Central Florida:
Central Florida DAP trucks continued to be posted at $770/st FOB during the week, unchanged from the prior report. MAP truck postings were steady as well at $790/st FOB.
Truck-loaded MAP offered from North Florida was posted at $820/st FOB, sources confirmed.
US Gulf:
NOLA DAP and MAP barge pricing was trending lower during the week.
Players reported DAP trades bottoming at $725/st FOB on Sept. 22, down $30/st FOB from the prior $755/st FOB low. Subsequent offers were heard bouncing slightly to $730/st FOB, while posted offers for domestically produced DAP remained at the week-ago $765/st FOB on Sept. 22. Prior to the price drop, sources called the week’s high in the $745-$755/st FOB range.
MAP offers were reported falling as low as $745/st FOB during the Sept. 16-22 trading week, off from the prior $780/st FOB bottom. Domestic producer offers continued to be quoted at $785/st FOB, while sources put the early-week market at $780/st FOB.
Some sources pointed to a perceived downturn in demand at both the international and domestic US levels as dragging prices lower, while others speculated an index play could be weighing on nearby values.
DAP barge values were pegged in a wide $725-$755/st FOB range through the period. NOLA MAP barges were called $745-$780/st FOB, falling from $780-$790/st FOB reported previously.
US Exports:
Sources reported sales of DAP and MAP totaling approximately 5,000 mt out of the US Gulf during the week.
Priced in a $750-$760/mt FOB range, the tons were slated for distribution into multiple markets in Northern Latin America, with loading scheduled for October. The market was previously reported in the $765-$785/mt FOB range.
Eastern Cornbelt:
DAP prices remained at $805-$815/st FOB in the Eastern Cornbelt, with MAP quoted at $815-$825/st FOB in the region. Cincinnati pricing was pegged at $805-$810/st FOB for DAP and $815-$825/st FOB for MAP, while Ottawa pricing was confirmed at $815/st FOB for DAP and $825/st FOB for MAP.
Western Cornbelt:
DAP remained at $800-$810/st FOB in the Western Cornbelt, with MAP pricing reported in the $815-$825/st FOB range. The St. Louis market was pegged at $800-$805/st for DAP and $815-$820/st FOB for MAP.
Southern Plains:
DAP pricing was quoted at $795-$820/st FOB in the Southern Plains, higher than last week’s $795-$810/st FOB range, with the low confirmed at Catoosa/Inola and the high at Houston, Texas. The MAP market in mid-September was quoted at $820-$835/st FOB Catoosa/Inola and $840/st FOB Houston.
South Central:
The DAP market remained at $800-$810/st FOB in the South Central region, with Memphis pricing unchanged at $805-$810/st FOB in mid-September.
Southeast:
MAP pricing from Nutrien remained at $820/st FOB Aurora, N.C., and White Springs, Fla. DAP is currently unavailable at Aurora.
China:
India keeps talking with DAP producers and keeps making deals that leave traders out of the market. Sources said any inquiries to producers are met with either no returned calls or flat-out statements of being sold out.
The government apparently has encouraged the major – usually state-owned – producers to work out direct deals with the major buyers in India and Pakistan. Sources said the move seems to be part of a charm offensive with the two governments by Beijing.
Even as talks and deals are happening, India has also moved to secure DAP from other suppliers at lower prices than what the Chinese producers offer. The latest came as India and Ma’aden in Saudi Arabia settled on a couple of cargoes at $750/mt CFR, for a China-equivalent price of $720-$725/mt FOB.
January-August 2022 exports of DAP were reported at 2.2 million mt by Trade Data Monitor, down 55% from the 4.6 million mt exported during the same period in 2021. The main buyers were India at 740,000 mt, Bangladesh at 313,000 mt, and Thailand at 237,000 mt.
August DAP exports were reported at 518,000 mt, down slightly from the 550,000 mt exported during August 2021. Of the 30 countries buying Chinese DAP, India with 185,000 mt and Bangladesh with 150,000 mt accounted for 65% of the purchases.
Exports of MAP for January-August were reported at 1.2 million mt, down 62% from the 3.1 million mt exported during the same period in 2021. Brazil took almost half of the exports with 521,000 mt, followed by Argentina at 207,000 mt, and Australia at 149,000 mt.
August 2022 MAP exports were reported at 157,000 mt, down from the 564,000 mt exported during August 2021. Brazil nabbed 45% of the exports at 71,000 mt, followed by Japan with 12,000 mt, for 8% of the exports.
India:
Major DAP buyers continue to work directly with producers. The most recent deals involved at least two cargoes from Ma’aden at $750/mt CFR. Buyers are also still talking with major Chinese producers for product at ever-lower prices.
Imports of DAP for January-July 2022 were reported at 2.6 million mt by Trade Data Monitor, up slightly from the 2.5 million mt imported during the same period in 2021. Saudi Arabia with 663,000 mt, Morocco with 540,000 mt, and China with 466,000 mt dominated the suppliers.
July 2022 DAP imports were reported at 386,000 mt, down 53% from the 823,000 mt imported during July 2021. Saudi Arabia dominated the sales with 57% of the import market, at 220,000 mt.
Brazil:
An oversupply of MAP continues to push prices down in Brazil. Sources said the imported price has dropped to $700-$750/mt CFR. New bids reportedly are coming in closer to $600/mt CFR, but with nothing done at that level yet.
Rondonopolis is pegged at $850-$885/mt FOB ex-warehouse. Sources said while the market is quiet now, demand is expected to pick up as the October application season hits.