Central Florida:
Central Florida MAP trucks firmed to $670/st FOB from last week’s $620/st FOB, while DAP continued at $570/st FOB. North Florida MAP postings were stable at $630/st FOB.
US Gulf:
Phosphate trading reportedly ground to a halt this week at NOLA, with sources pointing to weak grain prices combined with a lack of pressure on sellers to entertain lower bids. In the absence of confirmed trades, NOLA DAP and MAP barges were unchanged at $535-$545/st FOB and $645-$650/st FOB, respectively.
US Imports:
DAP imports for July-May firmed 71.9%, to 1.50 million st from the year-ago 873,975 st. May imports fell 95.0%, however, to 6,365 st from 126,160 st in May 2023. July-May imports from Saudi Arabia were reported at 937,180 st, followed by 294,902 st from Jordan and 126,765 st from Egypt.
May MAP/Other imports totaled 9,220 st, a sharp 88.5% decline from the year-ago 80,353 st. July-May volumes totaled 875,269 st, however, up 11.1% from 788,123 st in the prior year. Saudi Arabia remained atop the seller list with 272,232 st in the fertilizer year-to-date, ahead of 196,482 st from Mexico. Tunisia shipped 175,777 st.
US Exports:
With no new spot business reported, the US Gulf export markets continued at $550/mt FOB for DAP and $570/mt FOB for MAP.
July-May DAP exports were counted at 433,702 st, down 37.2% from the year-ago 690,272 st. May shipments fell 8.7%, to 52,005 st from 56,981 st in the prior May. US DAP sellers sent 95,398 st to Peru in July-May, ahead of 70,444 st to Uruguay and 59,130 st to Brazil. Mexico, Canada, and Colombia followed with 48,557 st, 48,042 st, and 46,975 st, respectively.
MAP/Other exports moved 6.4% lower in May, to 219,006 st from 234,053 st in May 2023. July-May exports softened 4.4%, to 1.97 million st from the year-ago 2.06 million st. Canada received 1.62 million st of MAP from the US in July-May, ahead of 111,136 st to Australia and 44,190 st to Brazil. Mexico bought 43,686 st, slightly ahead of Colombia’s 43,637 st.
Eastern Cornbelt:
DAP slipped to $585-$610/st FOB in the Eastern Cornbelt, with the low reported out of spot Illinois River terminals. MAP was pegged at $685-$695/st FOB in the region, with the low reported at Ottawa, Ill. Cincinnati pricing remained at $605-$610/st FOB for DAP and $685-$695/st FOB for MAP during the week.
Western Cornbelt:
DAP dropped to $580-$600/st FOB in the Western Cornbelt, down from $590-$620/st FOB the week before, with the low reported at St. Louis. MAP firmed to $685-$695/st FOB in the region, up from $670-$690/st FOB, with the lower end once again confirmed at St. Louis market.
Northern Plains:
DAP pricing in the Northern Plains slipped to $595-$605/st FOB St. Paul, while MAP edged up to $700-$710/st FOB St. Paul on reports of tight supply.
Northeast:
DAP was down sharply in the Northeast, to $610/st FOB East Liverpool, Ohio, well below the prior $675/st FOB level. MAP remained at $700/st FOB East Liverpool in mid-July.
Eastern Canada:
MAP pricing in Eastern Canada was reported at C$955-$995/mt FOB, with DAP quoted at C$925/mt FOB Montreal.
Benelux:
DAP prices in Benelux moved up $5/mt on the high end, to $660-$670/mt FCA at midweek exchange rates. Despite the slight increase, the pace of sales remains seasonally slow.
Morocco:
DAP prices were stable at $500-$615/mt FOB in the region. The Moroccan producer continued its robust DAP deliveries to both Western and Eastern European markets, achieving netbacks in the $600-$615/mt FOB range. Tunisian prices have also moved up, with the latest business heard around $610/mt FOB.
Baltic:
MAP prices in the Baltic edged up to $580-$590/mt FOB, reflecting rising Brazilian CFR values.
China:
Sources used the Bangladesh DAP tender to estimate the latest China export price. After removing freight, bagging, and spillage from the tender’s lowest price of $645/mt CFR bagged, sources estimated the China DAP export price at $600/mt FOB.
Players expect to see China supplying the bulk – if not the totality – of the 390,000 mt of DAP to be shipped to Bangladesh in the coming months. The deliveries to Bangladesh will likely represent the largest single set of DAP shipments made from China. No new large deals are expected.
India:
After two DAP tenders were scrapped last week, sources said a deal was quietly done at an estimated $555/mt CFR. While the source of the DAP was not revealed, Chinese production can be eliminated at this price level, players said.
Bangladesh:
Bangladesh will purchase 390,000 mt of DAP in multiple shipments over the next few months at a reported price of $645-$695/mt CFR bagged. Unlike India, which counterbids companies using its tender’s lowest offer price, Bangladesh buyers simply work their way down the list of offers, accepting each offer until the desired amount of product is reached.
Brazil:
MAP imports firmed $10/mt, to $630-$640/mt CFR, though possible further increases were tempered by credit restrictions, affordability issues, and logistics concerns. Lower-concentration MAP 11-44 and MAP 10-45 products were quoted in the $520-$525/mt CFR range with limited availability.
Rondonópolis MAP negotiations were reported at $755-$785/mt FOB, down $5/mt from the prior week. Quotes for fourth-quarter delivery ran as high as $815/mt FOB.
MAP imports fell significantly in the first half of the year, according to Trade Data Monitor, to1.8 million mt from the 2.3 million mt received during the same period of 2023. Russia sent 1.1 million mt, Morocco shipped 405,000 mt, and Saudi Arabia followed with 222,000 mt.
Second-quarter imports were steady year-over-year at 1.2 million mt, while June imports were pegged at 441,000 mt, up 41% from the year-ago 313,000 mt.