Central Florida:
Central Florida DAP trucks continued to be posted at $945/st FOB, unchanged from one week earlier. MAP trucks were also unchanged at $945/st FOB, while MAP trucks loading from North Florida continued to be quoted at $1,025/st FOB.
U.S. Gulf:
Price ranges for NOLA barges narrowed in a mostly sideways trading environment during the week, as wet weather in a number of key markets tamped down nearby demand heading into spring.
DAP barges loading from NOLA were reportedly offered down to $950/st FOB, above the week-ago $940/st floor, while players typically described values up to the prior $970/st FOB high. Low-end netbacks on material trading upriver were heard in the $940-$944/st FOB NOLA-equivalent range, which sources said could suggest lower values in the next round of business.
NOLA MAP barges backed away from the week-ago $990/st FOB top to a current $980/st FOB ceiling, while sentiment for the market’s floor was typically voiced in the $960-$970/st FOB range, above the prior week’s $950/st FOB low.
Sources generally blamed the sluggish market on the slow start to spring application. “The lack of field activity is dragging down values again,” said one trader. “I would expect values to rebound if people can get some supply out of their sheds.”
DAP barges were noted in the $950-$970/st FOB range for the week, up from $940-$970/st FOB at last report. NOLA MAP tightened to a reported $960-$980/st FOB range, compared with the prior week’s $950-$990/st FOB.
U.S. Imports:
July-February DAP imports were up 19.8 percent, to 903,659 st from the prior year’s 754,304 st. February imports were off 36.3 percent, however, to 67,112 st from 105,389 st in February 2021. Saudi Arabia led the July-February import list with 317,160 st, followed by Australia at 251,973 st and Egypt at 121,293 st.
Imports of MAP/Other phosphates were off 16.9 percent for February, to 58,558 st from 70,434 st in February 2021. July-February totals stood at 635,337 st, however, rising 12.2 percent from the prior year’s 566,402 st. Despite registering no new U.S.-bound vessels in February, Saudi Arabia led the July-February list with 155,059 st, followed by Russia at 106,472 st and Jordan at 94,460 st.
U.S. Exports:
Nothing new was heard on the Gulf spot export market, leaving last-done DAP and MAP cargoes unchanged at $1,240/mt FOB.
Eastern Cornbelt:
DAP pricing reportedly slipped to $990-$1,025/st FOB in the Eastern Cornbelt, down $5-$10/st from the prior week. The Cincinnati market was quoted in the $1,005-$1,025/st FOB range for DAP and $995-$1,035/st FOB for MAP.
Western Cornbelt:
The DAP market was steady at $990-$1,025/st FOB in the Western Cornbelt, with the St. Louis market quoted in the $990-$1,010/st FOB range. MAP pricing reportedly slipped to $1,000-$1,035/st FOB in the region, with the St. Louis market pegged at $1,000-$1,025/st FOB.
Sources quoted the Catoosa/Inola market at $1,000-$1,015/st FOB for DAP and $1,000-$1,020/st FOB for MAP.
Northern Plains:
DAP pricing reportedly slipped to $990-$1,010/st FOB St. Paul, down $10-$20/st, with MAP reported at $1,000-$1,020/st FOB at that location. Delivered green MAP in western North Dakota was steady at the $1,050/st level in mid-April.
Northeast:
MAP remained at $1,020/st FOB East Liverpool, Ohio, with no tons available at Fairless Hills. DAP prices reportedly slipped to $1,015/st FOB East Liverpool, down $15/st from the last confirmed levels.
Eastern Canada:
Phosphate prices jumped again in Eastern Canada, with MAP rising to C$1,475-$1,550/mt FOB in the region, up significantly from the last reported C$1,350-$1,480/mt FOB range. DAP pricing surged C$150/mt at Montreal, rising to C$1,550/mt FOB for new sales.
Saudi Arabia:
Recent pricing out of Saudi Arabia was noted in the $1,025-$1,215/mt FOB range, firming from $1,025-$1,200/mt FOB at last report.
China:
A recent DAP tender in Nepal showed a calculated price back to China of $1,050-$1,100/mt FOB. Sources said the tender for 20,000 mt will most likely be covered with Chinese product. The DAP will be shipped to an Indian port for bagging before being sent by river transportation to a Nepal distribution warehouse.
Sources said the relatively small amount is not difficult to get past the local customs officers, who must be satisfied that any exports will not hurt domestic supplies. The small lots seem to be the only new deals that are allowed out of China. Larger quantities seem to be tied to ongoing contracts that were signed before the October 2021 export restrictions were put in place.
January-March exports were reported at 743,000 mt, down 19 percent from the 918,000 mt exported during the first quarter of 2021. The drop reflects the restrictions placed on exports by the Chinese government through May 2022.
Trade Data Monitor also reported March DAP exports of 379,000 mt, down 27 percent from March 2021 exports of 519,000 mt. Bangladesh snagged one-third of the March exports with 124,000 mt. India took another 22 percent of exports with 81,000 mt.
Exports of MAP for the first quarter were also down at 202,000 mt, reflecting a 65 percent drop from the 587,000 mt exported for January-March 2021.
March MAP exports were reported at 102,000 mt, about half of the 200,000 mt exported during March 2021. Australia took almost two-thirds of the March exports with 62,000 mt. Argentina was the other major buyer, taking 20,000 mt, or 20 percent of the MAP exports for the month.
India:
Buyers are holding off on making any decisions about importing more DAP until the government deals with the maximum retail price (MRP) and subsidy allotments. Sources said the current MRP is not high enough to justify importing DAP at this time. As a result, they said the subsidies will not be enough to cover any potential losses.
Nepal:
A tender closed earlier this week for 20,000 mt of DAP at $1,307/mt CIP. Sources speculated the tonnage will come from China to an Indian port for bagging before being sent by river transportation to a Nepal distribution warehouse.
Another tender for 20,000 mt of DAP will close on April 22. This is also expected to be covered by Chinese material.
Brazil:
The price range widened as uncertainty grows about the availability of MAP. Sources now report the price at $1,250-$1,350/mt CFR.
Lack of material for regional distributors is a growing concern, said sources. The sanctions against Russia, combined with the limited export tonnage from China, is causing concern that the tonnage might not be available later in the year when it is needed. Buyers are hesitant to make a commitment for product in the next quarter when there is no guarantee the material will be there.
The price in Rondonopolis was reported marginally softer at $1,400-$1,515/mt FOB ex-warehouse, as buyers hold off on making a commitment until they actually need the product.
Sources said the limited buying that is taking place appears to be mostly by NPK manufacturers rather than farmers looking for product for direct application.