Central Florida:
Central Florida DAP trucks lifted to a flat $590/st FOB, up from $580-$590/st last week. Truck-loaded MAP prices also firmed $10/st, to $670/st FOB from $660-$670/st FOB at last report. North Florida MAP postings continued at $650/st FOB.
US Gulf:
Fall phosphate purchases have been active, with sources estimating 70-90% of demand already covered. The NOLA DAP barge range narrowed to $550-$555/st FOB during the week, off from last week’s $550-$560/st FOB, while MAP slipped to $620-$630/st FOB from the prior $625-$635/st FOB. Some players expect full-October and first-quarter 2025 prices to continue a moderate decline.
US Exports:
DAP exports continued at $610/mt FOB for the latest business. While no product is reportedly available for new spot exports, MAP cargoes were indicated in line with DAP at $610/mt FOB, above the prior $570/mt FOB level.
Eastern Cornbelt:
DAP edged up to $600-$610/st FOB in the Eastern Cornbelt, with MAP reported at $690-$710/st FOB, depending on location. The Cincinnati market was steady at $600-$605/st FOB for DAP and $690-$695/st FOB for MAP during the week.
Western Cornbelt:
DAP was pegged at $590-$610/st FOB in the Western Cornbelt, with the low reported at St. Louis. MAP was quoted at $690-$700/st FOB in the region, with the low again confirmed at St. Louis.
Southern Plains:
The DAP market firmed slightly to $605-$615/st FOB in the Southern Plains, with both the high and low confirmed at Catoosa/Inola. MAP narrowed to $695-$705/st FOB in the region at mid-month.
South Central:
DAP was quoted at $595-$615/st FOB in the South Central region, with the low confirmed at Memphis and the high in Arkansas. Pricing in Kentucky was pegged at the $605-$610/st FOB level out of river terminals during the week.
Southeast:
Reference prices for MAP at Aurora, N.C., and White Springs, Fla., remained at $650/st FOB, though sources reported actual Aurora offers in a wider $650-$655/st FOB range at mid-month.
Benelux:
DAP demand in the Benelux region remained subdued this week, with indications heard in the €610-€620/mt FCA range, which at midweek exchange rates equated to $678-$689/mt FCA.
Morocco:
Moroccan DAP prices were stable this week, with a flurry of DAP sales for around 30,000 mt into Western and Central Europe yielding netbacks within the current $575-$635/mt FOB range. No updates on OCP’s potential participation in the Sept. 9 EABC Ethiopia tender were reported, with reports of only limited interest from the Gulf region.
Baltic:
Baltic MAP prices were unchanged at $585-$595/mt CFR in response to a seasonally stagnant Brazilian market.
China:
The Chinese government is allowing some small lots of DAP to be shipped offshore, sources reported, as long as the product does not go to India. The latest round of DAP purchases in Bangladesh were all said to involve Chinese product. Due to the lack of major sales, however, no price changes were reported.
India:
DAP offers into India are now reported at $635-$637/mt CFR, with some arguing for $640/mt CFR. Some talks involving up to 200,000 mt of DAP have reportedly taken place at the $635/mt CFR level. No new deals were confirmed, however.
The higher prices continue to vex India’s accountants. The government conducted its semi-annual budget review of fertilizer subsidy needs and increased the subsidy for phosphates and potash by 10%. Sources described the move as insufficient.
Traders noted that India has only another 30 days or so to purchase all the DAP it needs for the Rabi season. High global prices have prevented Indian buyers from securing the necessary tonnage, however. One trader noted that the 800,000 mt secured in the deal with OCP/Morocco earlier this month is not enough. Even the 200,000 mt under discussion with other suppliers will leave the country short of its needs.
The high cost of DAP in the global market is leaving the landed price higher than what can be sold to Indian farmers. Even with subsidies in place, importers will lose money on each deal. The situation is the reason why only state-owned entities seem to be searching for imports, one trader said. These companies are able to cover their losses in ways that private-sector companies cannot. Buyers keep trying to push the price down but end up paying ever-higher prices instead.
Brazil:
MAP imports lifted to $635/mt CFR, with last week’s low of $625/mt CFR reportedly no longer available. With global supply constrained and the soybean purchasing season now finished, sources described the market as stable.
With the new season approaching, slow deliveries of high-concentration phosphates remain a concern for growers. Despite the logistical challenges, Rondonópolis prices continued in the $780-$800/mt FOB range, while negotiations reported at $770/mt FOB were said to fall outside the mainstream market.
Import volumes are expected around 400,000 mt for September, in line with September 2023, though year-to-date availability has decreased in several regions.