Central Florida:
Central Florida phosphate prices held firm, with truck-loaded DAP posted at $580/st FOB while MAP trucks continued at $600/st FOB. North Florida MAP was steady at $630/st FOB, sources said.
US Gulf:
Players reported another active week at NOLA for DAP and MAP barges loading in both the second and third quarters, though third-quarter barge trades were excluded from the week’s prompt range.
Second-quarter DAP barges firmed $10/st, to $520-$535/st FOB from last week’s $510-$525/st FOB range. MAP increased 3.2% for the week and 17.1% in May to settle at $550-$580/st FOB, up from the prior $530-$565/st FOB.
US Exports:
Sources reported a $550/mt FOB DAP cargo sold into the West Coast of Latin America during the week, down from $570/mt FOB at last report. With no MAP transactions reported, that product continued at $570/mt FOB.
Eastern Cornbelt:
DAP continued at $620-$660/st FOB for prompt tons in the Eastern Cornbelt, with the low reported out of spot Illinois River locations and the high inland. The Cincinnati DAP market was pegged in the $635-$650/st FOB range during the week, down from $650-$660/st FOB.
MAP was quoted in a broad range at $640-$685/st FOB in the region, depending on location, with the low once again confirmed at spot Illinois River terminals and the high inland. The Cincinnati MAP market was pegged at $660-$680/st FOB in late May.
Western Cornbelt:
DAP was steady at $640-$660/st FOB in the Western Cornbelt, with MAP pegged in the $660-$680/st FOB range in the region. Pricing at St. Louis remained at $640-$650/st FOB for DAP and $665-$675/st FOB for MAP in late May.
Northern Plains:
DAP was pegged at $640-$660/st FOB in the Northern Plains with MAP slipping to $650-$670/st FOB in the region.
Great Lakes:
MAP was quoted at $645-$690/st FOB in the Great Lakes region, depending on location and time of shipment, with the low reported for limited fill offers. Delivered DAP was reported at the $658/st level in central Michigan in late May.
Northeast:
DAP slipped to $680-$685/st FOB East Liverpool, with MAP pegged at the $700/st FOB level at that location. Rail-DEL MAP offers in Pennsylvania were quoted at the $720/st level in late May.
Eastern Canada:
MAP pricing in Eastern Canada slipped slightly to C$975-$995/mt FOB, down C$10/mt at the low end of the range, with DAP remaining at C$945/mt FOB Montreal.
Benelux:
DAP in Benelux remained flat at €585-€595/mt FCA, but prices inched marginally lower, to $635-$646/mt FCA, reflecting midweek exchange rates for an appreciating euro. Demand remains minimal, which is normal for the time of year, but supply has stayed in check, resulting in stable indicative pricing.
Morocco:
Moroccan DAP prices were stable this week, with OCP’s sales into Latin America and Europe resulting in netbacks falling in the existing $495-$590/mt FOB range. Sellers overall appear more confident that DAP prices may have reached a floor and expect FOB values to soon see some gains, encouraged by the recent buying momentum in Brazil.
Baltic:
MAP prices in the Baltic were stable this week at $520-$530/mt FOB. Some market participants expect FOB values to rise in the near term, however, fueled by lower freight indications, and assuming Brazil CFR values remain supported.
China:
Buyers continue to bid in the $490s/mt FOB for Chinese DAP, though sellers refuse to go below the $500/mt FOB mark. Buyers believed their arguments carried more weight because of earlier business, but the latest deal into India showed a netback of$500/mt FOB with wiggle room on either side. Producers responded that the last Indian business consisted of Russian and Moroccan tons – not Chinese – followed by a repeat of offers in the low-$500s/mt FOB.
Shipments of DAP and MAP are expected to remain strong for the next few months. As previously reported, April DAP exports of 310,000 mt were more than triple the total exported during the first quarter.
India:
Buyer efforts to secure lower-priced product has failed. Sources reported the latest DAP deal into India at $518/mt CFR, a slight increase on the last spot purchase. This price nets back $500/mt FOB to China, a level that Chinese producers have indicated they do not want to sink below.
Brazil:
The Brazil MAP range lifted to $575-$580/mt CFR from last week’s $560-$575/mt CFR, with the low end reportedly trading early in the week. Domestic tons were reported trading at a $590-$595/mt CFR equivalent.
With only a single quarter remaining for summer crop fertilizer purchasing, players reported standout MAP demand during the week. Prices were stimulated by strong buyer interest and regional supply restrictions, pushing negotiations to $700-$735/mt FOB Rondonópolis. Additional price increases are expected over the coming weeks.