Central Florida:
No price changes were reported for DAP and MAP trucks loading from Central Florida. Both products were posted at $945/st FOB, unchanged from one week earlier.
North Florida MAP trucks softened to $950/st FOB, players said, falling from $1,025/st FOB at last report.
U.S. Gulf:
NOLA phosphate barge pricing continued to drift lower for the week, players noted.
Most cited DAP barges trading down to $860-$865/st FOB, below the week-ago $880/st FOB low, while players generally noted a top closer to $870/st FOB, tumbling from the week-ago $950/st FOB high. A barge traded from Cairo was reportedly priced at an $850/st FOB NOLA-equivalent level.
With minimal trading reported for the week, MAP barge prices rolled over from the prior week’s floor of $870/st FOB, although most nearby offers were noted at higher levels. Sources generally cited an $890-$900/st FOB high for the period, declining from $940/st last week.
Limited short-term demand, fears of potential inventory spillover, and ongoing wet weather in a number of key markets contributed to the declining values, sources said.
The NOLA DAP barge price was reported at $860-$870/st FOB for the week, below $880-$950/st FOB in the prior report. MAP barges softened to the $870-$900/st FOB range, falling from $870-$940/st FOB at last report.
U.S. Exports:
With no new business reported on the Gulf export phosphate markets, last-done spot continued to be pegged at $1,240/mt FOB for both DAP and MAP cargoes.
Eastern Cornbelt:
Phosphate prices fell during the week amid softer NOLA barge values. DAP dropped to $950-$975/st FOB in the Eastern Cornbelt, down from $980-$1,010/st FOB, with both the high and low confirmed in the Illinois market. MAP was pegged at $960-$980/st FOB in the region, down from $990-$1,015/st FOB.
The Cincinnati market was quoted at $965-$970/st FOB for DAP and $960-$975/st FOB for MAP at midweek.
Western Cornbelt:
DAP pricing dropped to $945-$975/st FOB in the Western Cornbelt in early May, down from the previous week’s $975-$1,005/st FOB, with the St. Louis market quoted in the $945-$965/st FOB range. MAP was pegged at $950-$980/st FOB in the region, with St. Louis pricing reported at $955-$975/st FOB.
Southeast:
Nutrien’s postings for DAP and MAP moved to $950/st FOB Aurora, N.C., down from the previous $1,025/st FOB level, with new MAP pricing at White Springs, Fla., also reported at the $950/st FOB level.
California:
MAP remained at $1,070/st FOB or DEL in California in early May.
Pacific Northwest:
The MAP market in the Pacific Northwest was unchanged at $1,060/st FOB Aurora, Ore., $1,060/st DEL in Idaho, Utah, and Montana, and $1,050/st DEL in Washington, Oregon, and Nevada.
Western Canada:
MAP offers in Western Canada were down slightly at C$1,450-$1,535/mt FOB, depending on location, compared with a broad C$1,470-$1,570/mt FOB range in mid-April. No current delivered MAP prices were confirmed in the region during the week.
China:
Sources pegged the price of the limited tons of DAP being allowed out at $1,030-$1,050/mt FOB.
The Chinese government ordered a build-up of DAP reserves for the summer season. The final amount placed in this strategic reserve was put at 525,000 mt, instead of the earlier rumored 1 million mt. Movement of material to these reserves is expected to end by June.
Permission to export will still be up to a close inspection by customs officials, who will be monitoring price and domestic availability. The goal, said sources, remains to keep supplies high and domestic prices low.
India:
Sources said spot DAP is being offered at $1,090/mt FOB, but with no takers. The current price level at $900-$925/mt FOB reflects a much older deal. Sources said contract tons coming in are now closer to that level, but because of the nature of the deals, they are difficult to confirm.
International traders said eventually the Indian spot buyers will have to accept prices closer to $1,000/mt CFR, but for now there seems to be an impasse between buyers and sellers.
Brazil:
Sources reported MAP prices down to $1,150-$1,300/mt CFR. The downward pressure came amid reports that more Chinese MAP will soon be available. Reportedly, the product is already on vessels heading for Brazil.
Concerns were raised about the pending arrival, however. Sources said backlogs at the ports could delay the unloading and clearing of the MAP, causing problems for the end users.
Rondonópolis showed a mild correction to $1,330-$1,450/mt FOB ex-warehouse. The price is not expected to fluctuate much, as concerns continue to be raised about availability of product in the second half of the year. Sanctions against Russia and reports of China continuing to limit exports could cause a scarcity of product.