Central Florida:
Central Florida DAP trucks were posted at $470/st FOB, falling from $640/st FOB in the prior report. Truck-loaded MAP postings also softened, to $500/st FOB from the week-ago $630/st FOB.
MAP trucks loading from North Florida were quoted at $600/st FOB, unmoved from last week.
US Gulf:
Players reported firming in the NOLA DAP and MAP barge markets.
Early-week trades for imported tons were heard at $442/st FOB, while open offers lifted to $448/st FOB by midweek. Domestically-produced barges loading in late June or first-half July were quoted trading in a $445-$455/st FOB range, rising from the prior $445/st FOB top.
After weeks of minimal trading, domestic producers reported June and first-half July MAP barges changing hands as high as $475/st FOB, up $5/st from the recent $470/st FOB ceiling. Early-week trades for imported tons were noted at a $460/st FOB floor, above last week’s $450/st FOB. Nearby offers climbed to $480-$500/st FOB late in the week, while barges loading in September were confirmed trading at $485/st FOB on June 22.
Players pointed to tightening MAP supply as contributing to the higher values. A number of Russian MAP cargoes were reportedly diverted to Brazil in recent weeks ahead of a possible increase in countervailing duty rates in the US.
Based on reported trades, the nearby DAP market firmed to $442-$455/st FOB, rising from $440-$445/st FOB at last check. MAP barges loading from NOLA lifted to $460-$475/st FOB from the week-ago $450-$470/st FOB.
US Exports:
US Gulf DAP and MAP export offers were reported at $520/mt FOB, unchanged from previous levels.
Eastern Cornbelt:
DAP pricing slipped to $540-$550/st FOB in the Eastern Cornbelt, with MAP quoted at $550-$560/st FOB. The upper end of both ranges was reported at Cincinnati at midweek.
Western Cornbelt:
The DAP market dropped to $500-$540/st FOB in the Western Cornbelt, depending on location, with MAP pegged at $520-$560/st FOB in the region. The St. Louis market reportedly fell to $500-$510/st FOB for DAP and $520-$525/st FOB for MAP during the week.
Northern Plains:
Phosphate prices were down significantly in the Northern Plains as the season ends and demand drops, with the St. Paul market quoted at the $500/st FOB level for DAP and $540/st FOB for MAP. Sources described inventories as “empty” in the Twin Cities in mid-June.
Northeast:
The DAP market in the Northeast was quoted at $650/st FOB Fairless Hills and East Liverpool, Ohio, with MAP pegged at the $660/st level FOB East Liverpool. Those levels were down from late May offers at $650-$680/st FOB for DAP and $680-$700/st FOB for MAP.
Eastern Canada:
MAP prices in Eastern Canada were unchanged at C$1,049-$1,260/mt FOB, depending on location and supplier. DAP remained at the C$1,038/mt FOB level in Montreal.
China:
Sources around the globe indicated a new DAP price level of $450-$460/mt FOB. Traders described fresh pricing in India as the strongest indication of the new Chinese price. While traders agree the price is in the $450s/mt FOB, some were hesitant to say the $450/mt FOB mark had been hit. However, others noted reports of that level being achieved. Further price declines are expected.
January-May DAP exports were reported at 1.5 million mt, according to Trade Data Monitor,up 35% from the year-ago 1.1 million mt. May exports were 516,000 mt, rising from 163,000 mt in May 2022, with India taking 394,000 mt.
MAP exports lifted 41% in January-May, to 878,000 mt from the prior-year 623,000 mt. May exports were noted at 208,000 mt, down slightly from 218,000 mt reported for the previous May. Argentina took 75,000 mt for the month, followed by Brazil with 59,000 mt. North Korea took 23,000 mt.
India:
Sources saw initial discussions for new DAP imports starting in the low-$470s/mt CFR during the week. By the end of the week, however, traders reported deals at $455-$460/mt CFR. One trader expected prices to continue to fall. Few were willing to speculate on where the floor for DAP might ultimately end up.
Brazil:
Demand for MAP remains weak as prices drift downward. Sources now put the portside price at $420-$440/mt CFR.
The Rondonopolis MAP price came off on limited demand, to $560-$590/mt FOB ex-warehouse.