Central Florida:
Central Florida phosphate producers were reportedly sold out of DAP and MAP through the first half of December. Posted DAP truck pricing continued at $770/st FOB, while MAP trucks were posted at $790/st FOB, steady from the prior report.
Truck-loaded MAP offered from North Florida continued at $820/st FOB, unchanged from last week.
US Gulf:
NOLA phosphate pricing fell for the week, sources said, as the combined forces of the impending winter navigation season and ongoing trouble on the inland river system limited trading at NOLA.
Nearby NOLA DAP pricing sank to a $640/st FOB low, down $35/st from last week’s $675/st FOB floor, while sources described pricing as high as $665/st FOB, off from the prior $680/st FOB top.
Limited MAP trades and offers were reported down to $630/st FOB for nearby loading, while some saw the market topping out around $650/st FOB. Week-ago MAP levels were reported at $650-$665/st FOB,.
Domestic producers continued to report being sold out of NOLA DAP and MAP barges for loading through the first half of December. Tons located at upriver locations were drawing a considerable premium to NOLA, with some noting trades at or above a $700/st FOB NOLA-equivalent.
Sources quoted the nearby DAP barge market at $640-$665/st FOB, down from $675-$680/st FOB one week earlier. MAP barge pricing was reported at $630-$650/st FOB, also down from last week’s $650-$665/st FOB range.
US Exports:
Sources noted a quiet week on the US Gulf phosphate export markets. Recent reported business included a 25,000 mt DAP cargo selling into Latin America at $692/mt FOB.
Mosaic reported shifting a portion of the loading for a previously reported export vessel from Central Florida to NOLA. The cargo is slated to load in December.
With nothing new reported, the Gulf export DAP and MAP markets continued at $692/mt FOB, unmoved from the prior report.
Eastern Cornbelt:
DAP was quoted at $795-$810/st FOB in the Eastern Cornbelt, down $5-$10/st from last week, with Cincinnati pricing reported at $800-$810/st FOB. MAP pricing fell to $800-$830/st FOB in the region, with both the high and low reported at Cincinnati. The Ottawa market was pegged at $800/st FOB for both DAP and MAP at midweek.
Western Cornbelt:
DAP was quoted at $795-$810/st FOB in the Western Cornbelt, with MAP dropping significantly to $780-$810/st FOB, depending on location. St. Louis pricing at midweek was reported at $795-$800/st FOB for DAP and $780-$785/st FOB for MAP.
Northern Plains:
DAP pricing remained at $800-$810/st FOB St. Paul, with MAP reported at the $820-$830/st FOB level at that location. Delivered green MAP in western North Dakota dropped to $792/st for 1Q shipment, down from the last $860/st DEL prompt price.
Northeast:
DAP pricing was unchanged at $830/st FOB East Liverpool, Ohio, in mid-November. MAP in the Northeast was pegged at $850/st FOB East Liverpool and $880/st FOB Fairless Hills, with delivered MAP reported at the $905/st level in central Pennsylvania.
Eastern Canada:
MAP pricing in Eastern Canada covered a broad range at C$1,180-$1,280/mt FOB in mid-November, while the latest DAP offers at Montreal were quoted at the C$1,170/mt FOB level, down C$10/mt from last report.
Saudi Arabia/Bangladesh:
The Saudi Arabian Mining Co. (Ma’aden) has renewed its phosphate fertilizers supply deal with Bangladesh Agricultural Development Corp. (BADC). The agreement makes Ma’aden Bangladesh’s largest phosphate supplier, according to the Zawya news portal.
In accordance with the agreement, Bangladesh would continue to receive around 40% of the country’s estimated DAP needs through 2023 from Ma’aden.
China:
Small lots of DAP continue to be sold to buyers in Southeast Asia. Sources said the netback on these deals is around $720/mt FOB, leaving the price on a steady path.
The buyers are beginning to look elsewhere for their 2023 requirements. Sources said nothing seems to be changing in reports that China will ban all DAP/MAP exports during the first quarter of 2023.
India:
Indian buyers are winding down their activities as the year ends. Buying has focused on picking up DAP from sources other than China. The result is a landed price at $740/mt CFR, which is too low for the Chinese producers.
Buyers were aggressive in the last half of the year securing DAP. Government changes in the subsidy program helped make it possible for the buyers to purchase the tonnage needed.
January-September DAP imports were reported at 4.3 million mt by Trade Data Monitor, up 48% from the 2.9 million mt imported during the same period in 2021. The main suppliers were Saudi Arabia with 1.3 million mt, Morocco with 1.1 million mt, and China with 890,000 mt. Imports from Saudi Arabia and Morocco were up, while imports from China were down. During the January-September 2021 period, China sent 1.2 million mt to India.
Third-quarter imports of DAP were reported at 2.1 million mt, up 61% from the 1.3 million mt imports during July-September 2021.
September imports were reported at 968,000 mt, up from the 242,000 mt imported in September 2021. Moroccan DAP accounted for 30% of DAP imports, at 289,000 mt. Saudi Arabia came in second with 267,000 mt, for 28% of the import market.
Brazil:
The MAP price in Brazil remained steady at $590-$620/mt CFR. During this lull in price movement, sources said pressure seems to be building for some buyers to take positions for the first quarter of 2023. So far, however, no one has stepped forward.
Rondonopolis showed softness in pricing, dropping to $710-$770/mt FOB ex-warehouse. The softer prices come as buyers remain on the sidelines. Sources said some of the hesitancy is related to uncertainties about the agricultural policies the new government will implement in January 2023. Another factor is a devaluation of the Brazilian currency.