Central Florida:
Central Florida DAP trucks were noted at $580/st FOB, firming from last week’s $570-$580/st FOB level, with unconfirmed rumors pointing to another increase in the fourth quarter. MAP trucks lifted $60/st at the low side to settle at a flat $680/st FOB. Sources continued to put MAP postings from North Florida at $650/st FOB.
US Gulf:
NOLA phosphate players remained focused on DAP during the week due to the product’s wider availability relative to MAP. DAP barges traded in the $553-$560/st FOB range, an increase from $550-$553/st FOB at last check, while MAP barges flattened to $635/st FOB from the week-ago $635-$640/st FOB level.
US Exports:
New DAP export business was reported at $610/mt FOB, rising from $550/mt FOB at last report. No spot MAP exports have been reported in recent months. The last MAP transaction was quoted at $570/mt FOB, though players expect prices to firm in line with DAP in the next round of business.
Eastern Cornbelt:
DAP was reported at $597-$610/st FOB and MAP at $687-$700/st FOB in the Eastern Cornbelt, with the lower end of both ranges confirmed on the Illinois River. The Cincinnati market was pegged at $600-$605/st FOB for DAP and $690-$700/st FOB for MAP in early September.
In the Great Lakes region, delivered DAP and MAP in central Michigan were reported at $635/st and $730/st, respectively.
Western Cornbelt:
DAP remained at $585-$610/st FOB in the Western Cornbelt, with the low reported at St. Louis. MAP was unchanged at $680-$700/st FOB in the region.
California:
MAP pricing continued at a firm $770/st FOB or DEL for the latest offers in California.
Pacific Northwest:
MAP in the Pacific Northwest remained at $750-$760/st FOB or DEL in early September.
Western Canada:
The latest MAP offers in Western Canada strengthened to C$1,080-$1,100/mt FOB or DEL, depending on location, up from C$1080-$1,085/mt at last report, with the lower end of the range reported in southern Saskatchewan and Manitoba.
Benelux:
DAP activity at Benelux ports and warehouses was minimal during the week. Indications are unchanged in the €620-€625/mt FCA range for both Russian and Moroccan product, which reflects a lower US dollar price of $685-$691/mt FCA. Liquidity is expected to improve throughout September as farmers and retailers begin to replenish stocks.
Baltic:
DAP prices in the Baltic region moved higher on the low end, to $560-$615/mt FOB, reflecting returns from the latest Indian business. Lithuanian and Russian product is currently being offered into Europe and is reflected at the higher end of the range.
Baltic MAP prices were stable at $585-$595/mt FOB, as weak demand in Brazil triggered by lower affordability resulted in no fresh spot deals.
China:
No changes are expected to China’s new phosphate export policy, sources said. A lack of new spot deals during the week left the theoretical DAP price steady at $595-$600/mt FOB.
India:
Indian DAP buyers appear to have gone quiet as they digest the recent large purchase arranged with OCP of Morocco. The lack of new deals has left the market at the $620/mt CFR level set with OCP. That level remains a problem for buyers in India, as the price is more than what can be covered by the country’s existing subsidy system.
Brazil:
Brazil MAP cargoes widened to $630-$635/mt CFR, off from last week’s flat $635/mt CFR level. Players continue to report limited supply, with an estimated 10-15% of seasonal demand remaining to be filled.
Despite the product’s importance to the second corn crop, MAP demand has remained quiet at Rondonópolis. September imports are low, reflecting reduced market activity. The combination of limited supply and restrained demand pushed prices to $770-$795/mt FOB, players noted, up $5-$10/mt from the prior week.
Argentina:
MAP imports totaled 444,000 mt for January-July, according to Trade Data Monitor,up slightly from the year-ago 430,000 mt. Morocco shipped 321,000 mt and China sent 73,000 mt. July imports were 147,000 mt, down 7% from 158,000 mt in July 2023.
Imports of MAP have increased throughout the year, starting with 14,000 mt in January and growing each month, a typical pattern for Argentina. Historical data reported by Trade Data Monitory indicates that imports will begin slowing in the fourth quarter.