For the week ending August 18, DAP (diammonium phosphate) prices were broadly mixed at the four locations covered below. So far, phosphate prices have had a subdued run this year and the outlook remains weak. During PotashCorp’s (POT) 2Q17 earnings call, management stated that weakness in phosphate prices (MXI) pressured the phosphate segment’s margins. Mosaic (MOS), Agrium (AGU), and Israel Chemicals’ (ICL) phosphate segments were also pressured by weak phosphate prices.
In North America, the DAP prices were broadly flat to negative last week at the three locations in the above chart. At Tampa Bay in the US, prices remained unchanged week-over-week at $336 per metric ton. Last week, DAP prices at Tampa Bay were 1% lower YoY (year-over-year). At the Central Florida location, the prices remained unchanged week-over-week at $299 per metric ton. DAP prices at Central Florida were flat YoY.
In contrast, the DAP prices at NOLA (New Orleans) fell 0.62% week-over-week to $291 per metric ton from $293 per metric ton two weeks ago. Last week, DAP prices at NOLA were 1% lower YoY.
Morocco has the largest resource of phosphate rock. Last week, DAP prices moved positive and rose as much as 2.1% week-over-week to $349 per metric ton. Compared to the same week last year, DAP prices at Morocco were 1% higher last week.
In the next part, we’ll look at movements in MAP (monoammonium phosphate) prices last week.