Central Florida:
Central Florida DAP trucks were reported at $630/st FOB, unchanged from last week. Truck-loaded MAP was steady at $655/st FOB. Sources continued to note North Florida MAP postings at $650/st FOB.
US Gulf:
NOLA DAP barges softened 5.6% during the week, to $570-$630/st FOB from $610-$660/st FOB at last report. MAP barges held their value, however, with prices unchanged at the week-ago $620-$640/st FOB level. Prompt and loaded product was priced at the top of the range for both DAP and MAP, sources said.
US Imports:
DAP imports for January moved 548.5% higher year-over-year, to 83,893 st from 12,937 st. July-January imports firmed 115.1%, to 797,842 st from 370,857 st in the prior July-January. July-January imports from Saudi Arabia were noted at 465,704 st, followed by 173,699 st from Jordan. Australia added 80,372 st.
July-January MAP/Other imports saw an 8.4% year-over-year increase, rising to 655,240 st from 604,657 st. January imports slipped 7.8%, however, to 133,886 st from the year-ago 145,182 st. Saudi Arabia led suppliers with 192,204 st in the fertilizer year-to-date, Tunisia added 175,672 st, and Mexico sent 153,367 st.
US Exports:
With no new spot transactions reported, the US Gulf export market continued at $570/mt FOB.
January DAP exports were noted at 16,731 st, a 62.0% decrease on the year-ago 43,982 st. July-January volumes were down 47.4%, at 253,503 st compared to the 482,260 st posted one year earlier. US DAP sellers sent 81,605 st to Peru in July-January, ahead of 38,736 st to Canada and 31,964 st to Uruguay. Brazil took 28,989 st.
MAP/Other exports softened 5.6% in July-January, to 1.14 million st from the year-ago 1.20 million st. January shipments were 131,862 st, down 38.5% from 214,491 st in the previous January. Canada received 894,021 st of US MAP in July-January, ahead of 76,770 st to Australia and 36,520 st to Mexico.
Eastern Cornbelt:
DAP prices dropped to $665-$685/st FOB in the Eastern Cornbelt, well below the previous week’s broad $685-$760/st FOB range, with both the high and low confirmed at Cincinnati during the week. In the Great Lakes region, delivered DAP was pegged at the $735/st level.
MAP was quoted at $685-$695/st FOB for limited tons in the Eastern Cornbelt, with the low again reported on the Illinois River. The Cincinnati MAP market was pegged at $690-$695/st FOB during the week. Michigan prices were quoted at $715/st FOB and $735/st DEL for the latest MAP offers.
Western Cornbelt:
DAP slipped to $660-$690/st FOB for limited tons in the Western Cornbelt, with the low reported at St. Louis. MAP was quoted at $675-$715/st FOB in the region, with the low confirmed at St. Louis for April availability and the high for prompt tons at that location. MAP tons at Iowa warehouses were also quoted at the $715/st FOB level during the week.
California:
MAP prices jumped to $790-$795/st FOB or DEL for the latest offers in California, up from last week’s $765-$775/st level and the $760-$765/st FOB range reported in late February.
Pacific Northwest:
MAP postings in the Pacific Northwest were reportedly up $20/st, to $770-$780/mt DEL, depending on location.
Western Canada:
MAP in Western Canada was quoted at C$1,140-$1,145/mt FOB or DEL in late March, up from the prior C$1,110-$1,125/mt FOB and C$1,120-$1,130/mt DEL ranges.
Morocco:
Moroccan DAP prices were flat this week. The low end of the market reflected a sale into Latin America netting back to around $550/mt FOB, while the high continued to reflect last-done business in Northwest Europe. Moroccan product is currently out of that premium market, however.
Benelux:
Benelux DAP firmed again this week. A high of $675/mt FCA was reportedly achieved amid limited supply, with the Moroccan producer citing no availability in the region before April. Despite the momentum of recent weeks, some expressed a lack of confidence in continued firmness beyond March as the end of the peak phosphates season approaches.
Baltic:
Russian DAP prices hovered around $545/mt FOB, higher than the previous week and reflecting prices achievable in Benelux. Lithuanian DAP also edged higher, with $620/mt FOB achievable for parcels headed to Western Europe. MAP in the Baltic remained flat at $500-$510/mt FOB, reflecting a stable Brazilian CFR market.
China:
The paperwork for DAP and MAP exports is quietly working its way through the Chinese bureaucracy, sources said. DAP pricing for April shipments was noted under discussion at $590-$600/mt FOB, matching prices from small-lot sales reported in the region.
With the paperwork moving and pricing under discussion, phosphates should start shipping from China during the first half of April, sources said, though no vessels have been confirmed to arrive during that period to pick up tonnage. One trader said buyers would be wise to wait until the tons are at the port and all the paperwork is completed before booking a vessel.
In addition to the overall quota of phosphates allowed for export, producers will reportedly be given individual quotas of what they are permitted to ship offshore, leaving players with some concerns. No buyer wants to agree to purchase a large quantity from one producer only to find that the deal exceeds the allotment given to that manufacturer.
Sources reported some small sales to regional purchasers. A buyer in the Philippines reportedly secured two cargoes of about 10,000 mt each at $626-$635/mt CFR. Players described the sales as likely container deals with netbacks in the $590-$600/mt FOB range.
China’s export restrictions reduced DAP and MAP shipments in January-February, data from Trade Data Monitor showed, but to a lesser degree than urea.
Two-month exports fell 70% year-over-year, to 115,000 mt from 370,000 mt, with India taking 38,000 mt. Japan and Thailand followed with 23,000 mt and 21,000 mt, respectively. February DAP exports were 7,000 mt, down significantly from the 94,000 mt shipped in February 2023.
MAP exports totaled 99,000 mt in January-February, a 70% decline from the 346,000 mt shipped during the same period of 2023. Australia took 56,000 mt, followed by Chile with 12,000 mt. February MAP exports were noted at 14,000 mt, down from 147,000 mt in the prior February.
India:
Sources reported a sale of Jordanian DAP into India at $580-$585/mt CFR. The price was seen as a small victory for Indian buyers at a time when DAP suppliers appeared to be digging in their heels for higher prices.
RCF closed a DAP tender earlier this week, though sources said no data from the tender has been released. Once the numbers are reported, said one trader, the market will have a better benchmark to look to for pricing.
Brazil:
MAP imports were unmoved from the week-ago $565-$570/mt CFR level. Multiple offers were heard at $580/mt CFR, while players reported some inland deals at a $555/mt CFR equivalent.
Following aggressive offers in the $665-$685/mt FOB ex-warehouse range reported during the Farm Show in Primavera do Leste, Rondonópolis suppliers withdrew their MAP discounts during the week, returning offers to the $680-$700/mt FOB ex-warehouse range reported two weeks earlier.
The increase surprised some market players, who expected suppliers to maintain the lower prices to spur demand for the next soybean crop. Others anticipated the higher levels, however, pointing to strong pricing in the international MAP markets. Given the increase, buyers were not motivated to negotiate, leaving the Rondonópolis market at a standstill.