Central Florida:
Central Florida phosphate prices were unchanged at $580/st FOB for DAP and $600/st FOB for MAP. The posted North Florida MAP price remained at $630/st FOB.
US Gulf:
Sources noted an active week of summer fill trading in the NOLA DAP and MAP barge markets. Some players reported the highest weekly trade volumes since fourth-quarter 2023, with a concentration on MAP.
DAP inched $5/mt higher, sources said, to $510-$525/st FOB from last week’s $505-$520/st FOB, while MAP lifted to $530-$565/st FOB, a 3.8% increase from $520-$535/st FOB at last report.
US Exports:
Nothing new was reported on the US Gulf market, leaving DAP and MAP exports flat at $570/mt FOB.
Eastern Cornbelt:
DAP continued at $620-$660/st FOB in the Eastern Cornbelt, with MAP quoted at the $660-$680/st FOB level in the region. The Cincinnati market was pegged at $650-$660/st FOB for DAP and $670-$680/st FOB for MAP during the week. In the Great Lakes region, delivered prices in central Michigan were reported at $658/st for DAP and $673/st for MAP.
Western Cornbelt:
DAP was reported at $640-$660/st FOB in the Western Cornbelt, with MAP pegged at $660-$680/st FOB in the region. The St. Louis market was quoted at $640-$650/st FOB for DAP and $665-$675/st FOB for MAP in late May.
California:
MAP was quoted at a solid $790/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, with the low reported in Idaho.
Western Canada:
MAP in Western Canada was unchanged at C$1,135-$1,145/mt FOB or DEL in late May.
Benelux:
DAP prices in Benelux were flat at €585-€595/mt FCA, with demand described as thin but availability also scarce. Due to the euro appreciating against the US dollar, however, DAP prices have moved to $636-$647/mt FCA in the region, reflecting midweek exchange rates.
Morocco:
Moroccan FOB values for DAP dipped slightly this week, with European business reportedly reflecting netbacks of up to $590/mt FOB. The low end continues to reflect netbacks from India, but downward pressure could continue to build.
Baltic:
MAP prices in the Baltic were $5/mt higher at the low end of the range this week due to an increase in Brazil CFR prices to $575/mt. As a result, the Baltic MAP spot market was quoted at $520-$530/mt FOB.
China:
Sources said reports of sub-$500/mt FOB DAP deals have upset producers. While actual spot deals have not yet been reported at that level, talk of pricing in the $490s/mt FOB has intensified in the past week.
Producers have expressed concern about the low pricing for a couple of reasons. Primarily, the breakeven price for DAP production currently sits in the upper-$480s/mt FOB, sources said. Any move to settle prices in the $490s/mt FOB will fall too close to the breakeven level for the producers’ comfort.
Another concern is that should prices go too low, more demand for DAP will materialize from international buyers. If demand becomes too strong, said one trader, the export inspectors tasked with approving each offshore sale will become nervous about the potential impacts to domestic supply. If that happens, the trader said, the inspectors will deny the export permit.
The government is already moving to buy up more DAP for domestic stockpiles in an effort to counter any potential increase in international demand, sources said.
China’s easing export restrictions were evident in the country’s April export numbers, with DAP shipments for the month exceeding the country’s entire first-quarter export total. Even with April’s stepped-up exports, the 541,000 mt shipped in January-April remain significantly off from the 966,000 mt exported through first four months of 2023, Trade Data Monitor reported.
April DAP exports stood at 400,000 mt, up 20% from the 333,000 mt shipped in April 2023. January-March 2024 exports totaled just 141,000 mt.
MAP exports showed a similar pattern. China exported 309,000 mt of MAP in January-April, against 670,000 mt sent through the first four months of 2023. April MAP exports were 210,000 mt, up from 135,000 mt in April 2023.
| Month | 2024 China Exports (mt) | |
| DAP | MAP | |
| January | 108,251 | 84,882 |
| February | 7,120 | 14,403 |
| March | 26,157 | 356 |
| April | 399,757 | 210,000 |
India:
No new spot DAP business was reported into India, leaving the price unchanged at $510-$512/mt CFR. Buyers continue to push for lower prices but are seeing strong resistance from Chinese suppliers. Other DAP-producing countries appear willing to entertain pricing discussions, however.
First-quarter DAP imports to India totaled 488,000 mt, according to Trade Data Monitor, down 62% from the 1.3 million mt received through the first three months of 2023, with Saudi Arabia and Morocco each supplying roughly 48% of the tonnage. March imports were put at 222,000 mt, off 40% from the 445,000 mt received in March 2023.
Brazil:
MAP imports in Brazil moved up $5/mt, to $560-$575/mt CFR from $555-$570/mt CFR at last report. Russian material continued at the top of the range, while Chinese product was priced at the bottom. NP 10-45 was quoted at $475/mt CFR.
Rondonópolis negotiations for MAP were reported at $685-$705/mt FOB, off slightly from last week’s $685-$710/mt FOB, though players said the current prices don’t necessarily reflect concluded deals.
Argentina:
January-April MAP imports to Argentina firmed 10% year-over-year, Trade Data Monitor reported, to 115,000 mt from 104,000 mt. Morocco topped the supplier list with 73,000 mt, for 63% of the import market. April MAP imports of 53,000 mt were up slightly from the 50,000 mt received in the previous April.