Central Florida:
DAP trucks loading from Central Florida were quoted steady at $630/st FOB, unchanged from one week earlier. Truck-loaded MAP was reported even with DAP at $630/st FOB, also unmoved from the prior report.
MAP trucks loading from North Florida continued to be posted at $630/st FOB, sources said.
US Gulf:
NOLA barge DAP and MAP prices moved higher for the week, as surging spring demand triggered “busy” trading conditions.
Players reported $620/st FOB sales of domestically-produced tons at the outset of the April 7-13 trading period, even with top of the prior-week range, while trades for loaded barges were noted in a $640-$660/st FOB range later in the week. With barges reportedly waiting 2-3 weeks to find a tow due to high water levels and travel restrictions on the Lower Mississippi River, barges offered with a pickup already scheduled commanded a premium, sources said.
Rumors of DAP business up to $700/st FOB abounded on April 13, although most believed pricing at such a high level to only be possible on tons originating from upriver locations, a perspective supported by reports of $660/st FOB trading for barges parked at St. Louis.
New DAP offers for NOLA loading were heard in a wide $620-$650/st FOB range on April 13, with tons from domestic producers heard toward the range’s low end.
MAP barges also moved up, with sources confirming trading up to $600/st FOB at midweek, a $20/st increase from the week-ago $580/st FOB ceiling, while most cited the low at $585/st FOB, above the prior $570/st FOB bottom.
Trading of MAP rumored up to $650/st FOB remained unconfirmed on April 13. Some traders believed business could have reasonably been done up to a $610-$620/st FOB range during the April 10-11 peak of market activity, but were unable to verify pricing at that level.
Based on reported trades, the NOLA barge DAP market was called in a wide $620-$660/st FOB range, rising from $610-$620/st FOB reported previously. MAP barges loading from NOLA firmed to at least the $585-$600/st FOB range from the week-ago $570-$580/st FOB.
US Imports:
February DAP imports were noted at 73,737 st, up 9.9% from 67,112 st in February 2022. July-February exports totaled 444,594 st, however, 50.8% below the year-ago 903,661 st.
July-February imports from Saudi Arabia were counted at 283,903 st. Australia added 119,060 st, followed by 24,668 st from Russia.
July-February MAP/Other imports totaled 670,415 st, up 5.5% from the year-ago 635,338 st. February imports rose 12.3%, to 65,758 st from the prior 58,558 st.
US buyers imported 279,475 st of Russian MAP in July-February, ahead of 149,551 st from Saudi Arabia and 102,962 st from Australia. Mexico sent 86,444 st.
US Exports:
DAP exports rose 25.5% in July-February, to 527,072 st from the year-ago 420,118 st. Shipments totaled 44,812 st for February, up 30.6% from 34,313 st.
MAP/Other exports were off 4.7% for July-February, slipping to 1.36 million st from the year-ago 1.43 million st. February exports were clocked at 160,222 st, down 20.3% from 201,089 st recorded one year earlier.
No new spot business was reported on the Gulf phosphate export market, leaving last-done at $610/mt FOB for both DAP and MAP. New offers were quoted at $620/mt FOB on April 13.
Eastern Cornbelt:
DAP prices in the Eastern Cornbelt jumped from $690/st up to $720/st FOB as the week progressed. Both the high and low were reported at Cincinnati, with the $720/st FOB level confirmed on April 13. “I don’t think price matters,” said one source. “It’s all about supply at the moment.”
In the Northeast, DAP was pegged in a broad range at $675-$720/st FOB, with the low at Fairless Hills and the high at East Liverpool.
MAP was quoted at $655-$700/st FOB in the Eastern Cornbelt, up from last week’s $625-$650/st FOB range, with the low confirmed in Cincinnati at midweek.
Western Cornbelt:
DAP prices were up roughly $10-$30/st from last week amid reports of tight supply. The market firmed to $675-$710/st FOB, depending on location, with both the low and high confirmed at St. Louis during the week.
MAP prices jumped $20/st, to $635-$670/st FOB in the region. The St. Louis MAP market was quoted at $635-$645/st FOB at midweek.
California:
MAP in California remained at $780/st FOB or DEL.
Pacific Northwest:
MAP pricing in the Pacific Northwest was unchanged at $760-$770/st FOB or DEL, depending on location.
Western Canada:
The MAP market in Western Canada appeared to be inching up, with new April offers quoted at C$1,060-$1,080/mt FOB and C$1,080-C$1,115/mt DEL, up from the prior C$1,030-$1,080/mt FOB and C$1,050-$1,060/mt DEL ranges.
China:
Limited business discussions about DAP exports showed pricing ideas at $535-$565/mt FOB. This represents a slight softening of prices estimated out of China. Sources are also now saying there are reports from China that the government will increase the amount of phosphate it allows to be exported. The new number is reported at 8 million mt, a 3 million mt increase from last year.
India:
Domestic production is picking up as more plants come online following routine maintenance turnarounds. Sources said no new spot deals were made. The market’s large buyers still prefer to negotiate with producers rather than work through traders.
The last bit of public business, reported earlier this month with Russian DAP, was priced in the upper-$570s/mt FOB.
Brazil:
Prices for MAP continued to decline. Sources now put the price at $580-$600/mt CFR. Earlier in the week international traders had noted reports of Russian MAP offered at $600/mt CFR. Just a week earlier, that price would have been in the middle of the range – this week, it represents the upper end. For now, Russian product is setting the low end of the range into Brazil.
Inland traders have expressed concern that phosphate prices may soon take an upward turn. They said the bump in both urea prices and phosphate demand in the US could lead to higher prices at Brazil, even though supplies of MAP in the country remain at very high levels. Despite concerns of a price increase, the Rondonopolis price dropped to $710-$730/mt FOB ex-warehouse, a $15-$20/mt decline.
Trade Data Monitor reported first-quarter MAP imports at 1.15 million mt, roughly double the 568,000 mt recorded through the first three months of 2022.
March imports were up 72% year-over-year, lifting to 441,000 mt from 256,000 mt. The main suppliers were Russia with 232,000 mt, Morocco with 114,000 mt, and the US with 46,000 mt.