Central Florida:
Central Florida DAP truck pricing continued to be noted at $425/st FOB, unchanged from the prior report. MAP trucks boasted a
$10/st premium at $435/st FOB.
U.S. Gulf:
Heavy rains in both the Gulf of Mexico and numerous upriver locations contributed to a slow NOLA barge market during the week, sources said.
Prompt and October DAP sales reportedly topped out at $422/st FOB for the week, slipping from the week-ago $425/st FOB high. Offers heard at $425/st FOB were said to garner no interest on Oct. 11. “You can’t get $425 today,” one trader commented.
DAP tons pegged for loading in November were said to fall as low as $418/st FOB. Many believed the softer market to be a product of the weather, however, and likely to firm when the skies clear. “I feel (the market) will come back when things start to roll,” said one trader.
Few, if any, MAP sales were completed for the week, leaving that market at its previous level.
The nearby DAP market was quoted in the $421-$422/st FOB range, falling from $424-$425/st FOB at last report. MAP barges remained at $430-$432/st FOB, steady from the previous report.
U.S. Imports:
August DAP imports were up 106 percent, to 135,825 st from the year-ago 65,825 st. July-August imports were up 42 percent, to 171,547 st from 121,167 st.
August imports of MAP/Other were up only 7 percent, to 90,322 st from the year-ago 84,502 st, but were off 25 percent for the July-August period, falling to 159,837 st from 214,277 st.
Eastern Cornbelt:
DAP was reported at $450-$460/st FOB in the Eastern Cornbelt. MAP was quoted in the $460-$470/st FOB range, depending on location, with the East Dubuque, Ill., market reported at the $465/st FOB level.
Western Cornbelt:
DAP pricing continued to be quoted at $450-$455/st FOB in the Western Cornbelt. MAP was pegged at $460-$465/st FOB in the region, with the upper end reported at Muscatine, Iowa.
The St. Paul market remained at $450-$455/st FOB for DAP, and a firm $465/st FOB for MAP.
Southern Plains:
The DAP market was quoted firmly at the $455-$460/st level FOB Catoosa/Inola, with MAP pegged in the $460-$465/st FOB range at the port.
South Central:
DAP pricing in the South Central region was quoted at a solid
$455/st FOB in early October, up $5-$10/st from last report.
Southeast:
Truck-loaded DAP sales were quoted at $425/st FOB Central Florida, while the last DAP price out of Aurora, N.C., remained at the $450-$460/st FOB level. MAP was $435/st FOB Central Florida for truck sales, with the dealer reference tagged at $440/st FOB Tampa for imported product.
U.S. Export:
No new business was reported on the Gulf export market for the week. Last-done included a 12,000 mt combined DAP and MAP shipment sold into the Latin American markets. Priced at $435-$437/mt FOB, the cargoes were set to ship in October.
With no new business reported, the Gulf DAP and MAP export markets stood at $435-$437/mt FOB, unchanged from the prior report.
Brazil:
Brazil spot MAP continued at $455-$460/mt CFR, sources said, steady from the previous week.
Saudi Arabia:
DAP produced in Saudi Arabia was quoted at $420-$425/mt FOB in recent trading, unmoved from the prior report.
India:
Sources said Indian buyers are taking a breather from purchasing DAP. The buyers booked large quantities in late September and earlier this month at $435-$437/mt CFR.
The lack of buying, said one trader, may indicate that buyers are reacting against the potential for higher prices, mostly related to transportation costs. The thinking may be, said one trader, that the government may want to complete their DAP purchases with domestic product.
Even with the high global prices for ammonia, phos acid and sulfur sources speculated that buying the ingredients for DAP and making it themselves might be cheaper in the long run.
China:
Producers are holding on to their pricing ideas of $415/mt FOB. Traders, however, said informal talks showed that $413/mt FOB could be achieved without too much negotiating.
Producers have little incentive to lower their prices dramatically, said one trader. The domestic demand is expected to be strong next month, even if the international market wanes.