Central Florida:
Hurricane Idalia halted activity in the Central Florida market, resulting in steady pricing from the previous week. Truck-loaded DAP shipments were listed at $500/st FOB, while MAP trucks remained at $550/st FOB. In North Florida, MAP postings continued at $625/st FOB.
US Gulf:
Traders reported limited business at NOLA. DAP prices fell to $510-$525/st FOB from the week-ago $530-$540/st FOB, while offers at $530/st FOB reportedly failed to transact during the week. MAP declined to a flat $630/st FOB, off from the previous $630-$640/st FOB.
US Exports:
Export activities came to a halt due to Idalia’s sweep through the Gulf, leaving prices unchanged at $550/mt FOB.
Eastern Cornbelt:
DAP was unchanged at $585-$595/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. MAP remained at $685-$700/st FOB in the region, with the low again reported at Cincinnati. The Ottawa, Ill., MAP market was quoted firmly at the $690/st FOB level in late August.
Western Cornbelt:
DAP pricing in the Western Cornbelt moved to $575-$590/st FOB during the week, with the low confirmed at St. Louis. MAP remained at $675-$700/st FOB in the region, with the low at St. Louis and the high reported in Iowa.
Southern Plains:
DAP pricing in the Southern Plains remained at $580-$590/st FOB Catoosa/Inola and $600/st FOB Houston in late August, with MAP quoted at $675-$690/st FOB Catoosa/Inola and $690/st FOB Houston.
South Central:
DAP was steady at $580-$590/st FOB terminals in the South Central region.
Southeast:
MAP postings from Nutrien remained at $625/st FOB Aurora, N.C., and White Springs, Fla., in late August.
China:
Sources reported a strong push from buyers in India to reduce DAP prices this week. While nothing was concluded, traders said the new effort could set the netback to China at $535-$545/mt FOB, down about $5-$10/mt from the last deals.
While sources were clear that no business was done at this new level, the strength of the pushback against what had been a monthlong increase in prices was stronger than previously seen, and could take hold. OCP is reportedly gearing up for increased DAP production, giving buyers some extra arguments to use against Chinese producers.
India:
No new DAP business was done. Sources said talks between buyers and Chinese producers were heating up, however, as buyers look for a better price.
For now, the target appears to be $555-$560/mt CFR. This is not out of line with the last bit of business at $558/mt CFR. The emphasis in the current round of talks appears to lie closer to the $555/mt CFR mark than the higher end, however.
A purchase tender called by Rashtriya Chemicals and Fertilizers Ltd. (RCF) for MAP or DAP Lite (15-40-0) will close on Sept. 4. The company is seeking two lots of 20,000 mt to be shipped in October and November. The material is slated to be used in RCF’s NPK manufacturing process. A query for 35,000 mt of potash was also included in the tender call.
Brazil:
Despite the market reportedly slowing as the phosphate season winds downs, MAP imports stretched to $530-$535/mt CFR from $530/mt CFR in the prior report. Offers were noted firming to $540/mt CFR.
MAP prices experienced a minor dip at Rondonopolis, settling at $640-$655/mt FOB ex-warehouse, with most offers centered on delivery for corn safrinha.
Offers were noted as high as $680/mt FOB, as suppliers continue to substitute MAP stocks for SSP and TSP – both in short supply at Brazil – in blending. Given that MAP is utilized in smaller quantities for winter crops compared to summer crops, industry insiders speculated that prices could see downward pressure ahead.
Argentina:
Argentina imported 430,000 mt of MAP in January-July, according to Trade Data Monitor, a6% decline from the 459,000 mt logged through the same period of 2022. July imports were counted at 158,000 mt, up significantly from 36,000 mt in July 2022. Morocco accounted for 47% of the July market with 74,000 mt, followed by 53,000 mt to China.