Central Florida:
Posted Central Florida DAP pricing was unchanged at $540/st FOB. MAP trucks moved up 4.1%, however, to $640/st FOB from the week-ago $615/st FOB. MAP trucks loading from White Springs continued at $625/st FOB, sources said.
US Gulf:
Limited trading was reported in the NOLA DAP and MAP markets, due primarily to low river levels and concerns about a possible early closure of the Upper Mississippi River.
DAP barges softened to $520-$545/st FOB from the week-ago $525-$545/st FOB, while a lack of reported trades left MAP barges steady at $615-$650/st FOB. Sources expect MAP prices to push toward the high side of the current range when more product becomes available.
US Exports:
Sources reported no new business in the US Gulf phosphate export market, leaving levels steady at $570/mt FOB.
Eastern Cornbelt:
DAP firmed to $590-$610/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. MAP was quoted at $690-$710/st FOB in the region, depending on location, with Cincinnati pricing pegged firmly at the $700/st FOB level during the week.
Reports of tight supply pushed DAP pricing up to $590-$610/st FOB in the Western Cornbelt, with MAP pegged in the $690-$720/st FOB range, depending on location.
Northern Plains:
DAP pricing at St. Paul firmed to $600-$610/st FOB for prompt and October tons, up from the prior $590/st FOB level. MAP remained at $690-$700/st FOB St. Paul for the latest offers.
Northeast:
DAP and MAP were up slightly in the Northeast, with the East Liverpool, Ohio, market firming to $605/st FOB for DAP and $710/st FOB for MAP, up from the previous $600/st and $695/st levels, respectively. Delivered MAP in central Pennsylvania was pegged at the $720/st level in early October.
Eastern Canada:
MAP pricing tightened to C$880-$915/mt FOB in Eastern Canada, with DAP reported at the C$825/mt level FOB Montreal.
China:
Unconfirmed reports are circulating that a DAP deal may have been done at $580/mt FOB. Even without confirmation, sources were comfortable with the price due to strong demand in Vietnam, where buyers are reportedly willing to pay whatever it takes to get product.
Sources said price increases had previously faltered at China as Indian buyers pushed back against the market’s steady rises, leaving prices stagnating in the low-$570s/mt FOB to date. Once Vietnamese buyers stepped into the market, however, sources said $580/mt FOB became possible. Producers are said to be ready to make as many deals as they can into Vietnam while ignoring the pleas from India.
There is still no word whether the Chinese government will allow an estimated 1 million mt of DAP to be exported during the fourth quarter. Sources said the government is leaning toward allowing the exports, much to the joy of producers. While sources expect the market price to come down if the tons are released, no one is expecting a crash.
India:
Buyers continue to push against the market’s regular price increases, and suppliers and buyers reached a stalemate when prices hit the current $595/mt CFR in late September. No new deals have been reported as producers hold firm to their pricing ideas.
Vietnam’s entry into the DAP market has complicated the situation for India, as Vietnamese buyers appear willing to pay the higher prices proposed by Chinese producers. At the same time, buyers’ hopes that 1 million mt of Chinese DAP will be released for sale are dimming. Nothing new was reported during the week regarding the potential fourth-quarter exports, largely due to the Golden Week holiday in China.
Argentina:
January-August MAP imports softened 12% year-over-year, Trade Data Monitor reported, to 484,000 mt from 549,000 mt. Imports were pegged at 54,000 mt for August, a 40% decline from the 90,000 mt received one year earlier.
Brazil:
Imported MAP prices were stable at $550/mt CFR. Russian producers have reportedly offered product at $560/mt CFR. While no transactions were confirmed at that level, reports of delayed shipments from North Africa added upside pressure.
With the Rondonopolis phosphate season now over, sources described low demand and an inactive market. MAP prices slipped to $645-$670/mt FOB ex-warehouse, off from $650-$670/mt FOB at last report.