Central Florida:
Central Florida DAP trucks continued to be posted at $945/st FOB for the week, unmoved from the prior report. MAP loaded to trucks ran even with DAP at $945/st FOB, also steady from the prior report. MAP loading from North Florida continued to see pricing at $890/mt FOB, players said.
U.S. Gulf:
Market players noted rising values in the week’s NOLA barge DAP market. Multiple June-loaded DAP barges were reported changing hands at $810/st FOB during the early week, an increase from the week-ago $795/st FOB top, while offers were reported at a $790/st FOB floor. Sources described relative quiet in the market following the $810/st FOB trades, with players waiting to see whether the firmer numbers would be repeated.
Sources described low MAP trade volumes during the week, with sales and offers heard moving to an $825/st FOB low, below the prior $845/st FOB floor. Most reported the market topping out around $850/st FOB.
The nearby NOLA DAP barge market was reported at $790-$810/st FOB for the week, rising from $750-$795/st FOB in the prior report. MAP barges were quoted at $825-$850/st FOB, softening from $845-$885/st FOB in the prior report.
U.S. Imports:
DAP imports were off 19.6% for the July-April period, to 958,872 st from the prior-year 1.19 million st. Imports moved down 98.3% in April, to 2,973 st compared to the year-ago 171,600 st.
Saudi Arabia continued to lead July-April imports with 353,470 st, followed by Australia at 251,973 st, and Egypt at 121,293 st. None of the market’s top three importers registered U.S.-bound cargoes in April.
MAP/Other imports fell 47.5% in April, to 56,223 st compared to 107,046 st. July-April imports were off 16.5%, to 760,899 st from 911,628 st reported for the prior year. Imports from Saudi Arabia lifted to 239,937 st in July-April. Russia added 116,898 st, while Jordan followed with 94,460 st.
U.S. Exports:
DAP exports for April stood at 67,479 st, off 9.9% from the year-ago 74,904 st. July-April exports were quoted at 582,511 st, down 11.6% from the prior-year 659,126 st.
April MAP/Other exports were off 11.4%, to 231,223 st from the prior-year 260,992 st. July-April exports ticked up 0.6%, however, to 1.96 million st from the prior 1.95 million st.
Netback potential on Gulf export sales was understood to taper during the week due to softer reported CFR pricing in the Latin American markets. Gulf values were generally expected in the $980-$1,030/mt FOB range, declining from $980-$1,070/mt FOB in the prior report.
Eastern Cornbelt:
DAP was quoted in a broad range at $835-$870/st FOB in the Eastern Cornbelt, below the prior week’s $850-$890/st range, with the low reported out of spot river locations in Illinois. The Cincinnati market was pegged at $855-$860/st FOB, down from $870-$880/st FOB.
MAP was quoted at $870-$920/st FOB in the region, with the upper end confirmed at Cincinnati.
Western Cornbelt:
The DAP market fell to $810-$850/st FOB in the Western Cornbelt, down from the previous week’s $820-$875/st FOB range, with the St. Louis market pegged at $810-$830/st FOB. The regional MAP market was reported at $835-$900/st FOB, with St. Louis pricing quoted at $835-$870/st FOB.
California:
MAP was quoted at $870/st FOB or DEL for fill program offers launched on June 10 in California, down a full $200/st from the last prompt spring price. Although one major supplier reportedly closed the program on June 13, another was matching that pricing level for additional fill commitments during the week.
Pacific Northwest:
Fill prices for MAP dropped to $860-$870/st FOB or DEL in the Pacific Northwest at mid-month, down from the last confirmed prompt business in the $960-$990/st range, with the low confirmed for limited offers from one producer on June 10-13.
Western Canada:
Recent MAP fill offers fell to a low of C$1,215-$1,250/mt DEL and C$1,220-$1,270/mt FOB in Western Canada, down from the last confirmed prompt business at C$1,360-$1,450/mt FOB.
Saudi Arabia:
Saudi Arabia phosphate values were unchanged in the $700-$1,000/mt FOB range.
China:
Sources reported no change in DAP prices due to the lack of an active market. Some product is available for export, but only on a limited basis.
India:
The cost of inputs for domestic production of DAP continues to force India to look for imports of the final product to cover its needs.
The current problem facing domestic producers is the deadlock on phos acid prices. OCP/Morocco is said to be holding firm that it wants at least $2,000/mt CFR for its acid. Equally firm is the Indian Department of Fertilizers, which told acid buyers the government is unwilling to pay anything over $1,600/mt CFR.
With the country having to look for product, sources said the buyers are focusing more on the Arab DAP producers because of the limited tons available from China.
Brazil:
A strong MAP supply situation with limited demand is pushing the landed price down. Sources said the current price of $1,030-$1,080/mt CFR reflects a softening and a tightening of the market. By week’s end, sources were reporting that prices below $1,000/mt CFR will come soon.
Prices from local distributors remained relatively stable. Sources called the Rondonópolis market at $1,190-$1,245/mt FOB ex-warehouse.
January-May 2022 imports of MAP were reported at 1.6 million mt by Trade Data Monitor. This reflects a 10% increase from the 1.4 million mt imported during the same period in 2021.
May 2022 imports were reported at 64,000 mt, up from the 321,000 mt of May 2021. The three top suppliers were Russia with 254,000 mt, Morocco with 200,000 mt, and Saudi Arabia with 113,000 mt.