Central Florida:
Central Florida phosphate trucks were noted at $630/st FOB for DAP and $655/st FOB for MAP, both unchanged from the prior report. North Florida MAP postings remained at the week-ago $650/st FOB.
US Gulf:
NOLA DAP and MAP barges extended their losing streak, players said. DAP barges softened 6% during the week, falling to $530-$550/st FOB from $550-$600/st FOB at last report, while MAP barges pulled back to $550/st FOB, off from the week-ago $560-$635/st FOB.
US Imports:
February DAP imports totaled 336,559 st, a significant 356.4% increase from 73,737 st in February 2023. July-February imports were counted at 1.13 million st, up 155.2% from the year-ago 444,594 st. July-February imports from Saudi Arabia were noted at 659,759 st, followed by 259,201 st from Jordan. Egypt sent 82,673 st, ahead of 80,372 st from Australia.
MAP/Other imports for February moved 4.9% higher year-over-year, to 68,969 st from 65,758 st. July-February imports firmed 8.0%, to 724,209 st from 670,415 st in the prior July-February. Saudi Arabia led sellers with 192,204 st in the fertilizer year-to-date, narrowly topping 191,121 st from Mexico. Tunisia sent 175,693 st.
US Exports:
No new DAP or MAP spot business was reported out of the US Gulf, leaving prices at $570/mt FOB.
DAP exports softened 38.0% in July-February, to 326,909 st from the year-ago 527,072 st. February shipments were 73,406 st, however, up 63.8% from 44,812 st in February 2023. US DAP sellers sent 95,398 st to Peru in July-February, ahead of 58,870 st to Uruguay and 49,209 st to Brazil. Canada took 41,102 st.
MAP/Other exports softened 2.3% in July-February, to 1.33 million st from the year-ago 1.36 million st. February exports were counted at 196,406 st, however, rising 22.6% from the 160,222 st reported one year earlier. Canada received 1.04 million st of MAP from the US in July-February, ahead of 111,136 st sent to Australia and 40,656 st to Mexico.
Eastern Cornbelt:
DAP slipped to $660-$710/st FOB in the Eastern Cornbelt, down $10-$15/st from last week, depending on location and time of delivery, with the low reported out of spot Illinois River terminals. The Cincinnati DAP market remained in the $685-$710/st FOB range for limited supply, depending on supplier.
MAP was pegged at $680-$715/st FOB in the region, with the low reported out of spot Illinois River terminals. MAP pricing at Cincinnati was pegged at $690-$710/st FOB.
In the Great Lakes region, delivered DAP and MAP were quoted at the $730/st level for April-May tons, with warehouse MAP reported at $700-$715/st FOB.
Western Cornbelt:
DAP was pegged at $660-$705/st FOB in the Western Cornbelt, with the MAP market quoted at $675-$715/st FOB in the region. St. Louis offers remained at $690-$700/st FOB for DAP and $700-$710/st FOB for MAP, though tons were described as very limited.
California:
MAP pricing remained at $790-$795/st FOB or DEL for the latest offers in California.
Pacific Northwest:
MAP was unchanged at $770-$780/mt DEL in the Pacific Northwest, depending on location.
Western Canada:
MAP in Western Canada was quoted at C$1,135-$1,145/mt FOB or DEL in mid-April.
Morocco:
Though no fresh transactions were confirmed, Moroccan DAP prices slipped this week to $510-$595/mt FOB, reflecting the price retreat in India on the low end and lower values in Northwest Europe at the high. In nearby Tunisia, prices were heard at similar levels to Morocco.
Benelux:
DAP prices in Benelux drifted lower this week as the spring season draws to a close. DAP reportedly transacted at €600-€610/mt FCA, equivalent to $651-$662/mt FCA at midweek exchange rates.
Some just-in-time demand for small volumes is still expected, but the consensus among sources is that this will be covered by the existing line-ups to French and Belgian ports.
Baltic:
Baltic DAP prices moved lower this week, to $505-$600/mt FOB, with the low end reflecting Indian netbacks on Russian product following a $15/mt drop on the last business in India. Lithuanian DAP netbacks from Northwest Europe represented the week’s high.
Russian MAP prices in the Baltic moved up again this week, to $515-$525/mt FOB, fueled by cheaper freight and continued strength in Brazilian MAP prices.
India:
National Fertilizers Ltd. (NFL) has released the numbers from the 45,000-50,000 mt DAP tender that closed last week. The lowest offer for April shipment came from Midgulf at $548.50/mt CFR. Ameropa offered $522/mt CFR for shipping in mid-May, and Agrifields offered $559/mt CFR for April shipping.
NFL had not issued an award in the tender as Green Markets went to press on April 12. India is short of DAP, sources said. While calling a tender for a single cargo has been India’s normal practice in the past, the price set in the tender will become the basis for a much larger order priced on a formula basis.
China:
DAP export prices tightened during the week. Sources put the market at $550-$555/mt FOB, while buyers are pushing for prices in the $540s/mt FOB. At least one producer is seriously considering a one-off deal at $545/mt FOB, according to reports.
Prices are under pressure to come down, sources noted. The recent DAP tender from NFL in India showed an estimated $528-$530/mt FOB netback to China. The lower prices expected by buyers, along with the producers’ desire to move as many tons as possible, have led to a series of talks that are likely to precipitate a gradual decline in prices, sources said.
Brazil:
The landed MAP price edged up to $565-$570/mt CFR in Brazil, matching levels seen two weeks earlier. Brazil’s current stocks-to-use ratio is tracking at its lowest level in five years, sources said, with over 60% of demand remaining to be purchased.
Rondonópolis prices firmed to $710-$720/mt FOB on reports of low availability, approaching the top prior range, with few transactions confirmed. Players are reportedly waiting for Chinese product and expect prices to drop going forward. Sellers were said to offer lower prices for October delivery.
MAP imports to Brazil fell significantly in the first quarter, Trade Data Monitor reported, to 658,000 mt from the 1.15 million mt received through the first three months of 2023. Russia sent 531,000 mt for 81% of the imports, followed by Morocco with 91,000 mt. March receipts were noted at 256,000 mt, a 42% decline from 442,000 mt in March 2023.
China has been a steadfast supplier of MAP to Brazil, but Chinese export restrictions impacted Brazil’s first-quarter imports. China sent just 9,000 mt to the country in January-March, off from the 29,000 mt shipped during the same period of 2023.