Central Florida:
Central Florida DAP truck postings remained at $640/st FOB, sources said, unchanged from one week earlier. Truck-loaded MAP clocked in $10/st below DAP at $630/st FOB, also steady from the prior report. Rumored increases to $640-$650/st FOB and $640/st FOB for DAP and MAP, respectively, went unconfirmed on April 27.
MAP trucks loading from North Florida continued to be offered at $650/st FOB, players said.
US Gulf:
Sources reported firming prices and limited trade volumes in the nearby NOLA barge phosphate markets, although softer sentiment for May loading dragged on MAP.
DAP barges loading from NOLA were priced at a $646/st FOB low, sources said, ticking up from the week-ago $640/st FOB, while players continued to note the product’s high side steady at $650/st FOB.
MAP trading firmed in the nearby loading window, with sales of domestically-produced tons quoted at $625-$630/st FOB, $5-$10/st above last week’s $620/st FOB.
Prices shot lower for May, however, with a trade confirmed at $499/st FOB, followed by $530/st FOB offers. Players described the sub-$500/st FOB trade as a possible “clearing tool,” employed to minimize a long position ahead of the market’s expected summer slowdown.
NOLA DAP barges were reported in a $646-$650/st FOB range for the week, lifting from $640-$650/st FOB in the prior report. MAP barges were noted at a wide $499-$630/st FOB, however, expanding from the market’s prior $620/st FOB price, and encompassing both nearby and full-May trading.
US Exports:
Players continued to put last-done DAP and MAP exports at $610/mt FOB out of the US Gulf. Offer levels were previously reported at $620/mt FOB.
Eastern Cornbelt:
DAP prices surged to $750-$795/st FOB in the Eastern Cornbelt, up from $700-$765/st FOB last week, with the Cincinnati market quoted in the $750-$780/st FOB range, depending on time of the week. Ottawa DAP was pegged at the $775/st FOB level at midweek.
MAP firmed to $700-$735/st FOB in the region, up from $700-$715/st FOB, with the Ottawa market quoted firmly at the $715/st FOB level at midweek. “Ohio River phosphates and potash are tight, and Illinois River MAP is super tight,” said one regional contact.
Western Cornbelt:
DAP was quoted at $740-$795/st FOB in the Western Cornbelt, unchanged from the previous week, with both the high and low reported at St. Louis, depending on supplier and time of the week. MAP was reported at $710-$735/st FOB in the region.
Southern Plains:
DAP firmed to $740-$760/st FOB Catoosa/Inola, up from last week’s $710-$750/st range, with MAP quoted at the $715-$725/st level FOB Catoosa/Inola and Houston. Sources reported very tight inventories at both locations.
South Central:
DAP pricing in the South Central region jumped to $715-$755/st FOB, up from $670-$710/st last week, with the low confirmed in Kentucky and the high at Memphis. Most Arkansas terminals were pegged firmly at the $750/st FOB level as the week progressed.
Southeast:
MAP pricing from Nutrien was reported at $650/st FOB Aurora, N.C., and White Springs, Fla.
China:
DAP exports from China remained limited to deals cut with major suppliers under formula-based pricing plans. The lack of transparency in these deals left the estimated price at $585/mt FOB.
Sources noted that discussions should begin around $525/mt FOB, calculated from a recent DAP purchase reported at $550/mt CFR India. However, the public Indian price, which has depended more on Arab suppliers, has been running significantly lower than what Chinese producers are willing to accept. There have been a number of deals done between major Indian buyers and Chinese producers, but the price and quantity of these sales has been kept closely guarded.
DAP exports for January-March were logged at 633,000 mt, according to Trade Data Monitor, a 15% decrease from 743,000 mt exported through the first quarter of 2022.
March DAP exports stood at 263,000 mt, falling from the 379,000 mt in the prior March. The main buyers were India, taking 143,000 mt, followed by Japan, with 32,000 mt.
Trade Data Monitor pegged January-March MAP exports at 534,000 mt by, a jump from the year-ago 202,000 mt.
MAP exports for March were put at 188,000 mt, up from 102,000 mt posted on year earlier. The main buyers were Brazil with 104,000 mt, followed by Australia with 31,000 mt. North Korea took 19,000 mt.
India:
Sources reported that IPL closed a deal for Ma’aden DAP at $553-$557/mt CFR. At the same time, OCP/Morocco was said to be holding out for $570/mt CFR.
DAP imports firmed 48% in January-February, according Trade Data Monitor, to 854,000 mtfrom 577,000 mt in the first two months of 2022.
February imports were 290,000 mt, off from the year-ago 365,000 mt. Russia and Saudi Arabia each supplied about 34% of the imports, while Australia and Tunisia added about 44,000 mt apiece.
Brazil:
The MAP market took a slight dip to $560-$600/mt CFR. Reports attributed the softening to an increased volume of Chinese MAP in the market.
The Rondonopolis market dropped on the lower end of the range, to $670-$730/mt FOB ex-warehouse. Sources said that prompt shipments were selling in a discounted $670-$690/mt FOB range, while future deliveries were sold at a premium, above $700/mt FOB ex-warehouse.
Sources expect to see continued downward pressure on MAP prices due to high inventories and limited demand.
Argentina:
Trade Data Monitor pegged January-March MAP imports at 53,000 mt, above 1,000 mt recorded through the same period of 2022.
March imports were tagged at 43,000 mt, against 152 mt received in March 2022. Morocco shipped 29,000 mt, for 68% of the import market.