Last week, DAP (diammonium) prices remained broadly mixed at the four locations discussed below. Phosphate prices remained under pressure last week, raising more concerns for the phosphate segments of Mosaic (MOS), PotashCorp (POT), Agrium (AGU), and Israel Chemicals (ICL). Let’s look at price movements at each of the locations in more detail.
Last week, the DAP prices in the Central Florida location rose by as much as 1.2% week-over-week to $298 per metric ton from $295 per metric ton. Prices at this location are just 1% higher year-over-year. Similarly, prices at the NOLA (New Orleans) location rose by 0.95% week-over-week to $290 per metric ton from $288 per metric ton. Year-over-year, DAP prices at NOLA were about 4% higher.
On the other hand, DAP prices at Tampa Bay in the US remained flat week-over-week at $342 per metric ton. Year-over-year, DAP prices at Tampa Bay were just about 1% higher. Prices in Morocco saw a steep decline last week, falling by as much as 5.9% to $337 per metric ton from $358 per metric ton. Last week, prices in Morocco fell 2% year-over-year.
The weakness in the year-over-year growth in DAP prices shows that the environment for phosphate fertilizers (XLB) has remained under pressure.
Next, we’ll discuss price movements for MAP (mono ammonium phosphate) fertilizer in Brazil.