Central Florida:
Central Florida DAP trucks softened to $560-580/st FOB, off from $580/st FOB at last report, while truck-loaded MAP held its value at $600/st FOB. North Florida MAP postings continued at $630/st FOB.
US Gulf:
NOLA phosphate barges continued to press higher for the week. DAP barges lifted to $528-$535/st FOB from $520-$535/st FOB, an $8/st increase at the low side of the range, while MAP barges moved up 5.3%, to $590-$600/st FOB from the week-ago $550-$580/st FOB.
US Exports:
DAP cargoes exported from the US Gulf continued at $550/mt FOB for the latest business. With no spot transactions reported in recent months, the last-done MAP price continued at the $570/mt FOB level.
Eastern Cornbelt:
DAP prices continued to fall, with the latest prompt pricing in the Eastern Cornbelt reported at $600-$640/st FOB, down another $20/st from last week. The low was reported out of spot Illinois River terminals for June-July offers, while the Cincinnati market was quoted at $630-$640/st FOB in early June.
MAP slipped to $638-$670/st FOB in the region, down from last week’s $640-$685/st, with the Cincinnati market reported at $660-$670/st FOB during the week.
Western Cornbelt:
DAP was quoted 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 early June.
Southern Plains:
DAP at Catoosa/Inola slumped to $620-$630/st FOB for prompt tons, down from the prior $635-$660/st FOB range. MAP pricing in the Southern Plains slipped to $630-$675/st FOB from the previous $645-$675/st FOB, depending on location, with the Catoosa/Inola market quoted at the $640-$650/st FOB level.
South Central:
DAP pricing in the South Central region slipped to a low of $610-$620/st FOB in Kentucky and Memphis, down from the previous low of $635/st FOB, with the upper end of the regional range reported at the $665/st FOB level in Arkansas on a spot basis.
Southeast:
The Aurora, N.C., MAP price remained at $650/st FOB in early June.
Benelux:
DAP prices in Benelux were flat at €585-€595/mt FCA, or $636-$647mt FCA at midweek exchange rates, amid lackluster demand and no reports of new-season offers. In neighboring Southern Europe, offers are some $10/mt higher at $650/mt FCA, but failing to find traction.
Morocco:
Moroccan DAP prices retreated slightly this week, with netbacks from sales into Europe pushing the high end of the range down $5/mt from last week. Sales from Tunisia were heard in the $540-$550/mt FOB range, consistent with the midpoint of Moroccan netbacks.
Baltic:
MAP prices in the Baltic ticked higher to $530-$540/mt FOB this week, fueled by continued upward momentum in Brazilian CFR levels.
China:
Producers have been pushing for higher DAP prices and got them this week, with sources reporting small lots of 6,000-12,000 mt selling at $520-$525/mt FOB. Talks for larger cargoes projected to become available in July will start at $530/mt FOB, traders said.
India continues to need DAP. At the same time, Bangladesh and Pakistan are expected to enter the market soon. While the latter two countries do not purchase as much as India, their demand – when added to India’s – is expected to substantially boost the price of DAP on the global market.
Some buyers may succeed in limiting the price increase, or even manage a price reduction in their deals. However, sellers have previously included clauses in such transactions to prevent buyers from disclosing either pricing or supplier information.
India:
Another buyer for India has picked up a DAP cargo at $518/mt CFR. Players now expect prices to move up to $525/mt CFR for June and July orders.
Sources put India’s current DAP stockpile at 1.5 million mt, against remaining 2024 demand of 4.5 million mt. India will have to step up its buying program to meet the needs of growers, traders said.
Indonesia:
A Pupuk Holdings tender has closed for 100,000-120,000 mt to be delivered over six months to various ports. Shipments will be made in 6,000-12,000 mt lots, sources said, most likely in containers. The settled price was reported at $525-$540/mt CFR, depending on shipping date and port of delivery.
The only suppliers ready to handle the small lots required by Pupuk are based in China, players said. With Chinese prices currently reported at $525/mt FOB, matching a delivered price of $525/mt CFR could be difficult, sources noted, unless the material was purchased in May when prices were lower.
Brazil:
The landed MAP price firmed $15/mt at the high end, to $575-$595/mt CFR from last week’s $575-$580/mt CFR. The market is focused on securing product for the soybean season, and reports of limited availability pushed offers as high as $600/mt CFR for the week. Some market players expressed concern that lower soybean prices, mixed with higher phosphate values, could trigger demand destruction.
Following weeks of stability in the inland MAP barter market, rising demand and firming international values stoked price increases at Rondonópolis, pushing negotiations to the $720-$750/mt FOB range from last week’s $700-$735/mt FOB. The sales, for use in the region’s summer crops, were noted coming late in the season compared to recent years.