Central Florida:
Central Florida phosphate prices held steady, with truck-loaded DAP posted at $580/st FOB. MAP trucks continued at $600/st FOB despite a reported lack of availability. North Florida MAP prices were unchanged at $650/st FOB, sources said.
US Gulf:
Limited phosphate trades were noted at NOLA for the week. DAP barges moved up $5/st, to $525-$540/st FOB from the prior $520-$535/st FOB, while sources reported zero MAP trades during the week, leaving prices unchanged at $480-$485/st FOB.
US Exports:
DAP and MAP exports from the US Gulf remained at $570/mt FOB for the last reported deals.
Eastern Cornbelt:
DAP prices remained under pressure in the Cornbelt, with Illinois River terminal offers dropping to $630/st FOB on a spot basis, down from last week’s $640/st FOB low. The Cincinnati DAP market was pegged in the $650-$660/st FOB range, down from $665-$675/st FOB.
MAP was quoted at $670-$690/st FOB in the region, with the low again reported out of spot Illinois River terminals and the high at Cincinnati. In the Great Lakes region, delivered MAP offers were pegged at the $708/st level for May tons.
Western Cornbelt:
DAP slipped to $640-$675/st FOB in the Western Cornbelt, with MAP pegged at $675-$695/st FOB in the region. The St. Louis market was quoted at $640-$660/st FOB for DAP and $675-$685/st FOB for MAP. In the Northern Plains, the latest St. Paul offers were confirmed at $675/st FOB for DAP and $695/st FOB for MAP.
California:
MAP was unchanged at $790-$795/st FOB or DEL for the latest offers in California.
Pacific Northwest:
MAP pricing remained at $770-$780/mt DEL in the Pacific Northwest, depending on location.
Western Canada:
MAP in Western Canada was unchanged at C$1,135-$1,145/mt FOB or DEL in early May.
Benelux:
The Northwest European DAP market was quiet as new business came to a standstill with the end of the application season. Prices were flat at $637-$650/mt FCA, with any minor fluctuations attributed to exchange rates rather than market supply and demand dynamics.
Baltic:
DAP prices in the Baltic have retreated, following trends seen in the CFR markets of Northwest Europe and India/Pakistan, which were reflected in this week’s $470-$595/mt FOB range. Given the price direction in Southeast Asia and a lack of demand in Europe, coupled with a rather saturated Brazilian market, it is expected that prices will continue to trend lower.
Morocco:
Moroccan DAP nosedived this week, falling to a low of $495/mt FOB due to significantly lower CFR prices in India and Pakistan, where new business and offers have slipped to as low as $525-$535/mt CFR.
The Moroccan producer is achieving significantly higher returns on business to Europe, but volumes remain modest given the seasonal lull there. This week’s DAP range in Morocco was reported at $495-$600/mt FOB.
China:
The latest talk of DAP pricing out of India put the estimated price at $500-$510/mt FOB China. No deals were done this week to justify lowering the price from the last-reported $528-$530/mt FOB, however.
The $500/mt FOB price appears to be a hard floor for producers. One trader described circulating reports putting the average breakeven price for Chinese DAP at $485/mt FOB. Producers were said to be anxious to keep prices at $500/mt FOB or above to avoid sliding too close to that breakeven level.
India:
Rumors are circulating that a major Indian buyer is in talks with at least one Chinese producer for DAP at $530/mt CFR. That price would represent a roughly $20/mt drop from the last concluded deal, a $548/mt CFR purchase by GSFC reported in early April.
Brazil:
The Brazil MAP range lifted to $570-$575/mt CFR, up from the prior $565-$575/mt CFR range. Players noted limited availability from China for tons arriving in time for the soybean season, and buyers are waiting on the sidelines in expectation of lower prices ahead. NP 11-44 was quoted at $460-$470/mt CFR, down from $470-$475/mt CFR at last report.
Rondonópolis MAP edged up to $690-$710/mt FOB during the week, above last week’s $690-$705/mt FOB. Purchasing activity in the region has been muted due to currency fluctuations and buyer expectations for a near-term decline in prices, while sellers expect the market to remain firm due to a sharp decline in first-quarter MAP imports. January-March MAP receipts totaled 658,000 mt, Trade Data Monitor reported, off 42.7% from the year-ago 1.15 million mt.