Central Florida:
Central Florida DAP truck postings softened to $770/st FOB during the week, a $30/st fall from the previous $800/st FOB level. MAP loaded to trucks moved $40/st lower, to $790/st FOB from $830/st FOB at last report.
North Florida MAP offers were quoted at $820/st FOB, unchanged from one week earlier.
U.S. Gulf:
NOLA DAP and MAP barge prices moved higher during the week, sources said. DAP barge trades started the week in the $745-$750/st FOB range, building on the week-ago $745/st FOB top, before registering $760/st FOB business on Aug. 31 and $765/st FOB on Sept. 1.
Sources generally attributed the firmer values to perceived tight supply. Domestic producers were reportedly nearing a sold-out position for DAP barges loading in the third quarter, while rumors of DAP production cuts persisted during the week, due in part to ongoing elevated ammonia prices.
MAP barges also pressed higher, with sources typically quoting a $770/st FOB floor, an increase from the prior $760/st FOB bottom. Trades were confirmed up to $780/st FOB through Aug. 31, followed by an additional move up to $785/st FOB on Sept. 1, up from the prior week’s $779/st FOB high. A $765/st FOB barge rumored trading early in the week went unconfirmed on Sept. 1.
The nearby NOLA DAP barge market was noted in a wide $745-$765/st FOB range for the week, rising from $735-$745/st FOB in the prior report. MAP barges tracked in the $770-$785/st FOB range, above the week-ago $760-$779/st FOB.
U.S. Exports:
No new business was reported in the U.S. Gulf phosphate export market. Last-done continued to be noted in the $910-$925/mt FOB range.
Eastern Cornbelt:
DAP pricing was pegged at $795-$810/st FOB in the Eastern Cornbelt, with the Cincinnati price reported in the $795-$805/st FOB range, down from $800-$810/st FOB last week. MAP was quoted at $810-$825/st FOB regional terminals, with the Cincinnati range at $810-$820/st FOB.
In the Great Lakes region, DAP offers in Michigan were reported at $820-$835/st FOB, depending on location and time of shipment.
Western Cornbelt:
DAP was quoted at $795-$810/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and Caruthersville and the high in Iowa. MAP pricing was pegged at $810-$825/st FOB in the region, with the St. Louis market reported at $810-$820/st FOB.
Southern Plains:
DAP pricing was pegged at $795/st FOB Houston and $800-$810/st FOB Catoosa/Inola. The MAP market in late August was quoted at $825-$830/st FOB Catoosa/Inola and $825-$835/st FOB Houston.
South Central:
DAP prices fell to $800-$810/st FOB in the South Central region, down $10/st at the high end of the range. Sources pegged the Memphis DAP market at $805-$810/st FOB in late August.
Southeast:
MAP pricing from Nutrien remained at $820/st level FOB Aurora, N.C., and White Springs, Fla. DAP is currently unavailable at Aurora.
Saudi Arabia:
Ma’aden is on track to complete Phase 1 and Phase 2 of the company’s planned Phosphate 3 complex, located in the industrial city of Ras Al-Khair, by 2025 and 2027, respectively, Zawya reported. The $6.4 billion Phosphate 3 project is expected to lift Ma’aden’s total nameplate production capacity from 6 million mt/y to 9 million mt/y when completed.
Recent phosphate business at Saudi Arabia was reported in the $800-$850/mt FOB range.
India:
Buyers continue their direct talks with producers in China and the Arab world. Sources reported a major deal between OCP and Indian buyers. The Moroccan phosphate giant will send 14 cargoes of DAP in September and October. The price is a reported at $820/mt CFR with 60 days credit.
International traders estimated that should cover India’s DAP needs for the year and should also provide a floor on prices. Reportedly, the deal also eases pressure on Morocco to find buyers.
Imports of DAP for the first half of the year were reported at 2.2 million mt by Trade Data Monitor, up 37% from the 1.6 million mt imported during the same semester in 2021. Saudi Arabia, Morocco, China, and Russia accounted for 1.9 million mt of the DAP imported during the period.
Second-quarter DAP imports were reported at 847,000 mt, down 40% from the 1.4 million imported during the same period of 2021.
June 2022 imports were reported at 169,000 mt, down dramatically from the 847,000 mt imported during June 2021. The drop was not surprising. The rising cost of DAP, largely because of the withdrawal of Chinese product from the global market, caused India to hold back on purchasing until new and better deals could be arranged.
China:
Exports out of China remain limited and usually handled quietly between buyers and producers. Sources said the latest India purchase from Morocco at $820/mt CFR with 60 days credit moves the China-equivalent price to $790-$795/mt FOB.
Brazil:
The MAP price in Brazil remained stable at the ports at $800-$860/mt CFR. Sources reported the possibility of some smaller deals taking place at sub-$800/mt CFR levels, but not enough to shift the market.
Trading is way down in Rondonopolis. Sources said prices softened to $880-$960/mt FOB ex-warehouse.