Central Florida:
Central Florida DAP trucks continued at $570/st FOB, while truck-loaded MAP offers were steady at $670/st FOB. North Florida MAP postings softened $20/st, to $610/st FOB from $630/st FOB at last report.
US Gulf:
An increase in NOLA phosphate activity saw DAP barges trading at $530-$547/st FOB, up from last week’s $530-$540/st FOB, with prices firming as the week progressed. MAP barges softened to $635-$645/st FOB, however, a $5-$10/st decline from last week’s $645-$650/st FOB.
US Exports:
The last US Gulf spot exports continued to be noted at $550/mt FOB for DAP and $570/mt FOB for MAP.
Eastern Cornbelt:
DAP continued at $585-$610/st FOB in the Eastern Cornbelt, with the low reported out of spot Illinois River terminals. MAP was quoted at $685-$700/st FOB in the region, with the low again confirmed on the Illinois River. The Cincinnati market remained at $605-$610/st FOB for DAP and $685-$695/st FOB for MAP in late July.
Western Cornbelt:
DAP was steady at $580-$600/st FOB in the Western Cornbelt, with MAP quoted at $690-$700/st FOB in late July. The St. Louis market remained at $580-$590/st FOB for DAP and $690-$695/st FOB for MAP.
California:
MAP slipped to a flat $760/st FOB or DEL for the latest offers in California, down the prior high of $790/st.
Pacific Northwest:
MAP in the Pacific Northwest was unchanged at $740-$750/st FOB or DEL in late July.
Western Canada:
MAP pricing in Western Canada edged up C$1,050-$1,060//mt FOB or DEL from the prior C$1,040/mt level.
Benelux:
DAP prices in Benelux were stable this week at €620-€630/mt FCA, with minimal activity reported as buyers remain skittish about building up stocks and application is still a while away. At midweek exchange rates, current prices reflected around $672-$682/mt FCA based on an appreciating US dollar against the euro.
Morocco:
Moroccan DAP prices were unchanged this week, with producer OCP’s sales yielding netbacks range-bound at the current $510-$625/mt FOB level. A significant volume was reportedly sold to South Asia at a netback of around $560/mt FOB, yet theoretical netbacks from India still point to lower prices at the lower end of the range.
Baltic:
MAP prices in the Baltic were flat at $585-$595/mt FOB this week, reflecting Brazilian CFR values, where demand has taken a break.
China:
DAP and MAP export data from Trade Data Monitor illustrated the impact of China’s export restrictions in 2024. January-June DAP shipments were reported at 1.5 million mt, down 37% from the 2.4 million mt noted during the first half of 2023, when restrictions were not as tight. India took 372,000 mt, Vietnam bought 243,000 mt, and Thailand received 198,000 mt.
First-quarter sales were reported at 141,000 mt with restrictions in place, while April-June exports climbed to 1.4 million mt as restrictions eased. Second-quarter 2023 exports were pegged at 1.8 million mt. June DAP exports were 483,000 mt, down from 928,000 mt in June 2023.
First-half MAP exports barely shifted year-over-year, lifting to 934,000 mt from 927,000 mt in January-June 2023. Brazil was the largest buyer with 386,000 mt, followed by Argentina with 134,000 mt
June MAP exports of 320,000 mt were markedly higher than the 49,000 mt shipped in June 2023, as the restrictions on phosphate exports eased in May-June 2024. Conversely, the restrictions were being imposed last year during the same timeframe. Second-quarter exports were 815,000 mt, up significantly from the 393,000 mt shipped in April-June 2023.
Brazil:
Landed MAP prices continued at $630-$640/mt CFR, players noted. Despite a 41% surge in June MAP imports compared to last year, year-to-date imports were down 22%, forcing growers to look to other products for their phosphate needs.
A limited supply of ships available for transporting product to Brazil is adding pressure to short-term supply. Purchasing volumes will be crucial over the next month, as August shipments will arrive at the beginning of the harvest, potentially impacting delivery. July import lineups tracked about 20% below last year.
Inland MAP prices firmed $5/mt at the top of the range, to $760-$790/mt FOB Rondonópolis, driven in part by limited availability and demand for the soybean crop. With roughly 15%-20% of the summer crop remaining to be purchased, difficulty in finding high-concentration phosphates could impact productivity, sources said.
Argentina:
January-June MAP imports firmed slightly from first-half 2023, according to Trade Data Monitor, lifting to 297,000 mt from 272,000 mt. Morocco led suppliers with 230,000 mt, for about 77% of the imports.
June imports were reported at 110,000 mt, down about 20% from 138,000 mt in June 2023. Second-quarter imports were 235,000 mt, up 8% from the 217,000 mt received in April-June 2023.