Central Florida:
Central Florida DAP trucks were quoted firming to $640/st FOB, up $10/st from the week-ago $630/st FOB. MAP trucks were posted at $630/st FOB, unmoved from the prior report.
Truck-loaded MAP was offered at $650/st FOB from North Florida, a $20/st increase from $630/st FOB reported previously.
US Gulf:
Players described a quieter NOLA phosphate market following last week’s frenzy, leaving DAP prices holding near the top of the prior range, while MAP barges firmed.
DAP barges loading from NOLA were reported trading at a $650/st FOB high during the week, shy of the prior $660/st FOB top, while a weekly bottom heard at $640/st FOB represented a shift up from the previous $620/st FOB floor. Barges already on a moving tow were reported changing hands in a $700-$710/st FOB range, while new offers for domestically-produced tons were quoted at $650/st FOB NOLA on April 20.
NOLA MAP barges pressed definitively higher, however, with sources quoting the weekly low at $620/st FOB, above last week’s $600/st FOB top. Players reported offers for both imported material and domestically-produced barges at $630/st FOB on April 20, while concluded trades rumored at that level went unconfirmed on April 20. Sources reported moving MAP barges changing hands in a $650-$655/st FOB range during the week.
Based on reported trades, DAP barges were priced at $640-$650/st FOB, narrowing from the week-ago $620-$660/st FOB range. MAP barges loading from NOLA traded at $620/st FOB, rising from $585-$600/st FOB reported one week earlier.
US Exports:
Sources noted a quiet week on the US Gulf phosphate export market. The Gulf’s most recent spot business included a 7,000 mt DAP and MAP cargo sold into northern Latin America, with pricing tabbed at $610/mt FOB. Offers previously quoted at $620/mt FOB were not reported to find takers on April 20.
Based on reported trades, the US Gulf DAP and MAP export markets continued at $610/mt FOB for the week, unchanged from the prior report.
Eastern Cornbelt:
DAP firmed to a broad $700-$765/st FOB in the Eastern Cornbelt, up from last week’s $690-$720/st FOB, with Cincinnati pricing covering a wide $720-$765/st FOB range as the week progressed. MAP jumped to $700-$715/st FOB in the Eastern Cornbelt, up from $655-$700/st FOB, with the high confirmed late in the week at Cincinnati for limited supplies.
Western Cornbelt:
Sources reported heavy demand for phosphates at St. Louis during the week, with prices ramping up significantly. DAP was quoted in a broad range at $740-$795/st FOB in the Western Cornbelt, up sharply from last week’s $675-$710/st FOB range, with both the high and low confirmed in St. Louis from different suppliers.
MAP firmed to $725-$735/st FOB in the region, up from $635-$670/st FOB last week. “There are some very high prices out there and it’s all up and down the rivers as tightness is rampant,” commented one contact.
Northern Plains:
DAP was quoted at a firm $695/st FOB St. Paul, with MAP firming to $675/st FOB for the last Twin Cities offers. “It feels like the Cities pricing is still fairly competitive compared two what’s going on around the St. Louis and Cincinnati market,” said one contact. No current delivered MAP pricing was confirmed in North Dakota.
Northeast:
DAP firmed to $680/st FOB Fairless Hills and as high as $740/st FOB East Liverpool, up from last week’s $675-$720/st FOB and well above the $675-$690/st FOB offers confirmed in early April. MAP jumped to $720-$730/st FOB East Liverpool, with delivered tons reported in the $720-$740/st range in central Pennsylvania.
MAP prices were also firming in the Southeast. Nutrien early in the week moved its postings at Aurora, N.C., and White Springs, Fla., to $650/st FOB, up from the prior $630/st FOB reference.
Eastern Canada:
New MAP offers in Eastern Canada firmed to C$1,030-$1,280/mt FOB, depending on location and supplier, up C$35/mt at the low end of the range. DAP was quoted at the C$1,038/mt FOB level in Montreal, reflecting a C$28/mt increase.
China:
Limited offers of DAP from China were quoted to traders at $585/mt FOB. Sources said that while the price was not unexpected, no deals could be confirmed at that level so far. Prices from the factory gate were reported at $487-$581/mt. The mid-range of these prices would equate to the reported export offers.
Reports from Hubei, a major DAP production area, noted that the provincial government has begun a routine of closer inspections of DAP input products. The government claims that complaints of poor-quality DAP could be tied to inferior inputs. The stepped-up inspection regime was to run April through October.
India:
National Fertilizers Ltd. (NFL) closed a DAP tender for 50,000 mt on April 18. The lowest price was noted at $560/mt CFR, and sources did not report any awards issued in the tender. There is already talk that the next DAP tender will have a target price of at least $10/mt lower.
Brazil:
Prices of MAP have dropped again. Sources said the lower end of the previous price range dropped, leaving the market at $570-$600/mt CFR. The softness was put to an oversupply of MAP in the marketplace.
The price in Rondonopolis was reported steady at $710-$730/mt FOB ex-warehouse, despite aggressive efforts to move the price to $690/mt FOB. Sources said that even though the large price drop was thwarted, lower prices seem inevitable.
Russia:
The Russian government will issue a new MAP export quota of 1.99 million mt for the June 1- Nov. 30 period, the Interfax news agency reported.
The tonnage allowed in the six-month quota will be more than enough, if past Russian MAP exports are any indication. According to Trade Data Monitor, countries imported 2.6 million mt of Russian MAP for all of 2021. While all reports for 2022 are not yet in, countries that recorded receiving Russian MAP showed shipments totaling 1.8 million mt.