Central Florida:
Central Florida phosphates continued to show a $100/st spread between DAP and MAP. DAP postings were stable at $570/st FOB, while MAP was priced firmly at $670/st FOB. With sources noting higher-than-expected demand, North Florida MAP offers were unchanged at $630/st FOB.
US Gulf:
Market players described limited phosphate demand at NOLA during the week. Inventory levels are reportedly in line with expectations for the start of the fall season, making further purchasing largely dependent on the weather.
Low MAP availability resulted in limited trading, leaving MAP barges unchanged at the prior $645-$650/st FOB level. NOLA DAP was more accessible, however, with players reporting multiple trades in the $530-$535/st FOB range. Local DAP product sold at $540/st FOB, driving DAP and MAP barges to a wide $110-$115/st FOB price differential.
US Exports:
The latest DAP business continued at $550/mt FOB from the US Gulf. With no MAP exports reported in recent months, the last public spot transaction continued to be quoted at the $570/mt FOB level.
Eastern Cornbelt:
DAP continued at $585-$610/st FOB in the Eastern Cornbelt, with the low reported out of spot Illinois River terminals. MAP edged up to $685-$700/st FOB in the region, with the low again confirmed on the Illinois River. The Cincinnati market was steady at $605-$610/st FOB for DAP and $685-$695/st FOB for MAP in mid-July.
Western Cornbelt:
DAP remained at $580-$600/st FOB in the region, with the low reported at St. Louis. MAP firmed to $690-$700/st FOB in the Western Cornbelt.
Southern Plains:
DAP at Catoosa/Inola slipped to $590-$610/st FOB, depending on supplier, down from the prior $600-$625/st FOB range. MAP was exactly $100/st higher than DAP, at $690-$710/st FOB Catoosa/Inola for prompt tons.
South Central:
DAP dropped to $600-$615/st FOB in the South Central region, with the Memphis market reported at the $605-$610/st FOB level at mid-month.
Southeast:
The Aurora, N.C., MAP reference price remained at $650/st FOB, with MAP pricing at White Springs, Fla., reported at the $630/st FOB level.
Benelux:
Tight supply pushed DAP prices in Benelux to €620-€630/mt FCA, reflecting $675-$685/mt FCA at midweek exchange rates, up from last week’s $660-$670/mt FCA range. While demand is muted, small truckload sales were concluded at the higher levels this week.
Baltic:
DAP prices in the Baltic moved up this week, to $500-$615/mt FOB from last week’s $485-$605/mt FOB. The upper end of the range reflected business into Europe from Lithuania, while the low reflected updated prices in India and Pakistan, where the latest CFR business moved up $15-$20/mt.
MAP prices in the Baltic moved to $585-$595/mt FOB, up $5/mt from last week, reflecting Brazilian CFR values, where $635/mt CFR was reported to have concluded.
Morocco:
OCP once again reported robust DAP sales into Europe, with netbacks reportedly firming $10/mt, bringing the price range to $510-$625/mt FOB. The low end continues to reflect theoretical netbacks from India and other Southeast Asian markets.
China:
Sources reported a firm DAP offer from a Chinese producer at $590/mt FOB, stretching the market from the $600/mt FOB estimated last week from the domestic ex-factory price.
India:
Reports are circulating of a DAP sale concluded at $558/mt CFR. The deal came on the heels of last week’s sale reported at $555/mt CFR. For discussion purposes, sources said both prices appear to be workable. After two major buying houses recently scrapped their DAP tenders, sources said other buyers have been looking to secure any tons from whatever source possible.
DAP reserves in India are not at desired levels, according to reports. The product’s strong, steady price, well above the country’s subsidy rate, has limited both who can afford to import DAP and how many tons they can purchase.
January-May imports fell 41% year-over-year, Trade Data Monitor reported, to 1.4 million from 2.3 million mt. Saudi Arabia sent 610,000 mt, followed by Morocco with 347,000 mt and 178,000 mt from China. May imports were noted at 624,000 mt, off 15% from the 733,000 mt received in May 2023.
Bangladesh:
There are now rumors circulating that some awards issued in the latest Bangladesh DAP tender are no longer being backed by Chinese producers. The netback to China from the tender now appears to be too low for the current Chinese market, sources said.
Brazil:
MAP imports continued at the week-ago $630-$640/mt CFR level. With affordability issues and credit concerns remaining at the forefront, product availability was limited for immediate loading, though new offers from China alleviated some concerns about cargoes loading in August.
The Rondonópolis market settled at $760-$785/mt FOB for mid-August and September delivery, while October and later deliveries were priced in the $790-$800/mt FOB range.
The firm prices were sustained by low availability and high demand in Brazil, players said. Prices are not expected to soften in the short term, contributing to a sizeable remaining phosphates inventory for the summer crop.