt FOB. Indications for the next round of business were previously observed at $1,250/mt FOB.
Eastern Cornbelt:
DAP pricing in the Eastern Cornbelt remained at $1,000-$1,030/st FOB regional terminals, with the Cincinnati market pegged at $1,000-$1,025/st FOB. MAP was reported in the $990-$1,025/st FOB range in early April, with the Cincinnati market quoted at $990-$1,010/st FOB.
Western Cornbelt:
The DAP market was quoted at $995-$1,025/st FOB in the Western Cornbelt, down $5/st from the prior week, with the St. Louis market reported at the lower end of the range. MAP pricing fell in the $1,000-$1,030/st FOB range, with the St. Louis market pegged at $1,000-$1,025/st FOB.
The St. Paul phosphate market was quoted at $1,000-$1,030/st FOB for DAP, with reports of MAP pricing ranging broadly at $1,000-$1,065/st FOB in early April.
Southern Plains:
DAP pricing was quoted at $1,005-$1,025/st FOB Catoosa/Inola, depending on supplier, with the Houston market pegged firmly at the $1,050/st FOB level at midweek. The MAP market was reported at $1,010-$1,020/st FOB Catoosa/Inola and up to $1,060/st FOB Houston.
South Central:
DAP warehouse prices were quoted at $1,005-$1,015/st FOB in the South Central region in early April.
Southeast:
Nutrien’s postings for DAP and MAP remained at $1,025/st FOB Aurora, N.C., up $25/st from late March, with MAP pricing at White Springs, Fla., also quoted at the $1,025/st FOB level for new offers.
Saudi Arabia:
Phosphates shipping from Saudi Arabia were heard firming to the $1,035-$1,190/mt FOB range, rising from the prior week’s $950-$1,175/mt FOB.
China:
Some DAP under old contracts is still allowed to move out of China, sources said, but the Chinese customs offices are examining closely all requests for exemptions to the export restrictions.
A sale of Ma’aden DAP to Pakistan at $1,025/mt CFR offered number crunchers an opportunity to calculate what a possible price out of China might be. Observers said a China-equivalent netback could be $990-$995/mt FOB. One observer said seeing a similar deal with India could help move the estimated Chinese price.
Pakistan:
A DAP sale of 25,000 mt from Ma’aden to Endgro for early May loading was reported at $1,025/mt CFR. Reportedly, a second cargo for the same size and price was also secured for mid-May loading.
India:
No new spot DAP deals were reported into India. Buyers continue to receive limited cargoes from China under older contracts that reflect prices from October 2021 instead of the current hot market.
Brazil:
Prices moved up for MAP in Brazil as sources for the product shrink. With Russia and China out of the global phosphate market, Brazil has to depend increasingly on Morocco and Saudi Arabia. The two producers are pushing for higher prices, with buyers left little recourse. Sources put the price at $1,300-$1,350/mt CFR.
The upward pressure on prices was also felt in Rondonopolis, where sources put the price at $1,488-$1,515/mt FOB ex-warehouse.