Central Florida:
Truck-loaded DAP was posted at $660/st FOB for Central Florida loading, unmoved from prior report. MAP trucks were also noted at $660/st FOB, steady from one week earlier.
MAP trucks loading from North Florida were posted at $700/st FOB, steady from week-ago levels.
Domestic producers reported selling more than 300,000 st of phosphate products in the previous two weeks. The tons consisted of rail, barge, and terminal-originating product, with shipping in the December-February window. Pricing was reported at a $630-$650/st FOB Central Florida equivalent.
US Gulf:
NOLA players reported DAP prices coming down at NOLA during the week, while MAP barges were seen bouncing from week-ago levels.
Sources called nearby DAP barges down to $615/st FOB, edging below the prior $620/st FOB floor, while most described trades topping out around the $625/st FOB mark, shy of the week-ago $640/st FOB high.
Players reported MAP barges shifting gears, however, with domestic producers reported moving volumes as high as $640/st FOB for shipping December through February, above $620/st FOB reported as the week-ago top. Players generally called the low side in a $595-$605/st FOB range.
Based on reported pricing, DAP barges were called $615-$625/st FOB, off from the prior-week $620-$640/st FOB. NOLA MAP barges were higher, however, at $595-$640/st FOB compared to $595-$620/st FOB seen one week earlier.
US Imports:
July-September DAP imports were counted at 188,717 st, off 61.6% from the year-ago 491,591 st. Imports totaled 98,270 st for September, however, a 33.9% increase from the year-ago 73,388 st.
Saudi Arabia topped the July-September import slate with 157,797 st. Australia followed with 26,168 st, while tons from China totaled 2,084 st.
July-September MAP/Other phosphate imports fell 40.3% year-over-year, to 161,649 st from 270,974 st. September imports were clocked at 121,341 st, however, a 513.4% increase from 19,781 st in the prior-year period.
MAP/Other imports from Russia totaled 43,795 st for July-September. Material shipping from Mexico stood at 42,098 st, followed by 35,926 st from Saudi Arabia and 27,503 st from Australia.
US Exports:
DAP exports firmed 175.6% in July-September, to 264,371 st from the year-ago 95,938 st. September totals were shown at 95,250 st, up 310.8% from 23,188 st noted one year earlier.
MAP/Other exports fell 17.8% in July-September, to 469,053 st from the year-ago 570,747 st. September exports climbed 58.7%, however, to 215,072 st from 135,493 st in the prior-year period.
Sources noted two separate DAP cargoes totaling 12,000 mt selling into Northern Latin America during the week. Prices were pegged in a $640-$650/mt FOB range, falling from $692/st FOB reported previously.
Eastern Cornbelt:
New DAP offers were reported at $685-$735/st FOB in the Eastern Cornbelt, below the previous $760-$780/st FOB level, with the Cincinnati market pegged at $690-$705/st FOB. MAP pricing fell in the same range as DAP, with the low confirmed at Ottawa.
In the Northeast, the market reportedly fell to $720/st FOB East Liverpool, Ohio, for both DAP and MAP, well below the prior week’s $815/st FOB level.
Western Cornbelt:
With fall demand now over, DAP pricing slumped to $685-$705/st FOB in the Western Cornbelt, well below the recent $750-$790/st FOB range. The St. Louis DAP market was pegged at the $695/st FOB level at midweek. MAP was reported at similar levels to DAP during the week.
Southern Plains:
DAP was quoted at $680-$700/st FOB Catoosa/Inola for December-January tons, with Houston reportedly matching that level, down significantly from the $785/st FOB Houston level reported on Dec. 5. MAP was down sharply as well, to $670-$690/st FOB Catoosa/Inola for new offers.
South Central:
DAP pricing in the South Central region was quoted at $710-$745/st FOB, depending on location, down sharply from the prior week’s $760-$780/st FOB range and the $780-$805/st FOB values reported in late November. The low was confirmed in Kentucky and the high at Memphis. DAP pricing at Little Rock, Ark., was pegged at the $715/st FOB level at midweek.
Southeast:
MAP pricing from Nutrien was down to $700/st FOB Aurora, N.C., and White Springs, Fla., below the $750/st FOB level posted on Nov. 28.
China:
Sources said that the DAP currently moving out is all under some form of contract. In some cases, producers have worked directly with major buyers, such as those in India. In other cases, such as with Pakistan, the deal is a government-to-government arrangement.
Expectations are for limited exports during first-quarter 2023, as sources said only about 120,000-150,000 mt might be available for sale. One trader noted these tons will most likely be leftover tons from 2022 export permits.
The lack of new spot deals leaves the estimated price at $720/mt FOB. Based on Indian deals with other DAP suppliers, however, sources said the equivalent price should be closer to $700/mt FOB.
India:
The spot price of DAP remains at $720-$730/mt FOB only because there have been no new spot deals into India. The previous purchases from sources other than China have allowed some spot buyers to get what they need without paying a premium to China.
Imports of DAP for January-October were reported at 5.6 million mt by Trade Data Monitor, anincrease of 66% from 3.4 million mt imported in the prior-year period.
Chinese DAP imported through the first 10 months of the year was counted at 1 million mt, down 329,000 mt from the same period in 2021. Purchases from other sources more than made up for the drop in Chinese material.
| Source | Quantity (‘000 mt) | |
| 2021 | 2022 | |
| Morocco | 1,200 | 593 |
| Saudi Arabia | 1,500 | 1,300 |
| Russia | 0 | 684 |
October DAP imports totaled 1.3 million mt, up significantly from the year-ago 485,000 mt. Morocco accounted for 55% of imports with 729,000 mt. China’s 192,000 mt represented 14.5% of the market, followed by Saudi Arabia with 160,000 mt. The US, a new player in the Indian market, sent 50,000 mt in October.
Brazil:
Prices of MAP moved up to $630-$640/mt CFR. Sources said demand for the soybean season began pushing up the price even though stockpiles remain high. Sources saw the move as a positive step to bring Brazil more in line with the other MAP markets in the world.
The Rondonopolis price tightened to $770-$780/mt FOB ex-warehouse, however. Reports that some buyers are looking to SSP as a replacement for MAP where possible remain a downside to the inland market.